创业企业持续研发投入与企业价值关系分析-analysis on the relationship between the continuous r d investment and enterprise value of start-up enterprises.docx

AAbstract1122In order to make the technology innovation drive economic and social development, and to establish a innovative country, the state has increased RD investment. Enterprises, as the main national technology innovation activities, can get more RD subsidies because of government’s care. In addition, with the rapid development of science and technology, the emergence of economic globalization and the increasingly fierce international competition, enterprise has realized that technology innovation is playing a very important role in forming core competitiveness. In order to improve the technical innovation ability, enterprises pay more attention to the internal RD activities, and they also have invested more and more human resource, funds, materials and other resources in RD activities. Therefore, the ratio of RD expenditure in business activities are larger than before. Especially for the start-ups, innovation is an important factor to maintain its leading position in the fierce competition. Venture enterprises, which are generally medium-sized or even tiny-scale and are set up for a short time, mainly refers to the companies listed on GEM. They mainly involved in the high-tech business. And high-growth is their biggest characteristic. Venture’s research and development activities are on behalf of the company’s potential future growth and competitiveness. The information about the RD of the companies is important for investors. In view of the above characteristics of venture enterprises and RD’s important role in venture enterprises, this paper studies its RD influence on corporate value. According to the results of the study and comprehensive considering the characteristics of venture enterprises, we proposes some corresponding suggestions.Learning from existing research, this paper chose the the GEM listed companies’ annual report data from 2009 to 2013 as sample. Based on the RD’s characteristics, the core competition theory, enterprise value theory and s