An Empirical Research On The Correlation Between Technological Innovation Input And Enterprise Performance Of The GEM Listed Companies

In twenty-first Century,with the deepening of China's innovation driven development strategy,scientific and technological innovation plays an increasingly important role in the development of national economy.Now,in order to encourage enterprise innovation,many related policies have been formulated by the state.Business managers have paid more and more attention to the introduction of skilled personnel,which reflects the importance of technological innovation capability to the development of enterprises.Technological innovation capability is the core competitiveness of an enterprise.Only those with high technology and high gold content can occupy a place in the fierce market competition.In order to improve their competitive strength,enterprises must increase their investment in technology research and development.Based on the relevant research literature at home and abroad technology innovation investment factors,R&D investment and corporate performance relationship and so on the related annual data to Chinese gem 278 listed companies from 2013 to 2016 as the research object,discusses the correlation between China's GEM listed companies investment in technological innovation and enterprise financial performance,the market performance and the lag effect.We constructs a multiple regression analysis model,which is analyzed by a variety of analytical methods,including descriptive analysis,robustness test and so on.Through statistical analysis,it is found that:(1)the average and standard deviations of R&D expenditure in 2013-2016 years basically remain stable,and the gap between the minimum and the maximum value is increasing.It is mainly due to the large difference between different companies in terms of the technology input demand of the industry,and the large amount of R&D investment invested by the large scale business scale.(2)the average investment of R&D personnel in 2013-2016 years showed a downward trend in 2013,2014 and 2015,and increased in 2016.The standard deviation is decreasing,and the minimum and maximum value are still polarized,but the gap between them is shrinking.The two level mainly because of the serious differentiation scale were different industries and companies,which are quite different to the technical personnel needs,so the maximum value showed the trend of polarization and the minimum value;and since the eighteen Congress,due to the correct guidance of the party and the government,the GEM listed companies develop rapidly,the company scale expansion speed the number of R&D personnel,and the number of employees is increasing,so the personnel strength of the gap is narrowing.Through all sample regression analysis,it is found that:(1)research and development funding(RDE)has a significant negative impact on financial performance.That is to say,the greater the difference of R&D investment and business income,the worse the financial performance is.The RDP has a significant positive impact on financial performance.The greater the "(R&D personnel/total staff)",the higher the degree of differentiation and the better the financial performance.Although the investment of research strength and R&D personnel strength on the rate of return on net assets(ROE)of different direction,but the enterprise for R&D funds can not casually dismiss the budget,R&D personnel,so overall,technology innovation investment of enterprise financial performance has a negative impact.(2)the intensity of R&D investment(RDE)has a significant positive impact on the performance of the enterprise market.The greater the "(R&D investment/revenue)",the higher the degree of differentiation and the better the performance of the market.The investment intensity of R&D personnel(RDP)has a significant positive impact on the performance of the enterprise market.That is,the greater the number of R&D personnel/total staff,the better the market performance.On the whole,the investment of technological innovation has a positive impact on the performance of the enterprise market.Regression analysis shows that:(1)R&D funding intensity(RDE)has a significant negative impact on corporate financial performance,which lagged 1 years,lagged 2 years and lagged for 3 years.The greater the "(R&D investment/revenue)",the worse the financial performance of enterprises with lagging behind 1 years and lagging behind the 2 year lag for 3 years.R&D personnel input intensity(RDE)has a significant positive impact on the financial performance of enterprises lagging behind for 1 years and lagging behind 2 years and lagging behind for 3 years.That is,the greater the "(R&D personnel/total staff)",the better the financial performance of the enterprises with lagging behind 1 years and lagging behind the 2 year lag for 3 years.Therefore,in general,the investment of technological innovation has a certain degree of lag effect on the financial performance of the enterprise.(2)the intensity of R&D investment(RDE)has a significant positive effect on the market performance of enterprises lagging behind for 1 years and lagging behind for 2 years and lagging behind for 3 years.The greater the "(R&D investment/operating income)",the better the performance of the enterprise market performance with lagging behind 1 years and lagging behind the 2 year lag for 3 years.R&D personnel input intensity(RDE)has a significant positive impact on the financial performance of enterprises lagging behind for 1 years and lagging behind 2 years and lagging behind for 3 years.That is,the greater the "(R&D personnel/total staff)",the better the financial performance of the enterprises with lagging behind 1 years and lagging behind the 2 year lag for 3 years.Therefore,in general,the investment of technological innovation has a certain degree of lag effect on the performance of the enterprise market.