Research Investment And Corporate R&D Performance

Innovation is the soul of human progress,corporate R&D activities is the foundation of independent innovation,and it is an important way to enhance the competitiveness of enterprises.With the further development of the economy,rising labor costs,the global consumer market is developing towards energy conservation,environmental protection,low-carbon and intelligence direction,new consumption hot spots in the new technologies and new ideas to stimulate emerging.Unite States global surveillance network and monitoring program pose a serious threat to our national security.After the "prism" incident,the government also attaches great importance to information security,in the eighteenth Third Plenary Session "decision" also highlighted the protection of national network and information security.Therefore,communication and related equipment manufacturing enterprises in order to grasp the fierce international competition opportunities,and gain the initiative,it is necessary to increase research and development efforts,through research and development activities to improve market competitiveness.This article begins with the analysis of related theory of economic growth,innovation theory and the theory of factors of production,and then proceed to summarize and review relevant research literature on domestic and foreign R&D investment and firm performance relationship.On this basis,the communications and related equipment manufacturing listed companies in 2009 and 2012 panel data for the study sample,select R&D investment and R&D investment intensity as explanatory variables,the main business profit,operating profit margin and Tobin' s Q as explained variable,firm size,asset-liability ratio,capital expenditures and cash rate capability as a control variable,by multiple linear regression analysis for R&D investment and business performance analysis.Empirical evidence shows that from the absolute point of view,the main business R&D investment and a positive correlation between profits and a lag,lag is greater than the impact of the current;R&D investment intensity and the main business profitability and Tobin' s Q and positively correlated with lag,but the impact is greater than the current lag.Finally,based on research findings,policy recommendations put forward,pointing out innovations and limitations of this study.