The Research Of Relationships Between R&D Investment And Enterprise Performance Of Public Company In China

Since the international financial crisis,scientific and technological innovation has increasingly become the main force of economic recovery.Competition around the talent,technology,resources,market and other aspects is increasingly fierce.China's high-tech industry development into the "13th Five-Year" period,the new economic demand for scientific and technological innovation more urgent.Scientific and technological innovation has become increasingly fierce competition.Electronic enterprises carry scientific and technological innovation.It has become a way for China to grasp the world's high-tech industry peak.It provides a service platform of for China's participation in international competition.The development of electronic high-tech industry is closely related to the level of core competition and the level of national technological innovation.Its development lies in technological innovation.R&D investment is the driving force of technological innovation.It plays an important role in technological innovation and technological progress.More and more enterprises have begun to realize the importance of R&D to the survival and development of enterprises.Therefore,it is necessary to comprehensively study the relationship between R&D investment and enterprise performance output and evaluate its input-output efficiency.In theory,this paper first elaborated the research background and significance of the study and introduced the research content and the method in detail.Then,the literatures at home and abroad are reviewed and summarized.Then,the article discusses the R&D investment and corporate performance theory.In the empirical aspect,this paper chooses listed companies of 68 electronics companies in Shenzhen Stock Exchange from 2013 to 2015 as samples.Select the R&D investment intensity and the proportion of technical staff as explanatory variables,with the total return on assets and capital accumulation rate as explanatory variables to establish multiple regression models.The empirical analysis shows that the R&D investment level of listed companies in China's electronics industry is low,and the R&D investment of listed companies in the electronics industry shows a significant positive correlation with the performance of enterprises.It also has a lagged influence.According to the theoretical analysis and empirical analysis,this paper puts forward the countermeasures and suggestions to strengthen R&D investment and improve the performance of enterprises from the angle of government and enterprises.On the government side,it is necessary to increase the financial support to R&D investment and improve the construction of market economy system to stimulate the enthusiasm of enterprises to carry out research and development activities.On the enterprises side,establishing a sound scientific and technological innovation project value evaluation system to improve the management mechanism of enterprise management.The significance of this study is to enable enterprises,especially high-tech enterprises to recognize the importance of R&D investment.It will become a theoretical support for the enterprises' future development strategy.