| With the development of science and technology and the improvement of market demand,R & D activities have become an important activity of enterprise development,representing the development of enterprise advantages.R & D investment as an important support behavior of enterprise R & D activities,due to the impact of the industry and the market,its impact on enterprise value is still at the stage of research and exploration.At present in China as the world's most important car producing country and the world's largest automobile market,It has been ranked the first in the world in terms of automobile output for eight consecutive years.Automotive manufacturing has now become a pillar industry in China's industrial development.However,if the automobile manufacturing industry needs to grow and develop,it must have its own advantage in technology products.R & D activities are the prerequisites for building up technological product advantages.At present,the investment in R & D of China's auto manufacturing industry is still a gap with the world level,which seriously affects the future development of the automotive industry.Whether R & D investment in automobile manufacturing industry can promote the development of enterprises and how to promote the development of enterprises through R & D investment are the problems to be solved in this article.In this paper,We choose six month's data of 70 automobile manufacturing listed companies from2012 to 2016 as the sample,from the perspective of enterprise value,analysis of automobile manufacturing enterprises R & D investment on the impact of enterprise value,as well as corporate attributes,R & D personnel investment and government subsidies for R & D investment regulation.The research finds that R & D investment has a significant promotion effect on the enterprise value,while the promotion effect of state-owned enterprises is more obvious.At the same time,R & D personnel input and government subsidy have no obvious regulating effect on the relationship between R & D investment and enterprise value.In this paper,Chongqing Changan Automobile Company Limited is selected as a case study to analyze the impact of R & D investment on enterprise value through the specific situation of Changan company R & D investment and the operation situation.At the same time,according to the specific measures of Changan company to analyze how to maximize the positive effects of R & D investment,optimize the management of enterprises and improve the operating efficiency of enterprises.The final that Changan company through increased R& D investment indeed enhance the benefit of enterprise,but also need to strengthen the R & D investment and optimize the structure of enterprise R & D investment,ensure that the advantages of enterprises to be continued,while improving corporate R & D efficiency.Combining empirical analysis and case study,this paper argues that R & D investment inautomobile manufacturing industry has a significant role in promoting enterprise value.We should increase R & D investment,optimize R & D investment structure,improve the enterprise management system,optimize the market environment,and maximize the R & D activities to support the promotion of enterprises. |
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