Research On The Impact Of R&D Input On Innovation Performance Of GEM Listed Companies

Since the 21st century,science and technology have developed rapidly and market competition has become more and more fierce.Innovation has become the first power to enhance national competitiveness and promote economic development.Enterprises have played an important role in promoting the independent innovation.Enterprises gradually realize the importance of technological innovation in improving their core competitiveness.Only by enhancing the ability of technological innovation can they stand out from the numerous enterprises,seize market share and gain competitive advantage.Internal control system can urge enterprises to self-discipline,self-plan and self-adjust.The effectiveness of internal control plays an vital role in the efficient utilization of R&D investment.It is also an important guarantee for enterprises to achieve the strategic goal of innovation.Therefore,how to improve the internal control system and transform R&D input into innovation performance effectively,so as to improve the technological innovation level,have become an urgent problem to solve for enterprises.This paper explores the relationship among R&D input,internal control and innovation performance deeply based on Principal-agent Theory,Resource-Based Theory,Signalling Theory and Technical Innovation Theory.In the analysis,this paper divides the research object into family enterprises and non-family enterprises,studies the influence of internal control on the relationship between R&D input and innovation performance in different types of enterprises.There are three main issues in the research: Firstly,the impact of R&D input(divided into R&D fund input and R&D personnel input)on innovation performance;Secondly,the impact of internal control on the relationship between R&D input and innovation performance,and whether the internal control has a moderating effect on the relationship and how tomoderate it;Thirdly,the differences in the moderating effect of internal control in family enterprises and non-family enterprises.In this study,literature analysis,regression analysis and comparative study are used.First of all,it builds a theoretical model through reading relevant literature and analyzing relevant theories.Then,the paper adopts the data of 456 GEM companies in 2016-2018,and uses SPSS24.0 to run the data,and test the theoretical framework model and research hypothesis.The conclusions are as follows:(1)There is a significant positive correlation between R&D input and innovation performance.(2)Internal control,which is a quasi moderator,plays a positive moderate role in the relationship between R&D input and innovation performance.(3)The positive moderating effect of internal control is more significant in non-family enterprises.Finally,according to the empirical results,in order to improve the internal control system of enterprises and the level of innovation performance,some suggestions are put forward:(1)Increase R&D fund input and improve the utilization efficiency of R&D fund;(2)Introduce high-quality R&D personnel,pay attention to the incentive and training of R&D personnel;(3)Establish and perfect the internal control system and improve internal control effectiveness of family enterprises.