The Research On The Relation Between R&D Innovation Inputs And Enterprise Value

In the national conference of science and technology, the state council premierWen Jiabao pointed out that in the economic and social development,the progress andinnovation of science and technology is the center link of building the innovativecountry,improving national competitiveness,and improve the ability of independentinnovation.Nowadays, the world is undergoing major transformation, rapiddevelopment, and big challenge. In this context, the whole world is in the trend ofknowledge globalization and Economic intelligence. Being as a state that hasexperienced30years of extensive development, Chinese important guarantees forcompetitive advantage contain strengthening the strategic management of science andtechnology,promoting the development of science and technology, improving theresource utilization of science and technology, promoting countries economicsustainable development.21century is the century of knowledge and innovation development, Since2008,after the financial crisis, the developed countries reached an agreement consensus: thedevelopment of science and technology, especially in emerging industry such asinnovation industry, is not only beneficial for the national enterprise to response crisiseffectively, but also for future development of the nation to create opportunity andpromote sustainable development of economic. The consensus got fully confirmed inthe future direction of the economic development and various economic new policiesof all countries.This paper is based on the background for a further research. From the view ofborrowing resources, the paper contacts the R&D innovation with the enterprise value,analyses the influence factors of R&D innovation investment, and finds how R&Dinnovative input influences the enterprise value relations.Full text make the researchthrough the literature retrospection, theoretical research, empirical test, and otherpoints. The introduction introduces the background of issue, the topic significance andthe research content and methods. Chapter1summarizes the existing effect throughsorting and research the domestic and foreign literature and proves that the research ofthis paper replenish the blank in the impact of previous R&D activities. Chapter2,through resource allocation theory of endogenous growth,technology innovationtheory, the core competitive advantage theory and the value chain theory, lays a solidtheoretical foundation for follow-up study,. Chapter3, this chapter includes researchdesign and innovation based on selected independent variable. The empirical model isestablished and analysed empirically, especially the influence index of researchinnovation such as enterprise scale, management autonomy, operating conditions.From the empirically analysed results, enterprise scale, management autonomy,enterprise management status, innovation investment have impacts, but R&D fundshas a smaller effect. Chapter4, through checking R&D and using the data of lastchapter, chooses a variable regression analysis and gets the conclusion. Namely, theconclusion is the relationship between R&D input and enterprise value.When theR&D investment achieves a certain degree, there will be a significant impact on theenterprise value. Chapter5, conclusion and prospect. Summarize the study, draw theconclusion, give the suggests and hope to the enterprise、government and academicresearch institutions.