R&D Intensity,enterprise Background Characteristics And Enterprise Value

With the continuous acceleration of the pace of internationalization of Chinese companies and the increasingly fierce competition in the international market,how to increase the market value of Chinese companies has become a hot issue of concern to all sectors of society.The theory of technological innovation shows that R&D activities have a crucial role in enhancing corporate value and maintaining competitive advantage,especially in strategic emerging industries.In order to enhance the competitiveness of the industry,companies need to increase their investment in R&D.However,due to high uncertainty in R&D activities,some companies will abandon R&D activities.It is worth discussing whether R&D intensity can effectively enhance the value of the company.In addition,for enterprise managers and investors,understanding the background of different companies in the same industry has a greater impact on the relationship between R&D intensity and corporate value,and can better discover and govern problems in R&D activities and corporate value.Through combing the literature,it is found that although scholars at home and abroad have rich researches on the relationship between R&D intensity and corporate value,the relevant research findings are different and they focus less on strategic emerging industries.With the deepening of research,scholars began to pay close attention to the impact of external factors such as market environment,policies and regulations on corporate R&D activities and corporate value.However,this kind of research cannot explain why in the same industry,companies have different R&D activities in the same industry.Few scholars have studied whether the background characteristics of firms have moderator on the relationship between R&D intensity and corporate value.Therefore,based on literature review and theoretical analysis,this paper attempts to study the relationship between R&D intensity and corporate value,and introduces corporate background characteristics.Two representative and strongly related dimensions of innovation and property rights are moderator,focusing on the study of the background characteristics of the enterprise and the strength of R&D.How the value relationship affects,and further examine regional differences.This article selects data from 811 companies in the strategic emerging industries of Shanghai-Shenzhen Board,SME Board and GEM from 2010-2016 to empirically test the hypothesis.The main conclusions obtained through research:(1)R&D intensity is positively related to corporate value;(2)In examining the regulatory role of corporate background characteristics,it is found that the role of R&D intensity in promoting corporate value is even more pronounced in larger listed companies;in terms of property rights,there is a positive adjustment in the relationship between R&D intensity and corporate value in state-owned enterprises.The effect is that the R&D intensity of state-owned listed companies is more valuable than that of non-state listed companies;(3)Through further research on regional distribution,it is found that there are differences in regional development.Compared with those in the central and western regions and the eastern region,R&D intensity is more conducive to the enhancement of corporate value;(4)In order to ensure that the results are not affected by endogenous effects,this paper further uses models such as 2sls,gmm,and psm to perform empirical tests.The results are still consistent with the previous findings,which proves that the results are robust.This study is of great significance to deepening the existing R&D intensity and corporate value theory research and helping strategic emerging industries solve the problem of how to enhance corporate value.According to the research results and the development of strategic emerging industries,make the following suggestions:(1)Increase the intensity of R&D investment,increase the efficiency of R&D expenditures,and promote the development of industrial innovation.(2)Improve the mechanism and coordinate the rational allocation of innovative resources.(3)Further strengthen market-oriented reforms.(4)To solve the imbalance in regional development and strengthen coordinated development.