Empirical Study On The Impact Of R&D Investment On Corporate Innovation Performance

On May 8,2015,China's State Council unveiledits first 10-year national plan for transforming China's manufacturing,entitled "Made in China 2025".The plan is designed to put China on a new path to industrialization,with greater emphasis on innovation.Therefore,innovation is the most important driving force,the enterprise is the most important performer.In order to promote the innovation and development of manufacturing enterprises,R&D activities are not only the basis,but also difficult.In the national science and technology strategy,Tianjin plays an important role,its economic development depends on the innovation of industrial enterprises.R&D input is critical.R&D investment elements can be divided into personnel investment and capital investment.R&D investor can be divided into government and business inputs.At the same time,this article will be from the new product sales revenue and patent application of two dimensions to fully describe the enterprise innovation performance.This paper is order to explore the relationship between R&D input and enterprise innovation performance,in order to make R&D investment in R&D activities accurate and effective.This article takes Tianjin manufacturing enterprises in "Twelve Five" period as the research object.At the same time,combined with domestic and foreign scholars related to the research results,this article has the following assumptions.First of all,R&D investment is divided into personnel investment and capital investment,and the contribution of R&D capital investment is greater than that of R&D personnel.Secondly,this paper analyzes the relationship between government R&D investment,corporate R&D investment and enterprise innovation performance,and boldly assume that corporate R&D investment plays a mediating role between government R&D investment and enterprise innovation performance.This paper establishes the Cobb-Douglas production function model to test the contribution of R&D investment to the innovation performance of the firm.And establishes an intermediate step-by-step test model to explore the relationship between R&D investment subjects and verify the intermediary effect of R&D investment.This paper concludes with the following conclusions.First of all,the output elasticity of R&D capital investment is higher than that of R&D personnel,which indicates that the R&D capital investment contributed more to the innovation performance than the R&D personnel in Tianjin manufacturing enterprises.And sum of the elasticity of the output of the two elements of the personnel and the capital is greater than one,indicating there is an increase in scale returns.Secondly,e enterprise R&D investment has a significant impact on the sales income of new products,but the impact on enterprise patent applications is not significant.There is no mediating effect between government R&D investment and enterprise new product sales income,corporate R&D investment is completely mediated,and there is no intermediary effect between government R&D investment and enterprise patent application.Finally,based on the analysis and empirical research on the R&D input and innovation performance of Tianjin manufacturing enterprises,this paper puts forward some opinions and suggestions on how to enhance the innovation performance of industrial enterprises in Tianjin from the perspectives of R&D personnel and capital investment,the role change of government and enterprise R&D investment.