Research On The Impact Of Software Listed Companies’ Innovation And R&D Investment On Enterprise Value

In this era of increasingly fierce competition,research and development activities have become an important means For listed companies to maintain competitiveness and achieve value growth.In recent years,listed companies have gradually realized the importance of R&D and innovation to their companies,and have begun to increase their R&D investment,hoping to improve their competitiveness and enhance their corporate value.According to statistics,R&D expenses of A-share listed companies totaled more than 1.2 trillion yuan in2021,up 20.42% year-on-year.At the same time,the scientific and technological innovation of listed companies has also been attached great importance by the government.In recent years,relevant Policies have been constantly introduced to encourage innovation and R&D activities.In this context,it is important to study whether the investment in innovation and R&D can really Promote the growth of enterprise value of listed companies and how the effect is.Considering that software and information technology service industry Plays an important role in supporting and leading economic and social development,it is necessary to study whether the investment in innovation and R&D of such listed companies Promotes the growth of enterprise value and how the effect is.In this paper,listed companies in software and information technology service industries are selected as research objects to study the impact of innovation and R&D investment on the enterprise value of listed companies.Based on the theory of technology innovation theory,signal transmission theory and government intervention theory,using the fixed effects model,using Wind database and Giant Tide Information Network to collect the relevant data of listed companies in software and information technology services,taking R&D intensity as independent variables,price and the total return on assets as the dependent variable,this paper studies the influence of innovation and R&D on the enterprise value of listed companies from two aspects including financial value and market value.The following conclusions are drawn: From the perspective of the current period,innovation and R&D investment has significantly negative effect on the financial value,no significant positive effect on market value,namely the innovation and R&D investment can’t significantly increase the current market value of listed companies.In the long term,innovation and R&D investment has an insignificant negative effect on the financial value of the next phase,an insignificant positive effect on the financial value of the next two phase,an insignificant positive effect on the market value of the next phase and a significant positive effect on the market value of the next two phases.Finally,based on the previous conclusions,this paper puts forward some suggestions for both enterprises and governments.At the enterprise level,increasing investment in innovation and R&D and sticking to the concept of scientific and technological innovation;Strengthening the project audit and optimizing the talent team to improve the success rate and income of R&D investment;Improving the assessment mechanism of enterprise managers;At the government level,strengthening intellectual property protection;Increasing support for innovation and R&D;Strengthening and standardizing the disclosure of research and development information.