Research On Evaluation Of R&D Investment Efficiency Of High-tech Listed Companies In Shandong Province

High and new technology is the primary productive force of economic development and the driving force of social progress,reflecting the comprehensive strength of a country.The application of technology must be reflected through investment activities because any hightech achievement is the product of investment of certain human capital and resources.As the micro main body of innovation,the R&D investment and management of high-tech is an important part of achieving high-quality development in China.But,there is a lack of in-depth analysis of the internal process of the "black box" that the process of economic movement from current resource investment to future expected income.It is generally believed that the scale of capital investment or future average income is the value measure to measure the return on investment,which leads to the lack of evaluation of R&D investment efficiency.Shandong Province has actively accelerated the transformation and upgrading of high-tech industries,cultivated and developed the enterprises with independent intellectual property rights and innovation leading ability.But at present,the enterprises are many but not strong,and they lack the necessary output of technological achievements.The economic benefits of new products are insufficient,and the growth rate is far lower than the growth of the number and scale of enterprises.Therefore,scientific evaluation of R&D investment efficiency and improvement of investment management system become an important part of its development.The research makes the theoretical basis of the following micro analysis through combing the relevant contents of technological innovation,capital investment,principal-agent and resource allocation.It established a Three-stage DEA model combined with the economic process from input to output and based on the analysis of the R&D investment of high-tech enterprises in Shandong Province.Then,the evaluation system of R&D investment efficiency of high-tech enterprises was constructed through index selection.This paper takes the high-tech listed companies in Shandong Province as the research object,measures the efficiency of R&D investment by using the panel data of the companies from 2015 to 2019,analyzes the interval characteristics and regional spatial differences of different types of enterprises from a static perspective through cluster analysis,and analyzes the change trend of R&D investment efficiency from a dynamic perspective by using Malmquist index.The results show that: the efficiency of R&D investment of listed high-tech companies in Shandong Province has maintained an increasing trend but not obvious in recent years,and the growth rate has been reduced year by year;and the growth rate is shrinking year by year;From the results of efficiency calculations,there is a significant presence among companies,showing the spatial distribution characteristics of different efficiency intervals.The spatial distribution characteristics of overall discreteness and partial concentration further enlarge the efficiency gap;From the perspective of efficiency change trends,scale efficiency is dominant,and R&D investment efficiency changes with changes in scale efficiency,and enterprises generally have the problem of insufficient scale of R&D investment.The unfavorable investment environment caused by the relative decline in technological level is the main factor hindering the continuous growth of R&D investment efficiency.When the increase in technological efficiency can not balance the negative effects brought about by the technological level,the efficiency of enterprise R&D investment will decrease.Based on the above research results,we put forward policy recommendations that focus on improving enterprise scale efficiency and resource allocation efficiency,optimizing the investment environment externally,and narrowing the efficiency gap internally.