Research On The Relationship Between R&D Investment And Performance Of The Information And Internet Companies Of The New Three Board Market

In this paper,the object of the research is the company of the information and Internet industry which is mainly in the new three board Market.On the basis of reviewing and summarizing the domestic and overseas scholars on the relationship between R&D investment and performance,this paper explains the overall growth of the new three board Market from the following four dimensions,the overall development of the market size,the development of the region listed,the industry as well as the development of other listed board transformed.After this,we further elaborate the R&D investment status from information and Internet listed companies of new three board market.According to the data of the Choice system of the East Money Information Company,we choose the 215 information and Internet listed companies of new three board as the sample of this paper.These companies are publicly disclosed in 2013-2015 three consecutive years of corporate R&D investment and related indicators.In this study,the influence of R&D investment on performance is divided into current and cumulative effects.The revised production function is used to carry on the regression analysis,the scientific analysis of the impact of the company's R&D investment on the performance,and draw the following conclusions.First of all,the companies to increase R&D investment is conducive to improving corporate performance,that is,there is a positive correlation between the two issue.Secondly,because the timeliness of the companies in pursuit of short-term output,and the existing literature shows that R&D investment influence on the business performance of not more than 5 years,so the R&D investment and performance in a cumulative effect of short-term.Therefore,the R&D investment and performance in a cumulative effect of short-term,R&D investment in two years of accumulation of enterprise performance has a significant role in promoting,and accumulated 3 years of research into the company performance does not exist a important role in promoting.At last,there is a actively correlation between the labor force and capital investment,which indicates that the reasonable labor and capital investment can bring positive benefits to the new three board information and Internet companies.Based on the empirical results,this study puts forward the following suggestions from two aspects: government and enterprise.From the government point of view,the government should increase the support for the new three board listed companies,increase policy guidance and incentives for enterprise research and development.From the enterprise level,the new three board information and Internet companies should increase the input of capital investment,enterprise development and labor input,accelerate the development of talent team construction.In order to improve business performance,the companies should accumulate and develop the core technology of new products,form their own core competitiveness and enhance the ability.