Research On The Relationship Between R & D Investment And Corporation Value Of Electric Power Equipment Enterprise

In the process of global economic integration,all countries in the world are seeking to change the mode of economic development,will focus on the improvement of independent innovation ability,in order to enhance the comprehensive national strength,building an innovative country has become the core of national development strategy.In the national strategy and market demand under the dual requirements,R&D activities as enterprises to enhance competitiveness,the driving force for sustainable development,become the top priority of business concerns.Power equipment enterprises as technology-based enterprises,technological innovation needs to invest a lot of money,equipment and scientific research personnel,R&D investment has become an important investment areas.However,the market value of R&D investment will have a significant impact on the future value of the enterprise,for listed companies to explore the impact of R&D investment on the value of enterprises at the same time have a positive theoretical significance and practical value.Under the current trend,whether R&D activities contribute to the realization of enterprise value objectives;whether R&D investment can achieve output in the current period,whether there is lag effect.In view of the above problems,this paper has carried on the following research:First of all,the author summarizes the related concepts and theories of R&D activities,analyzes the theoretical support and internal mechanism of R&D investment affecting the enterprise value,points out the path of its influence,and then analyzes the lag effect and cumulative effect of R&D investment theoretically.In the process of empirical analysis,this paper studies the correlation between enterprise value and R&D investment by partial correlation analysis.Tobin's Q value and EVA value added are selected as the indicators to measure the value of power equipment enterprises.R&D expenditures Accounting for the proportion of business income of the year as R&D investment intensity index,comparative analysis of the two measures under the R&D investment and enterprise value relevance and lag.Finally,we use the expanded Cobb-Douglas production function model to explore the cumulative effect of R&D investment.After the above research,this paper draws the following conclusions:(1)R&D investment in power equipment enterprises has a positive impact on the value of enterprises,but the recognition of enterprise value for R&D investment in that year is not obvious.(2)The positive impact of R&D investment on power equipment business value has obvious lag effect with a lag period of 3 years.(3)In the research on the relationship between R&D investment and enterprise value in power equipment enterprises,EVA value added is better than Tobin's Q value.(4)R&D investment in power equipment enterprises has a significant cumulative effect,and R&D investment has a significant positive impact on the value of the enterprise within 3 years.Based on the results of this paper,continuous and R&D investment in power equipment enterprises can enhance the core competitiveness of enterprises,so as to achieve the purpose of enhancing enterprise value.This conclusion has a positive reference for promoting China's electric power equipment enterprises to increase R&D investment and improve competitiveness.In addition,the current evaluation of R&D investment in power equipment enterprises adopts the conclusion that EVA index is better than Tobin's Q index,and also provides reference for investors' decision-making.