High And New Technology Enterprise R&d Investment And Empirical Study On The Relationship Between The Enterprise Market Value

R&D activities are a major source of technological innovation,, while innovation is the key factor for enterprises to form core competitiveness. Accordingly, the relationship between R&D investment and corporate value has always been a hot issue. Compared with the mature market mechanism in foreign,domestic capital market is not perfect, and the establishment of R&D information disclosure mechanism is also in infancy. Therefore, China’s research on this issue is relatively later than overseas research, and The only studies are often more concerned about whether the R&D investment will upgrade enterprise’s value or not,rarely extends the research perspective to the characteristics of R&D performance and the contingency factors affecting R&D performance,therefore, the depth and breadth of research are not enough.Based on technological innovation theory, learning by doing theory,core competence theory, signaling theory and contingency theory,this study chooses the China’s listed high-tech enterprises in2007-2009as the object,and gets82listed companies which are continuous to disclose R&D information as the study sample, and then constructs the empirical model on the basis of Griliches theoretical model,respectively makes an eprical study on the relationship between R&D investment and the firm market value,,and the contingency factors affecting the relationship of R&D investment and firm market value.The results show that, R&D investment has a significant positive role in promoting current firm market value; and this effect in lag1is still significant, while not significant in lag two, that is to say, there is a short-term lagged effection;in addition, R&D investment has cumulative effection, three-year cumulative is more likely to upgrade firm market value than two-year;Finally,firm size and commercialization orientation adjust the relationship of this two variables,the former approaches an inverted’U’type, The latter and R&D investment nteract positively in influencing the firm market value.With looking into the empirical analysis, suggestions about R&D investment strategies are proposed for the internal and external stakeholders of enterprises.On one hand, enterprises need to enhance creativity and pay full attention to the R&D investment, at the same time,the state should give appropriate policy guidance and stimulation to activate the enterprises’passion of R&D investment,thereby enabling enterprises to maintain continuity and long-term in R&D investment, by way of Uninterrupted technological innovation to hold sustainable competitive advantage;On the other hand, we should pay full attention to contingency factors influencing the efficiency of R&D, and take the appropriate measures to ensure that efficiency of R&D investment will be exerted in greatest degree.