R&D Investment Technological Innovation Ability And Creation Of Enterprise Value

R&D investment is the driving force and source to create enterprise value,the most important way to improve enterprise value is to carry out R&D investment continuously,and build up the core competence of enterprise itself.But R&D investment itself does not directly lead to the enterprise value of creation and promotion,it is the promotion of enterprise value creation mainly depends on the middle of the technological innovation ability,and the promote the role of different technological innovation output of value creation is different.So,this paper discusses a new path of the R&D investment through improve the technological innovation capability of enterprises to creat and promote enterprise value,analyzes the R&D investment products the different technological innovation output to lead to the different creation of enterprise value,and making enterprises more targeted to increase R&D investment in technological innovation,it has certain theory significance and practical significance for the enterprise in the future more effective to create enterprise value.This paper defines the concept of R&D investment,technological innovation ability,enterprise value and enterprise value creation before the empirical study.And introduce the input-output theory,technological innovation theory and core competence theory.According to the scholars paper,this paper make the R&D funds internal branch out to measure R&D input,make the effective number of patent applications to measure the output capacity of intellectual property rights,make the new product sales revenue to measure the new product output capacity,and make the total profit of enterprise to measure the enterprise value creation.Use 5 high technology industry form the Chinese H-tech Industry Statistical Yearbook(2015)as the research sample,select 2011-2014 related data,total 44 groups,then establish model,using Eviews to analysis the new path of R&D investment by improving the technology innovation ability to creat and promote enterprise value.The research conclusions:the technology innovation ability plays a certain role in the R&D investment and the enterprise value creation,in other words,the R&D investment through the way of improving the technological innovation ability influence the creation of enterprise value.And the two dimensions of technological innovation ability:the output ability of intellectual property and the output ability of the new products are analyzed,and the transmission function of the new product output capability is found to significantly greater than the output capacity of intellectual property.Finally,this paper puts forward the corresponding countermeasures and suggestions according to the empirical analysis results.