Research On The Relations Of R&D Investment,Patent Output And Firm Performance

At present,China’s economy is facing the problem of transformation,China’s economic growth needs to rely on infrastructure investment,high pollution,high energy consumption and inefficient way to focus on innovation and improve efficiency.In this of background,it is a great significance to research on the relations of R&D investment,patent output and firm performance,and the effect of patent output on the relationship between R&D investment and firm performance.Although some of scholars have been studied the performance of R&D investment,there are not many studies to research on R&D investment,patent output and firm performance.The study of patent output have intermediary effect between R&D investment and firm performance,and it rich the relevant research.This paper first summarizes the research status of R&D investment and firm performance,the relations of patent output and enterprise performance,the relations of R&D investment and patent output.At the same time,the concept of R&D investment,patent output and enterprise performance is defined,and the theory of technological innovation,the theory of production factors and the basic theory of resources are sorted out.Then we start the theoretical analysis,put forward the research hypothesis,select the appropriate variables,build the regression model.Finally,this paper using the data of listed companies of Shenzhen A-share from 2009 to 2015 to analyze the relations of R&D investment and firm performance,the relations of patent output and firm performance,the relations of R&D investment and patent output,and also analyze the intermediary effect of patent output on the relations of R&D investment and firm performance.The empirical results are follows: There are positive correlations between R&D investment(including R&D funding and R&D personnel input)and firm performance.There are positive correlation between patent output(including patent quantity and patent quality)and firm performance.There are positive correlations between R&D investment(including R&D funding and R&D personnel input)and patent output.There is a positive correlations between R&D personnel input and patent quality.The patent quantity has some mediating effect on a the R&D funding and firm performance.The patent quantity has some mediating effect on a the R&D personnel input and firm performance.The patent quality has some mediating effect on a the R&D personnel input and firm performance.Finally,based on the analysis of the results of empirical test,this paper draws some suggestions for enterprise practice.