Empirical Research On The Impact Of R&D Input On Firm Performance In Strategic Emerging Industries

Strategic emerging industries provide an important energy for the national economic development and play a supporting role in the process of building a moderately prosperous society in all respects.The requirement of strategic emerging industries for “major technological breakthroughs” makes all departments pay a great deal of attention to the development of scientific and technological innovation.The position of scientific and technological innovation ability in industrial development has gradually improved and the basic scientific research conditions have been improved,that has facilitated the process of turning innovative technologies into innovative achievements for strategic emerging industries.The government,enterprises and scientific research institutions are unswervingly implementing the strategy of innovation-driven development.This paper empirically studies the balance panel data of 102 companies listed on the Shanghai and Shenzhen main board listed companies in strategic emerging industries from 2013 to 2018,the relevant data comes from Wind database and company annual reports published by cninfo.com.This study is based on economic growth theory,technological innovation theory,input-output theory,industrial organization theory and stakeholder theory.This paper evaluates the operation performance from three aspects:operational ability,nucleus competitive ability and growth ability.The augmented Cobb-Douglas production function models and operation multiple linear regression models are constructed.From these empirical results,we can draw several conclusions: First,R&D capital investment and R&D staff input are significantly positive correlation with operational capacity.The R&D capital investment has hysteresis effect,with the first lag,it has a significant positive effect on operating capacity;Second,R&D capital investment is significantly and positively related to the nucleus competitive ability and the significant positive correlation remains in first lag phase,but R&D staff input has no correlative relation with nucleus competitive ability.Third,the strength of R&D capital investment and the strength of R&D staff input isn't correlated with growth capability,but the strength of R&D investment presents a significantly positivecorrelation with the growth capability in first lag phase,the strength of R&D staff input in lag period has no obvious correlation with growth capability.Research shows that R&D investment can promote the three evaluation index of operation performance.The R&D capital investment in these industries have only one lag time and there is no lag in R&D personnel investment.Compared with other industries,strategic emerging industries have more frequent R&D activities and their new technologies are updated faster so that its R&D capital investment lag period is shorter.But we can't rule out the phenomenon that some enterprises pursue short-term economic benefits.However,there is no lag in R&D staff input and the elasticity coefficient of R&D staff input is always less than that of R&D capital investment,which remind us that enterprises need to pay more attention to the cultivation and utilization of talents.Therefore,in order to ensure the global competitive advantage of Chinese strategic emerging industries,the paper suggests a number of policies to focus on sustained quality growth of Chinese strategic emerging industries,such as encouraging independent innovation and accelerating the cultivation of technical talents,protecting innovation achievements and strengthening innovation consciousness,strengthening government support and deepening international openness and cooperation.