2015 is an important year for China to transform and upgrade its industry, the real recovery of economy and development of science and technology requires a strong support from science technology. China’s population dividend is disappearing, and some of the foreign investments are forced to think a countermeasure immediately in the face of gradual rising of human capital. Those corporations are hiring cheaper labors in Vietnam, Laos, Cambodia, Myanmar, Philippines, Brunei and East Timor, which are mainly Southeast Asian countries.Information technology, science and technology is one of the characteristics of our era, The more advanced science and technology level, the higher the degree of industrialization, the development of national economy helps upgrading of industrial structure and improve the competitiveness of countries will benefit. Listed high-tech enterprises are the leader in high-tech enterprises among these enterprises. They have relatively better growth capacity and profitability than the average enterprise. Financial information disclosure has a acceptable degree of reliability and continuity of time. Overall, listed high-tech enterprises concern more bout R & D activities than other high-tech enterprises. Mainly, they are forced by mandatory policy. Then, they have the intrinsic motivation to obtain high rate of return. In 2014, the state ministry of science and technology in the selection of torch plan included in the project, giving priority to the 100 listed high-tech enterprises, accounted for a total of 621 of 15.78. After further analysis, there are another 26 companies to complete the listing until March 10, 2015.The listed corporation ratio reached 19.97%. It indicates that high-tech enterprises are black horses in our listed corporation.The paper is theory-applied research. Therefore, the main purpose of this paper is not to improve and perfect a particular theory, but to apply the knowledge acquired during the postgraduate education to the empirical study of this paper. This paper aims to achieve the following two purposes: first, make an indicator system which can measure corporate performance reasonably; second, put forward reasonable conclusions and recommendations to provide theoretical support for executives of high-tech enterprises and to promote healthy and rapid development of scientific innovative industry.The main line of this paper is from basic research to the basic concept covering the paper and policy theory, then to the method required by empirical research and the chosen of variables and the building of indicator system. Empirical research is significant part of this paper, and samples are the most basic data carriers and the initial researching factors. In this paper, the selecting of sample consumes a lot of effort. I choose 30 companies which are up to standers of the small sample analysis from more than 600 companies to analyze and collecting data directly, thus forming the initial database of the samples and completing the data processing work. Followed is the empirical analysis. Combined with the previous theoretical approaches and empirical thinking, I use of software to analyze the original data, extract small conclusion from the results of the analysis. The empirical analysis summary of this paper consists of two parts, one is from the relevant part of the conclusion of the analysis, and the other is the conclusion from the DEA analysis.The paper is to research the correlation between the investment in R&D and business growth capacity and corporate profitability by using Linear regression model and data envelopment analysis(DEA). The investment in R&D mainly comes from the research expenses of overhead that are disclosed by corporation. The main performance indicators of growing ability are: revenue growth rate(RGR), operating profit growth rate(OPGR), profit growth rate(PGR). The main performance indicators of profitability are: operating profit(OP), total profit(TP), earnings per share(EPS). The conclusion is that the company’s R & D investment and business growth capacity is not significantly correlated and the company’s R & D investment and corporate profitability is significantly correlated through empirical research. Corporation’s R & D investment have remarkable lag effect on corporate performance. So long as corporation pays attention to R & D activities, they will benefit from it in the long term. R & D input and output efficiency is not high in 17 samples of corporation. In the end, the paper gives some suggestions based on national macroeconomic policies and micro-level of enterprises.There are two innovation points in this paper: the first is the relevant documents of high-tech enterprises which are referred by the selected sample in this paper after carefully thinking and selecting the list of samples; the second is in the sample selection, the three sectors(electronics industrial, pharmaceutical and biotechnology industries, IT industry) are no longer the most representative research object of high-tech enterprises to be more convincing, the samples are enterprises having stable finances randomly chosen from eight major technical areas which is designated again in 2008. The empirical approach taken in this paper is relatively simple, which cannot do deep research of the influence that the listing of high-tech enterprises’ investments in R & D have to the performance of enterprise performance. Therefore, in future research, you can try a variety of more reasonable methods such as multiple linear regression models and Douglas production function. |