R&D Investment And Enterprise Performance

In recent years,a large number of Chinese companies have been growing rapidly.China is now the world's second largest economy.However,companies are currently facing such as trade protection,increased competition,rising costs and other very harsh economic environment.A large number of enterprises lack the core competitiveness,stagnation in labor-intensive,low added value of the backward state.The old business model can't last and China must take the knowledge-intensive,high value-added road of independent innovation.If the enterprise does not have the core competitiveness,it is difficult to keep up with the pace of the times.Enterprises only continue to R&D investment,to maintain dynamic rather than static competitiveness in order to stand out in many enterprises.China Science and Technology Statistics Network shows that China's R&D investment maintains the growth trend and R&D investment intensity:is constantly strengthened.In addition,research and development funds invested in the main business status is also increasingly prominent.China is taking the road of independent innovation,the status of enterprises as the main body of technological innovation in the steady increase.However,China's science and technology contribution rate and scientific technological achievements are low conversion rate,from "Made in China" to "China-made" changes also need the joint efforts of society as a whole.R&D activities based on its particularity,there are serious agency problems.Based on the theory of principal-agent,incentive theory,technological innovation theory,human capital theory and core competence theory,this paper studies the relationship between R&D investment and enterprise performance by using multiple regression and hierarchical regression methods.This paper chooses the data of China's listed companies from 2013 to 2015,validates the relationship between R&D investment and corporate performance and the regulatory role of executive holdings.The following conclusions are drawn:(1)R&D investment can effectively improve the performance of enterprises;(2)Executive holdings positively adjust the relationship between R&D investment and corporate performance,and executive holdings are semi-regulated variables.According to the research conclusion and the actual situation in our country,this paper puts forward the following suggestions:(1)Strengthen the degree of emphasis on R&D investment;(2)Improve the relevant national technological innovation system;(3)Appropriate to improve the proportion of corporate executives in China.And ult:imately enhance the core competitiveness of enterprises,so that China take the knowledge-intensive,high value-added road of independent innovation,completed from China,"Made in China" to "China-made" change.