Research On The Influence Of R&D Investment In High-tech Enterprises On Enterprise Value

High-tech enterprises are characterized by strong innovation and high added value,which play an important role in improving national competitiveness and are the main position for the national implementation of innovation-driven strategy.The key of enterprise’s core competitiveness lies in technological innovation,and r&d investment is the most important factor to improve the level of technological innovation.According to the statistical data,in recent years,the r&d input and output of China’s high-tech enterprises are not proportional.Therefore,it is of great significance for enterprises to rationally allocate r&d resources to explore the influence mechanism of r&d investment intensity on enterprise value.First r&d investment and enterprise value to research the relationship between the related literature were reviewed,followed by the new and high technology enterprises,r&d,defining the relevant concepts of enterprise value,this paper introduces the technological innovation theory,on the subject,core competence theory,value maximization theory and signaling theory,reveals the relationship between r&d investment and enterprise value is the mechanism of action,and finally listed on Shanghai and shenzhen high-tech enterprises of our country step by step screening,finally selected 119 companies were studied.On the basis of the panel data of 119 enterprises from 2013 to 2018,STATA 16.0 software was used to conduct descriptive statistics,Pearson correlation test,fixed effect regression and threshold effect regression on the market value and financial value of enterprises,and the relationship between r&d investment and enterprise value of high-tech enterprises was empirically tested.The research finds that:first,the continuous r&d investment of enterprises has a significant positive impact on the enterprise value,but the r&d investment intensity of enterprises with a continuous decrease will not have a significant positive impact on the enterprise value.Second,in high-tech enterprises,the influence of r&d intensity on enterprise value has a threshold effect,and there is a certain reasonable range[6.01,11.80].Third,in high-tech enterprises,there are certain industrial differences in the impact of r&d investment on enterprise value.The purpose of the research on the relationship between r&d investment and enterprise value is to hope that enterprises can pay attention to r&d and pay attention to the long-term development of enterprises.The non-linear research on the two can not only provide a reference for enterprise managers to make further decisions on r&d investment,but also provide some enlightenment for the government’s r&d support policies.