Analysis Of The Causes And Consequences Of Cosunter's "Assault R&D"

With the rapid development of the market economy,innovation capability has become an important indicator to measure the overall strength of enterprises.Therefore,enterprises are paying more and more attention to R&D innovation.According to the "Statistical Communiqué on National Economic and Social Development in 2018" issued by the National Bureau of Statistics,the total amount of R&D expenditure in China in 2018 was 1,965.7 billion yuan,an increase of 205.1 billion yuan over the previous year,an increase of 11.65%.The investment intensity of R&D expenditure(ratio of R&D expenditure to GDP)was 2.18%,an increase of 0.03 percentage points over 2017.In 2018,the country will accelerate the construction of an innovative country,actively create an upgraded version of “double innovation”,optimize the ecological environment,and continuously enhance economic innovation and competitiveness.Innovation requires R&D,and R&D requires R&D investment.Since its listing in 2015,Cosunter's R&D investment has grown substantially,and its performance has “three consecutive losses”.This phenomenon has attracted the attention of investors and stakeholders.Therefore,this paper chooses Cosunter“Assault R&D” as the research object.On the basis of extensive review of relevant literature at home and abroad,it firstly sorts out the relevant theoretical basis and policy background of R&D investment,and introduces Cosunter “Assault R&D”.The specific circumstances include the amount of R&D investment,R&D investment intensity and number of R&D personnel.Then,the external causes and internal reasons of "assault development" were analyzed.Then,from the perspectives of performance,development capability,income tax,innovation,stock price and risk,the impact of “assault R&D” on Cosunter is explained.Finally,it analyzes the problems revealed by Cosunter's “Assault R&D” and proposes corresponding countermeasures.The case study in this paper finds that the reasons for Cosunter's "assault R&D" can be divided into external reasons and internal reasons.The external reason is that the country encourages R&D and innovation,and the market for liver and medicinal drugs in the pharmaceutical industry has broad prospects for development.There are two internal reasons,one is the strategic development needs of the enterprise,and the other is to improve the decline in the performance of core products.Affected by “Assault R&D”,although Cosunter's corporate income tax has been reduced,the disclosure of R&D progress has temporarily boosted the stock price,but its performance has fallen sharply,its development capacity has gradually weakened,and its liquidity risk and financing capacity have increased.And the risk of falling profitability has not improved.The reason is that Cosunter has a problem that the amount of R&D investment is too high,the R&D investment projects are too scattered,and the market value management motivation is strong.Based on the above analysis and research conclusions,this paper puts forward relevant suggestions.First,Cosunter should strengthen internal governance;second,regulators should strengthen supervision and protection of investors;third,investors should also increase investment vigilance.There are two innovations in this paper.One is to broaden the dimension of the analysis of the R&D investment of enterprises.This paper analyzes the multi-faceted impact of R&D investment on enterprises by the typical case of Cosunter “Assault R&D”.Second,the case study method has carried out profound and meticulous exploration of the causes and consequences behind its "blitz-type R&D",and the research content is innovative.