The Impact Of R & D Investment On The Value Of Listed Companies In China's Environmental Protection Industry

Nearly 40 years of reform and opening up,so that China's economy has been a long-term development,but with the industrialization process,economic development has brought serious environmental pollution problems.The new government attaches great importance to this issue,to address the issue of environmental pollution.In this favorable policy to stimulate,environmental pollution control,environmental equipment manufacturers and environmental equipment operators and other environmental protection-related enterprises ushered in the rapid growth opportunities in the capital market more and more investors of all ages.For any enterprise in terms of technological innovation is its foothold in the market,are the core competitiveness of the composition of R & D investment strength determines whether the enterprise has enough strength to carry out technological innovation,environmental protection related enterprises as well.Based on this consideration,this paper chooses to take the environmental protection industry as the research object,hoping to provide some suggestions and suggestions for the innovation and development of the environmental protection industry.The object of this study is selected from the environmental protection industry listed on the Shanghai and Shenzhen cities,excluding the ST enterprise and the enterprise where the ST situation has occurred.Finally,the sample enterprise has 25,the research time is from January 1,2012 to 2015 On the 31 st,the data from the manuals collected from the relevant enterprise annual reports,the data in the Wind database,the enterprise data in the Cathay Pacific database,and the preliminary processing with Excel2013 were used.Using the regression model to establish the independent variables,the variables between the control variables and the dependent variables,the R & D input intensity,the R & D personnel as the explanatory variables,the Tobin Q value as the explanatory variables,firm size,cash strength,assets and liabilities,First,R & D investment has no obvious relationship with the current value of the firm,but it has a significant positive correlation with the lagging value of the enterprise.(1)The R & D investment has no obvious relationship with the enterprise value of the current period.Sex.Second,the R & D personnel input and the current value of the enterprise and lag a period of value are negatively correlated.Third,the R & D investment has obvious regional characteristics and enterprise listing characteristics.The main contents of this paper include the following chapters: Chapter 1,Introduction.This chapter mainly explains the background,purpose and significance of this paper.The second chapter introduces the research on the impact of R & D investment on enterprise value,summarizes the research results of predecessors,and determines the research direction of this paper.Chapter 3,Design Empirical Study.The selection of samples and the selection of indicators,at the same time put forward the hypothesis of this study and the establishment of the corresponding model.Chapter 4,empirical research process.This chapter includes descriptive statistical analysis of enterprise R & D inputs,correlation tests between variables,and regression analysis results.Chapter 5,conclusions and prospects.According to the conclusions of the empirical study of environmental protection industry enterprises how to invest through reasonable R & D to improve the value of enterprises to make recommendations.