The Impact Of High-tech Enterprise R&D Investment On Corporate Performance

It is self-evident that the research and development activities can help both a country or a enterprise obtain a competitive advantage, and it has become the consensus of the people that the enterprises must enhance the innovation capacity through increaseing investment intensity of R&D in the face of fierce market competition and gaining the stable growth. But there are some research results show that it is not the more investment, tbe better enterprise performance and growth . Contingency theory tell us that we need considerate both external and internal factors that influence the relationship between them and we must add the internal and external factors to the Moderator variable model.There is the Principal-Agent Problem in the research and development activities that can reduce the efficiency of the R&D investment. An in-depth analysis of principal-agent problems of enterprise R&D activities is conducive to more efficient management of R&D activities, and can enhance the effectiveness and effectiveness of R & D activities. Therefore, this paper empirically studies the relationship between the R&D investment and the performance of the firm, and introduces the moderating variables of corporate governance structure to study the relationship between them.According to the existing researchs of R&D investment impacting on the finance performance of enterprises and the impact of corporate governance on the R&D investment, and base on Principal-Agent Theory and corporate governance theory, this paper will research the influnce between the R&D investment and the corporate performance and the Moderating effect of the structure of corporate govermence. The paper used the high-tech listed companies as the research sample and collected the enterprise data in 2010-2013 to examine the hypothesis of this paper proposed by regression analysis method, and this paper gets the following conclusions. Firstly, the paper uses regression analysis respectively between the R&D investment and the corporate performance,the corporate performance lag 1 year,the corporate performance lag 2 year,and the result shows that there is a hysteresis between the R&D investment and the corporate performance;Secondly, for high-tech listed enterprise ,there is an inverted U - shaped relationship between R&D investment intensity and enterprise performance, the high-tech listed enterprise R&D investment intensity does exist a positive impact on the financial performance under a certain range, but once exceeding a certain range, the increasing of R&D investment, is not conducive to business performance;Thirdly,the paper used principal component analysis method and establishes the index system of corporate governance structure to get a score of the corporate governance as the regulated variable when testing the regulated variable of the corporate governance.The result shows that the interaction coefficients of the listed high-tech enterprises' R&D investment intensity and corporate governance variables is significant through the hierarchical regression analysis and that good corporate governance can promote the positive influence of R&D investment on corporate financial performance.