| Since 1912 Schumpeter brought forward technological innovation theory, the research related to R & D investment and technology innovation gradually become one focus of the domestic and foreign scholars, and so far the relevant research results are very rich. The research on R & D investment by domestic scholars started relatively late, and early R&D investment research results are also focused on the macro level analysis of the country and industry. Along with the influx of Western technological innovation theory, as well as further deepening of economic globalization, enterprises fully realized that technological innovation is an important means to ensure the development of enterprises, thus to occupy a place in fierce market competition. As the premise of enterprise technological innovation, R & D investment would be essential. Therefore, R&D research field was extended from the state’s industrial level to the enterprise level, and domestic scholars analysed the important role that R&D investment played in the enterprises. The enterprise R&D investment has become a new research direction.Considering the domestic economic current situation in the transition period and the constraints of the resources, energy, environment issues, this paper select new materials industry in China as the study sample of the researching on R&D investment. As one of strategic emerging industries, new materials industry is not only the foundation of other strategic emerging industry development, but also an important strategic measure to ease the bottleneck of resources and environment, guarantee major national construction projects, promote traditional materials industry transformation and upgrading and build the international competitive advantage. Therefore, it has important practical significance to take new materials listed companies as research object. It not only enriches the existing R & D investment research results, but also provides useful reference about development of listed companies, management of R&D activity and promotion of technology innovation ability.In the empirical process, this paper selects 32 new materials listed companies, collects specific R&D data manually from annual report and other raw financial data from CSMAR database. According to the research ideas, firstly, this paper overall summarizes and analyzes research results of R&D and new materials industry, defines related concepts and put forward the theoretical foundation to enrich the theoretical basis of this research. Secondly, this paper sort out the hypotheses and constructs index system of R&D investment and enterprise performance. Finally, through the correlation analysis of the initially data and the empirical process, the analyzed and verified results show that:(1) R&D personnel strength of new materials listing corporation plays a positive role in promoting operating profits and operating income growth rate. R&D intensity has significantly negative effect on operating profits and operating income growth rate.(2)R&D intensity will positively enhance market value, but R&D personnel strength has no significant effect on market value. (3) R&D intensity exists lagging effect on enterprise performance, but R&D personnel strength has no lagging effect. Based on the conclusion, this paper puts forward policy recommendations by strengthening government’s support and guidance, improving the investment and financing guarantee mechanism, and paying attention to management of R&D activities in enterprises. |
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