Research On Research And Development Investment And Performance Of Animation Enterprises Based On The Extension Of Industrial Value Chain

The animation industry of China is developing at an alarming rate from scratch in recent years.We all can see its changing from weak to strong.In particular,the animation industry has been included in the pillar industries of the national economy since "the Twelfth Five-Year Plan",and the animation industry in our country has been at a good opportunity for development.The first total output value of animation industry approached 100 billion in 2014,showing a strong development momentum and vast room for growth.Alpha Entertainment Company is China's first full-value chain operation of the animation industry,its successful reverse construction of the whole industry value chain is an important milestone in the history of China's animation.Alpha Entertainment Company list in 2009,mainly due to its unique industry-wide value chain business model and the strong support of R&D investment,it has maintained rapid development in recent years.In the different stages of the industrial value chain,the focus of R&D investment is different,and the corresponding impact on the overall performance is also different.Because value creation,value transmission and value increment are very important to the development of animation enterprises,there are obvious differences from traditional industries.Therefore,this paper constructs the comprehensive evaluation model of enterprise performance through factor analysis and evaluates the performance of case enterprises.On this basis,collect case-related data from 2008 to 2009.The industry value chain extension is divided into animation&toys stage,animation&media&toys stage,and the whole industry value chain expansion stage.All three stages are analyzed.First,it analyzes the change of R&D investment amount and input intensity in each stage.Secondly,it analyzes the change of the enterprise's comprehensive performance at each stage of the case.Finally,it analyzes the impact of R&D investment on enterprise's comprehensive performance.By analyzing the impact of the value chain's different stages of R&D investment on the performance of Alpha Entertainment Company we can find that,First,at the different stages of the Alpha Entertainment Company's industry value chain extension,the trend of the intensity of R&D investment is different.To a certain extent of the industrial value chain extension,R&D intensity increases with the extension of the industrial value chain.But when the whole industry value chain reaches a certain stage,the R&D intensity tends to increase steadily.Second,at different stages of the Alpha Entertainment Company industry value chain's extension,corporate performance changes is different.With the extension of the industrial value chain,performance has been improved,but when the whole industry value chain extended to a certain stage,the performance is reduced.Finally,R&D investment on the impact of performance is different at different stages of the value chain extension of the Alpha Entertainment Company.With the extension of industrial value chain,the positive effect of R&D on enterprise performance gradually increases,but after a certain degree of industrial value chain expansion,the positive impact of R&D investment on performance will be weakened,and even decline.Possible reasons are the R&D investment in different parts of industrial value Chain is not balanced,but also may be unreasonable investment in R&D,a lot of cost-oriented restricts the sustainable development of enterprises.The research of this paper provides some empirical evidence support for the layout of the value chain of the animation industry,the formulation of the R&D strategy and the improvement of the performance of the enterprises.It is of some reference significance to the development of the small and medium-sized animation enterprises in China.