The Correlation Research On R&D Investment And Enterprise Value Of The Listed Companies On SME Board

Corporate r&d spending is the enterprise in the market competition thefundamental guarantee of long-term advantage to bring the future market value forenterprise.Since June25,2004, the first eight companies listed in Shenzhen SME board isdeveloping rapidly in our country small and medium-sized enterprise board, a total of531companies in SME board until the end of2010. So far, the number of small andmedium-sized enterprise board listed companies has exceeded600. Small andmedium-sized enterprises board main enterprise scale is not big, good growth, hightechnology content, industry wide coverage of all kinds of enterprises. Theestablishment of small and medium-sized enterprises board is conducive to thedevelopment and expansion of small and medium-sized enterprises in our country,especially for better growth and the high-tech development and expansion of small andmedium-sized enterprises. For investors, they invest in enterprises will focus on theenterprise value, the duration of the enterprise and the enterprise development space arebound to be linked to enterprise innovation ability of science and technology, andenterprise r&d as the source of science and technology innovation, naturally become theobject of investor attention.Moreover, the government and the enterprise itself also gradually more and morerealized that only continuous innovation of science and technology activities with thedevelopment of society and economy, realize the innovation in science and technologyunceasingly, can eventually win the survival and development in the fierce marketcompetition. Both in the government and enterprises or investors increasingly realizethe importance of science and technology innovation, and r&d spending is increasing,so, whether the increase of corporate r&d input can bring the ascension of the enterprisemarket value? Will The relationship between them be affected by other factors?Based on the above problems, on the relationship between the corporate r&d investmentand enterprise value of the research to the enterprise itself and is of great significancefor investors.In this paper, based on the research situation of domestic and foreign scholars, andthe r&d investment and enterprise value theory, on the basis of research in our country listed on the Shenzhen stock exchange102continuous disclosure of r&d companies assamples, the annual report of the r&d investment, return on assets, ROA, advocatebusiness income, operating profit, net profit, Tobin Q financial data analysis, etc. Withr&d as the explained variable, return on assets ROA advocate business income,operating profit, net profit and Tobin Q is as explained variable, build a relationshipmodel of r&d investment and enterprise value, from two aspects: financial value andmarket value, on the relationship between the r&d investment and enterprise value hascarried on the empirical research.In this paper, the empirical study results show that the value of enterprise financialpoint of view, r&d investment and positive correlation between enterprise assets yieldsROA, this shows that the enterprise’s r&d inputs increase can improve enterprise value.Do next the robustness test also show that r&d investment and main business incomeoperating profit net profit has significantly positive correlation. R&d and tobin Q valuedoes not exist correlation in market value point of view, investigate its reason probablyby non-mandatory disclosure of r&d in China, and the present situation of our r&dintensity input intensity is low.Finally, according to the empirical results in this paper, from the r&d informationdisclosure to the applications of r&d and respectively from the Angle of enterprise tothe government’s point of correlation policy Suggestions are put forward.