Research On The Impact Of R&D Expense Adjustment On Enterprise Innovation And Over-investment Of Intangible Assets

As innovation has received more and more attention,the state has promulgated a series of policies and regulations on encouraging enterprise innovation activities.This paper uses the “Interim Measures for the Performance Evaluation of Central Enterprise Leaders”,which was implemented on January 1,2010 to examine the impact of its innovation investment?innovation output and excessive investment in intangible assets on state-owned enterprises and state-owned high-tech enterprises.We expect that the R&D expense adjustment policy in the Interim Measures will increase the R&D investment of state-owned enterprises and have more output,that is,the increase in the number of patents;And due to the adjustment of research and development expenses,the profits of state-owned enterprises will not be reduced due to the increase of R&D investment,and because state-owned high-tech needs more innovative R&D activities,and its management has stronger willingness to innovate,resulting in Over-investment intangible assets of state-owned high-tech enterprises.On the basis of summarizing the relevant literature,we define the meaning of research and development activities,investment in research and development activities,and over-investment of intangible assets.According to Richardson's non-efficiency investment model,change relevant variables to establish an over-investment model of intangible assets,and collect the data of R&D expenses adjustment for the year before and after of state-owned and private enterprises,the annual span of 2007-2015,for a period of 9 years,choose state-owned enterprises for the experimental group and private enterprises for the control group,using double scoring analysis,and further divide high-tech enterprises into state-owned high-tech enterprises and private high-tech enterprises to study the implementation effects of different types of corporate policies.We found that compared with the private enterprises in the control group,the state-owned enterprises have increased their R&D investment and output after implementing the “Interim Measures” R&D expenses adjustment,but the relationship between R&D expenses adjustment and over-investment of intangible assets is not obvious.Further,we can find that compared with private high-tech enterprises,state-owned high-tech enterprises have increased innovative investment after implementing the“Interim Measures” R&D expenses adjustment,but the results of the conversion effect is not ideal,and the excessive investment in intangible assets occurred after dividing high-tech enterprises into state-owned high-tech enterprises and private high-tech enterprises.By comparing the sample of state-owned enterprises and private enterprises with the sample of state-owned high-tech enterprises and private high-tech enterprises,wecan see that state-owned high-tech enterprises fully respond to the state's encouragement of innovation policy calls,increase R&D investment,and because of the characteristics of its high-tech enterprises,the management in the enterprise will be driven by irrational psychology such as overconfidence or blind obedience.Because of its strong mood and willingness to innovate,the intangible assets are over-invested,and the transformation effect of the final innovation is not obvious.Therefore,compared with private high-tech enterprises,in the state-owned high-tech enterprises,the “Interim Measures” research and development cost adjustment policy promotes its innovation activities and also leads to the problem of over-investment of intangible assets.The country's encouragement of the introduction of innovation policies has made the study of the "Interim Measures" on the innovation activities and investment behavior of enterprises have profound significance.In addition,this paper focuses on the over-investment of intangible assets in over-investment,which more reflects the closeness of corporate innovation and corporate investment behavior,and is of great significance for China to improve policy formulation,optimize external economic environment and improve corporate investment behavior.