Research On The Corporate Life-Cycle,EVA Performance Evaluation And R&D

Innovation is the first driving force of leading development.The report of the Nineteenth National Congress pointed out that the goal of future stuggle is to accelerate the construction of innovation and become a powerful country in science and technology.Innovative national development strategy can not be separated from the support of R&D of enterprises,especially the central enterprises.Central enterprises are the backbone of our national economy.the development of central enterprises is closely synchronized with the development of our national economy.With the attention of the state to scientific and technological innovation of central enterprises,the central enterprises of our country are engaged in research and development.Continuous efforts have been made in the development of investment.However,the characteristics of R&D often affect the judgement of enterprise managers in the process of resource allocation.Moreover.the absence of owner and insider control of central enterprises further aggravate the agency problems of enterprises,and the assessment criteria of profit indicators make central enterprise managers further reduce the investment items with long payback period.As a result,these have gradually led to insufficient R&D by central enterprises.The implementation of EVA performance evaluation in central enterprises has been eight years,and the performance evaluation system of central enterprises has gradually matured.Based on the above background,this paper explores whether the insufficient R&D of central enterprises has substantially improved since the implementation of EVA performance evaluation by central enterprises in China.The main contents of this paper are as follows.The first part is the introduction of this paper.This part mainly introduces the research background and significance,summarizes the research literature of EVA performance evaluation and R&D at home and abroad.and makes a general statement on the research ideas,research methods and research innovation of the article.The second part analyses the theoretical basis of the article.Firstly,it defines the related concepts.Secondly,it elaborates the relevant theories of enterprise life cycle,EVA performance evaluation and R&D.The third part is the theoretical analysis and research hypothesis of the article.The performance and R&D of central enterprises are analyzed.And this part deeply analyses the mechanism of the evaluation of EVA performance on R&D and the role of EVA performance evaluation on R&D behavior in different stages of the enterprise life cycle,and then puts forward the hypothesis of the article.The fourth part is the empirical analysis of the article.Taking the A-share listed central enterprises as the research object,the paper regressively analyses the impact of EVA performance evaluation on R&D and the role and difference of EVA performance evaluation on R&D under different life cycles.The fifth part is the research conclusion,the countermeasure suggestion and the research prospect.Through theoretical and empirical tests,the article concludes that EVA performance evaluation has a significant role in the promotion of R&D investment in central enterprises in China,and that the impact of EVA performance evaluation on R&D investment at different life cycle stages of central enterprises is different.Specifically,The promotion effect of EVA performance evaluation on R&D investment of central enterprises is stronger than that of growth period,and the promotion effect of EVA performance evaluation on R&D investment of central enterprises in recession period is significantly reduced compared with growth period and maturity period.At the end of the paper,some suggestions are given based on the conclusion,and the shortcomings of the research and possible future research directions are pointed out.The innovation of this paper is embodied in enterprise life cycle in the process of dynamic analysis of the relationship between EVA performance evaluation and R&D.On the one hand,there are few papers on the impact of EVA performance evaluation on R&D,and there are few papers on the relationship between EVA performance evaluation and R&D from the perspective of life cycle.On the other hand,this study enriches the new perspective of R&D research.Few people in the existing literature evaluate R&D from the aspect of enterprise performance.