| In the knowledge economy and competitive market economy environment, the importance of knowledge and technology in the enterprise is increasingly significant. R&D activities as a source of technological innovation, In particular, for companies involved in R&D projects, is a key factor of strengthening the core competitiveness of enterprises, enhancing corporate value and achieving sustainable development.Based on the theoretical foundation of R&D and Enterprise Value as well as research status at home and abroad,this article selects96listed IT companies, which disclose R&D spending between2007and2012, in total,200observation samples. And then, this paper analyzes the financial data of annual financial statements and GTA database. In addition, this text employs empirical methods, selecting R&D expenditures as explanatory variables, firm size, asset-liability ratio, business growth and assets cash recoveries as control variables, corporate financial value (ROA and Sales Margin) and market value (Tobin’s Q) as explanatory variables, building the model of the correlation of R&D spending and enterprise value,and then commence empirical research.The empirical results:firstly, R&D intensity in the IT industry and ROA is positively correlated; Secondly, in the IT industry R&D intensity in the IT industry and sales margin is not significant positive correlation; Thirdly, R&D intensity in the IT industry and Tobin’s Q is a significant positive correlation.Finally, according to the conclusions of this study, we propose the following recommendations:from the government point of view, the policy should intensify support in R&D funding, encourage private capital investment in R&D activities and regulate R&D information disclosure. From a business perspective, it should increase R&D investment,enhance the profitability of the company, strengthen the R&D investment project selection, improve the effectiveness of R&D investment, in order to avoid short-term behavior of corporate managers. |
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