Validity Research On R&D Investment Of SSE STAR MARKET Enterprises Based On DEA

SSE STAR MARKET is positioned to "face the world’s scientific and technological frontier,face the main economic battlefield,and face the major needs of the country",focusing on serving high-tech enterprises that are in line with national policies,break through core technologies,and are highly recognized by the people.Therefore,SSE STAR MARKET is a new "resident place" for our country’s high-tech enterprises,which provides important help for our country’s high-tech enterprises to obtain financing.However,whether the enterprises on SSE STAR MARKET board can ensure the effectiveness of the transformation of R&D investment into corresponding enterprise performance under the background of volatility,whether the effectiveness of R&D investment among the enterprises on SSE STAR MARKET is significantly polarized,and whether the production capacity and resource allocation ability of the enterprises on SSE STAR MARKET are continuously improved and optimized,these questions are worthy of in-depth consideration.This paper takes 70 enterprises on SSE STAR MARKET as research samples.Based on the real data of audited annual statements and prospectuses disclosed by Oriental Wealth Choice financial terminal,Sina Finance and listed companies,this paper evaluates the efficiency of transforming R&D investment of enterprises on SSE STAR MARKET into corporate performance(i.e.,effectiveness of R&D investment)through factor analysis model and DEA model.And put forward improvement suggestions for the problems.The results of model evaluation show that the efficiency of R&D investment into financial performance is basically good,the performance of scale efficiency is better than that of pure technical efficiency,and most enterprises are in the stage of increasing returns to scale.There is an obvious gap in the effectiveness of R&D investment among different enterprises,especially in the aspect of pure technical efficiency.The effectiveness of R&D input of SSE STAR MARKET enterprises is increasing year by year and shows an accelerated growth trend,while technological progress is the core driving force for the increase of total factor productivity index.On the basis that the SSE STAR MARKET has become an important option for the listing of high-tech enterprises,the research on the efficiency of R&D investment into corporate performance of SSE STAR MARKET enterprises is conducive to the state and government to effectively understand the macro situation of SSE STAR MARKET enterprises,so as to optimize and adjust the macro strategy.It is helpful for SSE STAR MARKET enterprises to evaluate and reflect on their own efficiency and provide reference for the consideration of human and financial investment in research and development in the future.It can also provide reference basis for scientific innovation enterprises to be listed,so that they can learn from practical experience,and then have a better performance in the capital market.