R&D Input,Internal Control And Enterprise Value In High-tech Manufacturing Industry

R&D activity is an important way for high-tech manufacturing industry to enhance its own value.R&D innovation of enterprises is realized through the process of R&D activity.However,R&D activities need a large amount of R&D funds,but they also have a long cycle,potential and uncertain benefits.In the actual implementation process,some enterprises always have problems such as inadequate budget,less than expected conversion rate of R&D results and leakage of R&D results because of the imperfection of relevant supporting systems,which greatly restrict the efficiency and efficiency of R&D investment,thus affecting the value of enterprises.The document "Guidelines for the Application of Enterprise Internal Control-Research and Development" restricts the whole life cycle of R&D projects from project initiation to end based on the perspective of internal control.Good and sound internal control system can enhance the innovation ability of enterprises,give full play to the leading role of science and technology,and promote the smooth realization of enterprise development strategy.Especially in the high-tech manufacturing industry,R&D activities play a more important role in the enterprise value chain.Because there are certain risks in R&D activities,will R&D investment in R&D activities have a positive impact on enterprise value?As a contractual arrangement of high-tech manufacturing enterprises,can internal control achieve the effect of increasing enterprise value by controlling the risks in R&D investment and enhancing the efficiency of transformation of R&D investment?At present,most scholars only explore the correlation between R&D input and internal control quality and enterprise value,and lack the research on the correlation between internal control and R&D input value.Moreover,there is a lack of detailed research on R&D investment in high-tech manufacturing industry.This paper makes a theoretical analysis of this situation,and puts forward hypotheses.From the perspective of indirect valuation,it chooses high-tech manufacturing enterprises listed in Shanghai and Shenzhen A shares from 2008 to 2017 as the research sample,and empirically analyses the value relevance of R&D investment and internal control in high-tech manufacturing industry,as well as the role of internal control in promoting the value relevance of R&D investment.The research results are as follows:(1)R&D investment in high-tech manufacturing industry has positive value correlation;(2)Internal control in high-tech manufacturing industry also has positive value correlation;(3)Internal control in high-tech manufacturing industry will promote the relationship between R&D investment and enterprise value,and the quality of internal control will strengthen the role of R&D investment in promoting enterprise value;(4)Compared with the non-high-tech manufacturing industry,the quality of internal control plays a stronger role in promoting the value relevance of R&D input in the high-tech manufacturing industry.