Research On The Correlation Between Equity Stability,R&D Cost And Enterprise Performance

The performance of the company refers to the operating performance in the company’s operation and management,which includes two aspects,one is efficiency,namely,the proportion between input and output,and the high efficiency means the higher output with less input.Another is the effect,refers to the degree of company goals.The factors affecting the performance of enterprises of different industries have different.In many industries,the bio-pharmaceutical industry has gradually developed in China,but it is still difficult in the development process,which is far less developed than the world’s leading developed countries.In such a developing country are faced with the social and economic problems,such as an ageing population and economic development.The increasing demand for quality and quantity of drugs has led to the increasing demands of the society for the performance of biopharmaceuticals.As a high-tech industry,the research and development activities are more effective than other industries,and the stability of equity is inseparable from the development cost and performance.This paper,based on the theory of accounting,is based on the Angle of the third party,to analyze the performance of the bio-pharmaceutical industry in our country,and to find out the main factors and mechanisms that affect the performance of the firm’s performance,from R&D cost and equity stability and performance studies,and to conclude the relevant conclusions.For the development of bio-pharmaceutical industry in our country makes the corresponding theoretical contributions.Based on the analysis of the principal-agent theory and the innovation theory,this paper puts forward the assumption that the stability of the equity will play a positive role in the performance of the enterprise through the research and de,velopment expenses.And this article selects 2011-2016 of China’s a-share listed bio-pharmaceutical companies,selected variables(R&D,the stock rate of turnover,the enterprise scale,the patent application number,capital structure,and Tobin Q value,etc.),to the enterprise performance(return on equity,return on total assets),using multiple regression analysis of the statistical tools,study the stability of the research and development costs and ownership structure is analyzed correlation with the performance of the bio-pharmaceutical industry,research and development expenditure for inspection and analysis on the intermediary role.Finally,based on the results of the empirical test,further analysis and conclusions are made,and the preliminary conclusion is drawn that the stability of equity and the investment in R&D cost have a positive impact on the enterprise performance of the bio-pharmaceutical industry,among which the research and development expenses have mediating effect,and finally the future research prospects are carried out in the areas where the paper is still insufficient.