The Influence Of R&D Direction On The Relationship Of R&D Efficiency And Corporate Performance

At present,China is at the crossroads of comprehensively deepening reform and industrial upgrading.Innovation plays an important role in China's comprehensive deepening of reform and industrial upgrading.In China,industrial policies affect the external environment of enterprises in various aspects,which will affect the business performance of enterprises to a certain extent and promote the rapid development of enterprises within the industry.This paper collects keywords to build a keyword dictionary by sorting out the outline of the 12 th Five-Year Plan and the supporting industrial policy documents issued by various ministries and commissions of the State Council.Based on the Boolean model of the information filtering algorithm in text mining technology,the patent data of the enterprise is matched with the keyword dictionary extracted from the industrial policy to construct the R&D direction variable of the enterprise.Then,combined with the financial data of the Shanghai and Shenzhen A-share listed companies during the “Twelfth FiveYear Plan” period(2011-2015),the author conducts an empirical study to explore the impact of the company's R&D direction on R&D efficiency and how R&D direction affects R&D efficiency and business performance.The empirical results of this paper show that: First,the R&D direction can significantly improve the R&D efficiency of enterprises.Enterprises whose R&D direction is consistent with industrial policy have significantly higher R&D efficiency than those with inconsistent R&D direction and industrial policies;Second,the R&D direction strengthens the impact of R&D efficiency on the company's future profitability.For companies whose R&D direction is same with industrial policy,R&D efficiency has a stronger impact on the company's future profitability;Third,the R&D direction has strengthened the influence of R&D efficiency on the market value of enterprises.