| The 21 st century is an era of economic globalization and diversification.The progress and innovation in science and technology have become an important manifestation of the comprehensive national strength of a country.Technological elements and innovation ability are the key to the core competitiveness of enterprises.R&D activities undertaken by enterprises can firstly increase the production efficiency of enterprises and reduce the cost of capital in production activities through high-tech applications and equipment updates,so as to obtain relatively high-level industries Excess profit.Second,the uniqueness of innovation results in the advantages of products that further expand the product market share on the one hand,and make it possible to capture new markets quickly and early.If the development of enterprises still relies on the consumption of cheap labor and production resources,gradually increasing capital costs and lower production efficiency will inevitably ensure that enterprises will survive in the fierce market competition.Therefore,R&D innovation has become an inevitable requirement for the survival and development of enterprises under the environment of knowledge-based economy.The R&D investment is of great significance both for macro-level and micro-scale enterprises.The relationship between R&D investment and performance and its interaction is a hot topic that scholars have long been concerned about.For high-tech enterprises,R&D investment is the basis for its survival and development.Therefore,it is more practical to study the relationship between R&D investment,innovation and enterprise development in high-tech enterprises.Based on the data of more than 400 high-tech listed companies from 2011 to 2015,this paper studies the relationship between R&D investment,innovation performance and business development of high-tech enterprises.Provide a reference for the allocation of research and development resources and the formulation of technical innovation policy for high-tech enterprises in China.This paper mainly includes three parts: First,take the high-tech enterprises listed in Shanghai and Shenzhen as samples,select the R & D investment disclosed in the annual report of the enterprise as the index of R & D investment,select the annual number of patent applications as the evaluation of innovation performance Indicators,the choice of revenue growth,net profit growth and asset growth as an indicator of business development,empirical analysis of R&D investment,innovation performance,the correlation between issues;second,the R&D investment and business development related indicators related Sexual research,verification of the two have significant correlation.Thirdly,it studies the lag effect between R&D investment and innovation performance of high-tech enterprises.Empirical analysis of the R&D investment,the correlation between innovation performance issues,the results confirm that there is indeed a significant correlation between the two,in the sample before the total staging data of enterprises 1-3 lag analysis and found that R & D investment There is a significant impact on innovation performance in period 1-3,and there is a positive impact on innovation performance in this year and in the next two years.In the fourth period,the relationship between the two is no longer significant.Finally,it is concluded that R&D of high-tech listed companies The lag time for investing in innovation performance is 1-3.This article hopes to realize the important role of R&D investment on technological innovation performance based on the correlation between R&D investment and innovation performance of high-tech listed companies at the micro level,and then to all high-tech enterprises and even the micro-level of the whole enterprise to develop scientific and rational Policy to promote R&D activities carried out to raise the level of science and technology nationwide. |
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