The Influence Of R&D Investment On Enterprise Performance In The Gem Manufacturing Listed Companies

With the development of science and technology, the level of research and development has gradually become the core competitiveness of an important indicator of enterprises in China. And Gem has its unique background of listed companies, the has been many new and high technology enterprises,and R&D spending is a huge number. This study focuses on the relationship between the R&D and gem business performance of listed companies. Fill the blank in the research of the R&D areas in this respect provided the basis for subsequent gem R&D research.This artcle has carried on the induction summary to the related literature in China and abroad, and classified the illustration of R&D in all areas of the reasearches, as well the defects of research. And at the same time puts forward the research significance and methods of this article. In the third part of the article, we put forward the concept of R&D investment and the enterprise performance introducing the related theory which supporting for the article, finally, expounding the relationship of the R&D investment, the enterprise core competity and the enterprise performance.Based on the above viewpoint, this paper introduces the situation of r&d investment in our country, on this basis, according to the characteristics of the gem, were introduced emphatically, so as to see the influence of R&D for gem listed companies.This article selects the financial efficiency, solvency,developing capability and market value as a measure of enterprise performance,The article slect the main business in total profit margin, capital preservation, hence asset-liability ratio,sales growth,capital accumulation rate and tobin Q to describe business performance,And ues the intensity of selection with R&D and technical R&D intensity for explanation.After regression analysis,we found that the intensity of R&D and technical personnel strength can lead to enterprise financial benefits and the change of the debt paying ability and development ability, but there are differences between the degree of influence; Impact on the enterprise value is not significant. At the same time the article also focuses on the R&D input lag of the impact of enterprise performance and cumulative problem.At the end of the paper we put forward that we should increase the gem manufacturing enterprise R&D input,and optimize the structure of R&D personnel, buid a specification of R&D information disclosure system. And the most important thing is to play a good government's macro-regulation, to maintain the long-term and stable development of the enterprise.