Empirical Research Of The Relationship Between R&D And Corporate Value Of Listed Companies On The Small And Medium-sized Market

Driven in the development of science and technology, technological innovationreflects internal demands for modern enterprises. The growth and development forenterprises are increasingly rely on accumulation and innovation in technology. In orderto accommodate the rapid increase in information knowledge and science technology, onby effective input in research and development (R&D), enables enterprises to improve itsown technological innovation ability. Take technological innovation which format underthe R&D translate into enterprise productivity and innovation product, not only caneffectively improve enterprise’ production efficiency, but also expand market share.Through long-term accumulation and precipitation, it helps to building the corecompetitiveness of enterprises. Therefore the investment in R&D is endogenous drivingforce of the enterprise long-term sustainable development. With R&D investment inimproving enterprise value, the characteristics of R&D activities that periodic long, mayalso bring some risks for the enterprise. So, when this paper analysis the relevance ofR&D investment and enterprises value, it joined the measure, of business risk, whichmore comprehensive discussed the enterprise value.Based on the related theories and previous scholars’ research, this article studied theR&D investment impacts on enterprise value in small and medium-sized boards of listedcompanies.The first part, this paper mainly introduces the research background, researchsignificance, the possible innovation, and explained main content and framework.The second part, this paper reviews the related literature at home and abroad whichon R&D investment affect the enterprise value, and learn from previous research resultsand experience, meanwhile to explore the limitations of the existing literature.The third part, this paper mainly discussed the theory on relevance of R&Dinvestment and enterprise value.The fourth part is the empirical study of this paper, this paper selects136samplefirms of small and medium-sized board listed company from2007to2012, includingR&D input intensity, financial value index (ROE,OPR,CMA,RTAR), the market valueindex (Tobin Q, BEPS), enterprise risk index (the standard deviation of expected stockreturns) and other related data, respectively by the method of empirical analysis on theintensity of R&D investment and enterprise financial value index, enterprise marketvalue index and risk index are studied. Firstly, this paper puts forward the research hypothesis, according to the relevant variables and research hypothesis to buildregression model, then using the descriptive statistics to analyzed R&D input intensity,also analyzed the relevant data with Pearson correlation coefficient, finally through linearregression to further test the relationship among intensity of R&D investment, enterprisefinancial value index, market value index, and risk index.The final empirical results shows that the investment intensity on average R&D oflisting corporation in our country which on small and medium-sized board,presents atrend of increasing year by year, but the average strength is low, most of the sampleenterprises R&D strength are generally concentrated in the range1%-5%, reflectsChina’s listing Corporation of R&D strength is inadequate; R&D investment hassignificant role in promote enterprise financial value, and with the increase of R&Dinvestment, the extent of recognition about enterprise continues higher between investorsand market. But the influence of R&D investment to enterprise risk is not significant, thereason may be the time span of expected risk which selected sample is shortThe fifth part, is the conclusion and policy suggestion. According to theoreticalanalysis and empirical research summarizes the paper, and in the end proposes the lackof research and respects in the future.