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R&D Investment and Enterprise Performance Correlation Study

Author: LiuFei
Tutor: YuHaiZong
School: Southwestern University of Finance and Economics
Course: Financial Management
Keywords: R&D investment Enterprise Performance High-tech enterprises
CLC: F273.1
Type: Master's thesis
Year: 2013
Downloads: 201
Quote: 0
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Abstract


In the21st century, with the development of globalization and economic integration, more and more countries attach great importance to science and technology, and the global economy has entered the period of rapid development. In the wave of knowledge-based economy and large industrial scale, the era of knowledge economy come into existence. Science and technology is now everywhere in people’s daily life, and it is affecting the development of the world economy with unprecedented strength and depth.This paper is divided into six chapters, namely introduction, literature review, the status quo of R&D investment, the introduction of empirical analysis, the empirical study on the relationship between R&D investment and enterprise performance, and the summary of conclusions and suggestions.The first chapter is the introduction part, with the introduction of research background and significance, the definition of related concepts, and the research thought and framework.The second part is the review of literature domestic and abroad. The literature review mainly focus on two aspects, the first is the research of influential factors of corporate R&D investment (including enterprise scale, capital position, company governance, etc.), and the second is the study of the relationship between corporate R&D inputs and the corporate performance.The third chapter is the status quo of R&D investment, with the introduction of the current situation of domestic R&D investment and also the investment across countries.The fourth part is the empirical research design introduction, five aspects are included, which are sample selection and data sources, variable selection, research hypothesis, research model, research methods and processesThe fifth section is the empirical research of the relationship between R&D investment and enterprise performance, based on descriptive statistical analysis, correlation analysis, and multiple linear regression analysis.In the last chapter, the study conclusions are summarized and the recommendations are provided. With the conclusions of the empirical study results, the suggestions are brought out from both the government and corporate perspective, and the inadequacies in the thesis are also presented.The empirical research results show that:(1) There is huge gap in the scale of R&D investment among high-tech listed companies, showing the trend of polarization. And the majority of corporations have comparatively low R&D investment. Asset size of high-tech listed companies were mostly concentrated between10and30billion, and the larger the assets size, the more exponentially growing the R&D investment is.(2) There is a positive relationship between R&D investment and corporate main business profit, that is to say R&D investment will positively influence the corporate earnings performance, the larger the investment is, the higher the earnings are. While there is no apparent correlation between the R&D investment and return on total assets, and enterprise development ability performance.(3) There is lagging and cumulative effect in the relationship between R&D investment and high-tech enterprise performance. Thus the high-tech companies have to invest in R&D persistently to increase their innovation ability and the earnings performance.The contributions of this paper are mainly as follows:(1) Research model. This paper uses multiple linear regression model correlation analysis and the lagging impact analysis to analyze the relationship between R&D inputs and enterprise performance, and it also introduces the Cobb-Douglas production function model to research the existence of the cumulative effect in the relationship. The effective use of the two models make the thesis reaches its desired outcome.(2) The object of study and time interval. This article is based on the three most representative industries of high-tech enterprises (IT industry, electronic industry, and pharmaceutical and biotech industry) as the research object, so the research result is very convincing. Besides, the time interval of the study is from2008to2011. China promulgated in2008the "high-tech enterprise management approach", which brought out the concept of high-tech enterprises, and the latest financial statements of listed companies are until the year2011. As a result, based on either the object of the study, or the time interval of the research, the conclusions and results of this article are of great significance.This article is an attempt to explore the relationship between R&D investment and high-tech corporate performance, based on the combination knowledge of author’s study and the relevant literature research. However, because of the limitation of author’s research capability, there are still some inadequacies or missing points in this paper. Your criticism and correction of this paper is highly welcome and sincerely appreciated. And your precious comments and suggestions are sure to help student to further explore and improve the research of this topic.

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CLC: > Economic > Economic planning and management > Enterprise economy > Production management > Enterprise Technology Management
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