Research On The Relationship Between Firm Performance Gap And R&D Activities

Innovation is not only the key factor that affects the growth of company performance at the micro level,but also the source impetus for the steady development of the entire society at the macro level.Comparing the differences between Apple and Nokia,we can find that companies that actively seek breakthroughs and Go for Innovation are developing steadily.However,companies that feel conceited and rest on their laurels may collapse.China has now clearly pointed out that innovation is the first impetus to development and that it is necessary to firmly implement the innovation-driven development strategy.The innovation environment at this stage has been continuously optimized and the government has also been stepping up its efforts to guide it.However,taking into account the long-term,multi-stage,complexity and uncertainty of innovation investment,many enterprises will still not take the initiative to increase R&D investment and carry out new research projects.Therefore,to explore what kind of factors will cause and encourage greater R&D investment intensity is still a realistic meaning topic.Based on the theory of enterprise behavior,this paper introduces the concept of actual-aspiration performance gap and explores its impact on R&D investment intensity.This paper focuses on two aspects of the above topics:(1)to separately explore the mechanism and effect of the two factors,which are the historical actual-aspiration performance gap based on the past operating performance of the enterprise and the industrial actual-aspiration performance gap affected by external pressure,on R&D investment intensity respectively;(2)Under different scenarios,what will happen to the relationship between actual-aspiration performance gap and firm R&D investment intensity.Based on the review and arrangement of related literatures,this paper establishes relevant assumptions and research models through theoretical analysis,and verifies the empirical data of listed companies on the GEM from 2011 to 2016,then draws relevant conclusions.The empirical research shows that:(1)the historical actual-aspiration performance gap and R&D intensity of investment is positively correlated;(2)the industrial actual-aspiration performance gap and R&D investment intensity is positively correlated;(3)Slack will separately strengthen the impact of historical actual-aspiration performance gap and industrial actual-aspiration performance gap on R&D investment intensity;(4)The financial background of the board members will separately strengthens the impact of historical actual-aspiration performance gap and industrial actual-aspiration performance gap on R&D investment intensity;(5)The R&D background of the board members will separately strengthens the impact of historical actual-aspiration performance gap and industrial actual-aspiration performance gap on R&D investment intensity.Based on the results of the empirical results,this paper confirms that the actual-aspiration performance gap from different sources will have different impacts on R&D investment intensity.And from the perspective of corporate governance,this paper discusses the restraint mechanism of the actual-aspiration performance gap on R&D investment intensity,then this paper expands the research dimension of performance feedback,which has certain theoretical significance.In addition,this paper also has certain practical significance for the management of the enterprise to make the appropriate performance appraisal and carefully allocate business resources to achieve performance improvement.