| The construction of the fifth generation mobile communication technology(5G)can create a market of trillions,which is of great strategic significance to the economic development of a country.The communication industry is the basic industry of 5G.And r&d,as an important means to enhance the competitiveness of enterprises in the industry,has attracted more and more attention in the past two years.It is urgent to discuss how to improve the competitiveness and ultimately the value of enterprises through r&d investment.This thesis adopts the methods of literature analysis,case study,comparative study and event study to study how r&d investment affects enterprise value.And taking ZTE as a case,this thesis discusses the transmission mechanism from r&d investment to enterprise value.Through the change of ZTE's enterprise value before and after r&d investment,the influence of r&d investment on the enterprise value is obtained,the problems in each link of the transmission mechanism are found,and reasonable suggestions are given.At present,most of the literatures related to r&d investment adopt large sample empirical research to discuss the relationship between enterprise performance and enterprise value,but there are few researches related to enterprise value and even less discussion on the influence path of enterprise value.In addition,the research mostly takes high-tech enterprises as the sample object,and there are few researches on the communication industry in the segmented field.Based on the data of communication industry and financial data of ZTE in recent years,this thesis discusses the mechanism of r&d investment in enterprise value in detail,and completes the above two parts. |
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