Innovation Input And Its Performance Evaluation Of Listed Companies In Anhui And Guangdong Provinces

With the acceleration of the process of knowledge,our country has also been committed to build an innovative country at present.In 2015,expenditures of social research and experimental development have reached 1.422 trillion RMB;national technology contract turnover reached 983.5 billion RMB;national comprehensive innovation ability ranks 18 th in the world;contribution rate of scientific and technological progress has reached 55.3% in 2015 from 50.9% in 2010.Economic new normal,enterprise operating pressure multiplied.If enterprise expects to survive and develop,it must increase investment in innovation.Innovation is the key factor to win the competitive advantage.In order to realize the goal of transforming to an innovative country as soon as possible,the main body of R&D input in China is also gradually change from the government to enterprise.But we all know,for a long time,performance of the innovation investment of enterprise in our country is not satisfied,whether the number of patents or the corporate profits has a significant gap with the developed countries.And from Made in China 2025,we can see that Anhui province is bearing the important task and responsibility in the development of manufacturing industry in our country,including strengthening key technology research and development of enterprises in Anhui Province and improving the overall innovative design capabilities of Anhui,as well as promoting the industrialization of scientific and technological achievements,and so on.In addition,after academic circles in our country has experienced from discussing the inadequacy of R&D input to evaluating the R&D input performance,a potential research direction at present is the black-box exploration between R&D input and performance.Under the dual role of reality and theory,how to promote the innovative investment performance of enterprise in Anhui province becomes an urgent problem to be solved.This paper mainly includes four parts.The first part is the purpose and the significance of the study,which mainly elaborates research on evaluation of R&D investment performance at home and abroad,and factors that affect the performance of R&D investment and the research countermeasures to Improve R&D performance.The second part is the status analysis of the innovation investment of listed companies in Anhui and Guangdong provinces.It mainly takes all A-share listed companies in Anhui province and Guangdong province mainboard as samples,on the basis of expounding the index selection and its basis of enterprise innovation input adopted by this paper,and makes a descriptive statistics analysis on innovation investment of listed companies in Anhui and Guangdong provinces.The third part is the evaluation of innovation input performance of listed companies in Anhui and Guangdong provinces.It mainly includes three aspects.The first is the evaluation methods and its choice of innovation investment performance in enterprises.And the paper mainly adopts the factor analysis method to evaluate the innovation investment performance.The second is the evaluation results of innovation investment performance of listed companies in Anhui and Guangdong provinces.This part firstly elaborates evaluation index of innovation investment performance of listed companies in Anhui and Guangdong provinces.The innovation investment performance evaluation index chosen by this paper includes three dimensions,referring to the technology performance dimension,finance performance dimension referring to the technology performance dimension,finance performance dimension and value performance dimension.The three dimensions are not isolated,and there is a relationship of mutual coupling.The third is obtaining the results of factor analysis,it can be found that innovation in Anhui Province investment performance is poorer than innovation in Guangdong Province investment performance.Based on the results of the correlation analysis in the fourth part,we find that enterprise R&D investment intensity and enterprise research cost intensity have a significant positive correlation with enterprise innovation performance,while government R&D subsidies have little effect on innovation performance.So we can draw three conclusions:(1)Increasing enterprise-led R&D investment can enhance the role of enterprise innovation performance significantly;(2)Increasing the investment of explorative innovation means that equals to increasing the cost of enterprise research also has a positive effect on the innovation performance of enterprises;(3)Increasing the government-led R&D subsidies intensity can increase their own R&D investment in a certain degree.Finally,it puts forward some suggestions on how to increase the innovation investment and the innovation performance improvement in Anhui Province,including the suggestions to the enterprises in Anhui Province and to the Anhui Provincial Government.