The Impact Of Corporate R&D Investment And Absorptive Capacity On Innovation Performance

In an increasingly complex market environment,companies want to maintain a firm foothold and continue to develop,they must constantly improve their core competitiveness.Innovative ability is an important manifestation of the core competitiveness of an enterprise.Innovation can stimulate companies to jump into product limitations,focus on mining and creating new growth points,open up new markets,and gain new growth drivers.The output of innovation comes from the investment of enterprises in research and development,which is derived from the absorption and integration of new knowledge by enterprises.Whether it is the emphasis on innovative concepts,the improvement of innovation systems,the cultivation of innovative talents,or the effective use of innovative resources,it is necessary to strengthen R&D investment,integrate externally relevant new knowledge,and activate R&D capital accumulated in the past.This study first systematically combs the relevant literatures on R&D investment,R&D capital stock,absorptive capacity and innovation performance.On this basis,we constructs a conceptual model of each other,referring to the research conclusions of predecessors.Under the guidance of logical derivation,the paper proposes the reasonable research hypothesis.Then,we select the agent indicators of each variable,collect the relevant data in the listed company's annual report,and clean the data.Referring to the BEA method and perpetual inventory method to measure the R&D capital stock of the enterprise.Finally we verify the hypothesis through the hierarchical regression method,draw the research conclusion,and analyze the corresponding management inspiration.In the study of enterprise innovation output,this paper not only considers R&D investment,but also considers the issue of R&D investment capitalization and R&D capital stock.Therefore,it uses the perpetual inventory method and BEA method to measure the R&D capital stock of the enterprise.The sample data of this study is the public annual report data of 346 companies on the GEM of Shenzhen Stock Exchange in 2012-2016.Based on the capitalization of R&D expense data,the statistical model was verified using stata14 statistical software.The results show that(1)the R&D investment of the enterprise can promote the increase of R&D capital stock,and the absorptive capacity has a positive regulation effect between the two variable.The higher the absorptive capacity,the more the R&D investment of the enterprise transforms the internal R&D capital stock.(2)Enterprises that continue to invest resources in R&D activities,will harvest strong R&D capital stock,and output more innovative result and higher the innovation performance.In this process,the higher the absorptive capacity is,the more effective the effect of internal R&D capital stock on the innovation performance of enterprises has.Finally,we combine the research conclusions with the actual management,and deeply analyze the actual guiding role of R&D and absorptive capacity on enterprise innovation,then obtain three aspects of management inspiration.(1)Continuously investing in R&D and accumulating quantitative and qualitative R&D resources;(2)Optimize the allocation of resources,focus on the absorptive capacity and the coordination of R&D capital stock;(3)Pay attention to the accumulation of human capital and strengthen the construction of innovative talents.