Research On The Relationship Between R&D Investment And Enterprise Value Under The Background Of "One Belt And One Road"

Since the reform and opening up,China's economy has continued to grow rapidly,the process of industrialization and informatization has been accelerated,and significant progress has been made in the reform of economic constitution.However,problems such as overstock of inventory,overcapacity and insufficient purchasing power of consumption are gradually emerging.The transformation from "made in China" to "created in China" and "intelligent made in China" points out a new direction for China's economic development from high-speed growth to high-quality development,actively responds to the innovation driven strategy of mass innovation and develops mass innovation,and provides a new way for China's steady economic growth.Enterprise management attaches more and more importance to technological innovation activities.Technological innovation activities play an important role not only in the promotion of enterprise value,but also in the growth of national economy.Modern enterprises are in the market environment of drastic changes.The R & D work related to technological innovation plays a decisive role in the survival and sustainable development of enterprises.2013 President Xi Jinping is put forward to build economic belt "silk road" and "Marine silk road" in the 21 st century's major initiatives,under the lead of "area" initiative and the Asian infrastructure investment bank,and the silk road fund,under the support of enterprises in the foreign investment,can effectively avoid policy risk,financial risk,cultural risk and other risks,and enhance the value of the enterprise.In such an environment,the correlation between r&d investment and enterprise value under the background of "One Belt And One Road" is studied.This paper is divided into six parts: introduction,literature review,theoretical analysis and research hypothesis,research design,empirical analysis and countermeasures.The method of combining theoretical research with empirical research is adopted.Through OFDI enterprise data in 2013-2018 as the research sample,using the double difference model research "area" initiative to the enterprise value,the influence of r&d input variable indicators,introduced at the same time,to explore the mediating role of r&d input,and then according to the result of empirical study: first,r&d investment and enterprise value has positive role,and the promoting effect of non-state enterprise stronger;Second,the belt and road initiative has a positive impact on enterprise value,and has a more obvious impact on state-owned enterprises.Third,the belt and road initiative has an impact on enterprise value by influencing r&d investment,which is the intermediate variable between the "One Belt And One Road" initiative and enterprise value.Finally,based on the empirical results,countermeasures and Suggestions are put forward at the enterprise and government levels,and limitations and shortcomings are pointed out,so as to provide targeted improvement directions for future research.The innovation of this paper is mainly reflected in the following two aspects:first,the innovation of theoretical analysis.Based on the summary and draw lessons from the domestic and foreign about the relationship between r&d investment and enterprise value,on the basis of related research,combined with the characteristics of the policy background in China,starting from the "area" initiative,"area" initiative,the relationship between r&d investment and enterprise value,enrich the research in the field of r&d investment and enterprise value relevance research content,expanded the research Angle of view,make the study more comprehensive.Second,innovation in empirical research.This article selects OFDI in 2013-2018 financial report of listed company data for the study of the overall sample,at the same time to OFDI enterprise whether to invest in "neighbourhood" all the way along the route as whether companies deal with the impact of policy variables,as policy impact point in time,and in 2013 will OFDI enterprises are divided into treatment group and control group,and the r&d as intermediary variables,and measure of enterprise debt paying ability,such as cash and equity concentration representative financial index as the control variables,the r&d of "area" initiative and enterprise value relations adjustment,At the micro level,it provides relevant data for China to better promote the "One Belt And One Road" initiative.