Research On The Influence Of R&D Input On Performance Of Enterprises Listed On The New Third Board

This text takes New Third Board listed enterprises as the object of study,on the basic of research about the summary of domestic and foreign R & D Input relating to the enterprise performance,analyzing the general situation of New Third Board listed enterprises from four angles:the time of development,regional development,industry development and transfer-board listing,and elaborating the New Third Board listed enterprises’current situation of investment in R & D Input in detail. In order to judge the influence, which New Third Board listed enterprises have,on the performance,this text eventually selected 55 listed enterprises who disclosed R & D Input as a study sample of panel data from 2009 to 2013 for 5 consecutive years under the condition of collecting all listed enterprises’annual reports data from 2006 to 2013.In view of the good comprehensive of enterprise performance indicators,and in order to avoid the risk of single indicators reflecting the information which is not comprehensive,by constructing evaluation index system of New Third Board listed enterprises performance,the text using principal component analysis method to calculate the overall performance score of a listed enterprises as the explained variables of a empirical study. For the explanatory variables,selecting two relative strength indicators which are the intensity of research and development funding input and of research and development personnel input to reflect investment in research and development.In order to rule out other factors impact on listed enterprises performance,choosing the size of enterprises, asset-liability ratio as control variables.According to the research problem,the article proposed 6 hypotheses and established relevant test model. With Stata 12 software,using the fixed effect model in panel data analysis to return analysis, following conclusions are obtained:the intensity of research and development funding input has significantly negative related relationship on performance,while the intensity of research and development personnel input has no significantly related relationship on performance;for enterprises’period performance,the influence which research and development personnel input has on performance relies on research and development funding input,and the intensity of research and development personnel input has less effects on performance than the intensity of research and development funding input;the influence the intensity of research and development funding input has on performance exists lag, and the lag is 1.Based on the empirical analysis,the text presented countermeasure and suggestion that New Third Board listed enterprises carry out research and development activities to improve the ability of independent innovation,in order to provide a reference for listed enterprises improving the ability of independent innovation countermeasure and suggestion in order to tone Enterprise independent innovation ability, leveraging the innovation, drive development.