An Empirical Research On The Influence Of Innovation Investment On Corporate Value Creation

Innovation is the source of corporate value creation and growth.Innovation investment is the foundation and prerequisite for enterprise innovation.This research uses the companies' R&D and the number of patents owned by the companies to measure innovation investment from the perspective of R&D and output,and uses the return on assets and Tobin's Q to measure the companies' value creation in terms of corporate performance and market valuation.Taking 20,440 observations of 592 listed companies on the GEM board in 2012-2016 as data objects,the relationship between innovation investment and corporate value creation was discussed.At the same time,adjustment variables were introduced to empirically analyze internal control investment in innovation and company value creation.The paper finds that the intensity of R&D in China's GEM listed companies significantly affects its corporate performance,and there is a significant lag effect on the company's corporate performance.The current R&D investment and the one-lag period have a significant inhibitory effect on the company's operating performance,and the lagging period 2 has a significant effect on the company's operating performance.The company's R&D effect began to show up at the first stage of lag,reaching a maximum at the second stage of lag.The quality of internal control of listed companies in China's GEM has a significant role in promoting its business performance,and it has a regulatory role in the relationship between R&D and corporate performance,but its direction of adjustment is different in different periods,and there are positive adjustments.There is also a negative regulatory effect,and internal control does not have a significant regulatory effect on the relationship between the number of patents the company has granted and its operating performance.