R&D Investment And Corporate Performance Correlation Research In High-tech Enterprises

In the international society, a new-round industrial revolution is being launched with the continually rise and up-spring of new technologies. The technical innovation in global perspective gives impression to the replacement of traditional techniques by new technology, the substitute of labor-intensive techniques by capital-intensive techniques and the representation of new tendency. Now China’s economic development is gradually stepping into “New Normal”, compressive improvement of self-innovation ability will be a powerful weapon for the triumph of Chinese companies. However, China’s R&D funding accounted for 2.09% of GDP in 2014, the gap is very large with the world’s advanced countries. The short-term behavior in R&D activities leads to the weak competitiveness of the international competitiveness. As the practitioner of R&D activities and technical innovation, high-tech enterprises play a significant role in national economy. Therefore, to probe the influence of R&D Investment on the corporate performance is of strategically meaning in theory and reality.This article takes the high-tech listed companies in a share market from 2010 to 2013 as the research object and aims to provide theoretical support for these companies to formulate their future development strategy by improving performance in reasonable scientific research intensity. According to "high-tech enterprise management approach" and the key support areas which revised in 2016 and the latest Annual Report of Chinese Statistics of Science and technology in 2014, this article shows the strategic importance of our country’s research and development investment and the position and periodical weakness in international competition of Chinese companies. This article performs researches based on document information and puts forward the research hypothesis relying on human capital, technical innovation and theory of economic growth. This article also uses factor analysis to build composite performance indicators, analyses related data by building multiple linear regression model and C-D production function model, and comes up with advices and suggestions from the aspects of the government and the companies.The research shows that, at the present stage of Chinese high-tech enterprises:(1) low levels of R&D in the range of 1%-5%, overall focus on 3%, differentiation of R&D strength between large and small enterprises;(2) R&D funding and corporate profitability has no significant negative correlation, R&D intensity and profitability, especially the Main Business Profit rate is significantly positive correlated;(3) There is no significant positive correlation between R&D intensity and corporate development capacity;(4) Researchers investment intensity and corporate profitability、operating capacity is positively related, each 1% increase in investment of human capital, will contribute 5.1% of the Main Business Profit rate, input-output results of researchers significantly;(5) The input of R&D intensity has a lag period of 2 years and cumulative effect on output, the regression coefficient of initial investment of R&D funding to the current performance is 1.1704, is the type of increasing returns. This article from the perspective of high-tech enterprises that enriches the research of the independent industry in the literature; different with the existing research models, cumulative effect using Cobb-Douglas production function model based on the random effect of panel.