Research On The Impact Of R&D Investment Of High-tech Enterprises On Enterprise Performance

In this era,innovation has almost become the development direction pursued by countries all over the world.China even puts innovation development strategy at the core of national strategy.In particular,in 2018,the United States launched a "trade war" against China,especially the sanctions on zte corporation.After reflecting on the pain of "lack of core and soul" of enterprises,we have come to realize that r&d and innovation is the key for enterprises to win in the competition.Based on the theory of technological innovation,enterprises can master advanced technologies through research and development investment to reduce the consumption of raw materials and labor costs,thus reducing costs,creating new profit growth points and ultimately improving the level of enterprise performance.However,r&d activities are carried out in the context of the separation of the two rights in modern enterprises.The principal-agent theory holds that the efficiency level of enterprise r&d investment will be restricted by external factors.On the other hand,the promulgation of "application guidelines for enterprise internal control--research and development"requires enterprises to develop effective internal control for key links of business processes such as project approval of r&d activities and process management.Obviously,it is believed that the effective implementation of internal control can reduce managers' opportunistic behaviors and make enterprise research and development activities more efficient.Therefore,it is necessary to study the impact of research and development investment on enterprise performance and introduce internal control as a moderating variable to further study the relationship between the two.Based on the separation of two rights theory,information asymmetry theory and resource-based theory,this paper selects the data of high-tech enterprises from 2015 to 2017 of Shanghai stock exchange a-share as samples,and takes enterprise performance(ROE)as the explained variable.R&d input intensity is the explanatory variable;Internal control is the regulating variable;With enterprise size,cash strength and asset-liability ratio as control variables,a regression model was established to explore the relationship between r&d investment and enterprise performance and the moderating effect of internal control on r&d investment and enterprise performance.Through research,the following conclusions are drawn:(1)research and development investment will affect enterprise performance,and the impact on enterprise performance has a lag.Research and development investment in the current period and the lag phase has a negative effect on enterprise performance,and research and development investment in the lag phase has a positive effect on performance.(2)the effective implementation of enterprise internal control is conducive to improving enterprise performance.(3)internal control positively regulates the relationship between r&d investment and enterprise performance.The innovation of this research is to design 17 index systems for evaluating the effectiveness of the internal control system,and use factor analysis method to extract the main factors to calculate the comprehensive score of the effectiveness of intermal control,and finally put into the model for regression analysis to test the relationship between enterprise research and development investment and performance.The empirical research conclusion of this paper warns that high-tech enterprises should pay attention to the lag effect of r&d investment,make long-term continuous investment in a certain r&d field and pay attention to the system construction of internal control effectiveness.Therefore,the research conclusion not only enriches the theory but also has guiding significance in practice.