Empirical Study On Relationship Between R&D Investment And Performance Of High-Tech Enterprise

Blueprint lead the pace, innovation changes China. Nowadays enterprises want to improve their core competitiveness in the fierce competition in the market for long-term development, they must rely on technological innovation. Research and development activities are not only the power source of enterprise’s technological innovation, but also the key factor for the survival and development of enterprises.The progress of the modern society can not be separated from the development of science and technology. In the increasingly fierce competition in the market, if enterprises want to achieve development, it is necessary to rely on core technology to form the core competitiveness, which requires enterprises to strengthen research and development activities(R&D) input. However, there is no consistent conclusion about the research of R&D investment and enterprise performance in empirical research, so the author thinks it is necessary to make a further research on it.Based on a large number of domestic and foreign related literature, this paper expounds the theory of research and development, technological innovation and economic growth theory, R&D investment and enterprise performance and other related theories. This paper adopts the method of empirical analysis and uses the 327high-tech enterprises listed on GEM before 2012 as the research object. We use the cninf database in Tai’an and the disclosure of listing Corporation real data, select the R&D investment as explanatory variables, the main business profit rate, the rate of return on net assets, the main business profit growth rate of net assets, net assets growth rate, assets ratio as explanatory variables, with the establishment of the enterprise and the asset liability ratio as the control variables, the model of R&D investment and enterprise performance evaluation is established, evaluate the performance of R&D investment from three aspects of profitability, growth ability,technological innovation ability. At the same time, the lag effect and cumulative effect of R&D investment is evaluated.In this paper, the following conclusions are drawn from empirical research: First,the high-tech enterprises listed on the GEM R&D investment can promote enterpriseprofitability. Second, the development of high-tech enterprises listed on the gem can be very good to promote the growth of enterprise. Third, the high-tech enterprise’s R&D investment of gem is helpful to the enterprise technology innovation. Fourth,the GEM listed high-tech enterprise R&D investment does not have a certain lag effect. Fifth, there is a certain cumulative effect on the R&D investment of high-tech enterprises listed on the gem. In this paper, the real listing Corporation data and the objective mathematical model to explain the high-tech enterprise R&D investment to enterprise performance is a controversial topic. Through this study, it has enriched the theory of R&D investment and enterprise performance evaluation and empirical analysis of R&D investment performance to a certain extent. Eventually, according to the results of this study, this paper puts forward China’s high-tech enterprises should increase investment in research and development, pay attention to the introduction of high-tech talent and deepen the reform, enable enterprises to truly become the leading decision makers in the research and development activities. In addition, the government should support the gem high-tech enterprise R&D investment through different ways and means, pay attention to enhance efforts and to encourage independent innovation, establish a perfect financing channels, and so on.