Research On The Impact Of Economic Value Added Assessment On R&D Investment And Innovation Output Of State-owned Enterprises

R&D activities have the characteristics of "long investment cycle,slow effect and high risk".Under the traditional assessment system,large amount of R&D investment will detract from the company's current performance.Therefore,managers are reluctant to invest in R&D because of their pursuit of short-term performance.The EVA assessment system regards R&D investment as "assets" rather than "costs",effectively reducing the agency problems.Since 2010,state-owned enterprises have gradually introduced the EVA assessment system.One of their original intentions is to promote R & D investment and enhance innovation.Therefore,this paper aims to verify the implementation effect of the EVA examination system.This paper is based on principal-agent theory and incentive theory and follows the research path of “theory analysis--positivist analysis-case study”.Taking the data of state-owned listed companies from 2008 to 2014 as research samples,we will investigate the influence of EVA assessment system on State-owned Enterprises' R & D Investment and Innovation Output.Empirical research shows that the EVA assessment system can promote state-owned enterprises to increase R&D investment,but at the same time damage the efficiency of R&D investment.For enterprises in different industries and different life cycle stages,the promotion effect of EVA assessment system on R&D investment has obvious differences.For labor-intensive enterprises and enterprises in recession,the implementation effect of EVA assessment system is not significant.Further,the case study found that the implementation of the EVA assessment system needs to undergo a transition period of "ineffective",thus there is a certain lag in the impact of the EVA assessment system on R&D investment.The EVA assessment system's impact on R&D investment mainly includes: “ eliminating short-term performance worries”,“guided managers to pursue long-term interests,and avoid short-sighted behavior”.This paper deepens the relevant research on the effectiveness of EVA assessment theoretically.And in practice,it provides relevant reference for "improvement of EVA assessment system" and "improvement of R&D efficiency of state-owned enterprises."...