| At present,the development of traditional industry in China has encountered a bottleneck,overcapacity,excessive inventory,great pressure of the economic downturn are our current difficulties and challenges.With the advent of knowledge economy era,our country continues to adjust the industrial policy,promote the optimization and upgrading of industrial structure,encourage enterprises through technological innovation to strengthen and improve their core competitiveness.Under this background,having realized the importance of technological innovation for the development of enterprises,many enterprises have increased the cost,in order to improve the enterprise's core competitiveness and enterprise value.High and new technology enterprise as a typical representative of the main innovation is that,compared with other traditional enterprises,its R&D ability is stronger,R&D intensity bigger,but the risk it faces is also higher,the correlation between the cost of research and development and enterprise value is therefore likely to exist a kind of uncertainty.In this case,the influence of R&D cost on enterprise value research is particularly important.In this paper,based on the GEM listed company 2012-2014 for three consecutive years of panel data,an empirical study on the correlation between enterprise R&D costs,capitalized R&D costs,expensed R&D costs and enterprise value has been done.The analysis results show that R&D costs,capitalized R&D costs,expensed R&D costs and enterprises value are positively correlated.At the same time,this paper also analysises the lag effect of R&D costs on enterprises value.The results of this study show that R&D costs has lag effect on the enterprise value in the next two years,and the lag effect in the first year is mainly from the capitalized R&D costs,the lag effect in the second year mainly comes from the expensed R&D costs.At the end of this paper,we put forward some suggestions to improve the value of high-tech enterprises. |
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