Internal And External Comprehensive Management Of The Company,R&D And Corporate Value

Nowadays,scientific and technological innovation has become a key force and sharp weapon to support national development and safeguard national security,playing the role of the engine of modernization construction and achieving the goal of "two hundred years".In 2017,the national investment in R&D reached 176.61 billion yuan,an increase of 12.3%,and the investment intensity of R&D increased to 2.13%.Innovation through R&D can provide enterprises with low-cost products or differentiated products,realize the differentiated strategy and cost-leading strategy,and ultimately create value for enterprises.At the same time,the daily operation of enterprises needs a set of systems to maintain,which is corporate governance.Corporate governance includes the process of investment decision-making,investment arrangement and the distribution of investment income.Based on the research results of scholars at home and abroad and the purpose of this dissertation,this dissertation makes a detailed study on the establishment of a comprehensive system of corporate and environmental governance,and the impact of corporate and environmental governance on corporate value and R&D expenditure.Based on the literature review,this dissertation selects 22 evaluation indicators from six dimensions,establishes a comprehensive evaluation system of corporate and environmental governance,and obtains the comprehensive scores of companies and environmental governance through principal component analysis.The regression analysis using the established model shows that there is a significant positive correlation between corporate and environmental governance and R&D expenditure;there is a significant positive correlation between R&D expenditure and corporate value,and corporate and environmental governance has a positive regulatory role on R&D expenditure;in addition,there is a certain degree of inverted U.S.between corporate and environmental governance and R&D expenditure.The relationship between R&D expenditure and firm value is U-shaped to some extent.