Research On The Correlation Between R&D Investment And Enterprise Value Of Agricultural Listed Enterprises

Innovation is the first driving force for development,and it is particularly important in the agricultural industry.From the perspective of development level,the overall average gross profit margin of China's agricultural listed companies has reached a level of 28%,and the overall industry development status is good.From the perspective of R&D investment status,agriculture,forestry,animal husbandry and fishery R&D expenditures account for only 12.10%of the total of various industries.There is still much space for development in the process of innovation,and we need to continue to focus on corporate R&D and promote science and technology Conversion to productivity.In addition,there are outstanding shortcomings in China's agricultural innovation research and development.Introducing advanced foreign technology and carrying out experimental R&D on this basis occupy the core of the company's development.This kind of R&D method can bring short-term benefits to the company,and at the same time,it has great imitation,which affects the development of the entire industry.Therefore,in order to encourage listed agricultural enterprises to actively carry out innovative R&D,grasp the strength of R&D investment,and clarify the time and mechanism of R&D investment's effect on corporate value,this article will conduct a comprehensive and systematic study on the relationship between R&D investment and enterprise value.Provide reference for the development of listed agricultural enterprises.This article is in line with the goals of agricultural supply-side structural reforms and the implementation of rural revitalization strategies.Select the listed agricultural enterprises in China as the research object,it mainly use the literature research method,empirical research method,qualitative and quantitative methods to study the relationship between R&D investment and value creation.Firstly,through public information such as the financial reports of listed companies and the official website of China Science and Technology Statistics,analyze the R&D investment and corporate value of listed agricultural companies in the past four years,select indicators from two dimensions of financial value and market value,and use factor analysis extract the common factors,and construct a function based on the score of each common factor to calculate the comprehensive value of the enterprise value.Secondly,through empirical analysis to explore the correlation between R&D investment and enterprise value and whether there is a cumulative effect of R&D investment on enterprise value.Research shows that R&D investment of agricultural listed companies is positively correlated with enterprise value.At the same time,the positive effect of R&D investment on enterprise value has a cumulative effect,and this effect is most significant in the lagged phase.At last,this article combines the empirical research results with the characteristics of listed agricultural enterprises and the actual situation of R&D input and output,and puts forward suggestions for improvement in order to promote the listed agricultural enterprises in our country to create more wealth and achieve the management goal of maximizing corporate value.There are two innovations in this article.Firstly,the method of quantifying enterprise value is innovative.This article breaks through the traditional thinking mode of unilateral measurement of enterprise value,summarizes the characteristics of listed agricultural enterprises by combing the literature,selects different indicators from two dimensions of financial value and market value to quantify,and uses factor analysis to calculate the comprehensive value of enterprise value.According to the actual situation of listed agricultural enterprises,improving the accuracy of the quantitative method of enterprise value can help stakeholders make more scientific and accurate judgments for the development of enterprises;Secondly,research content is innovative.Existing literature researches on corporate R&D investment are mostly related and lagging,few scholars have studied the cumulative effect,this article through the research and development of the cumulative effect of corporate value,the two clear mechanism of action,so that management able to formulate R&D strategies according to the situation of the enterprise and provide guarantee for the enterprise value.