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1、RESEARCHOFTHECORRELATIONBETWEENR&DINVESTMENTANDENTERPRISEVALUEABSTRACTStudyonthecorrelationbetweenR&Dinvestmentandenterprisevalueisoneofthekeyareasofacademicresearch.In2006,anewaccountingstandardspublishedwhichintroducedtheR&Dinvestmentexpensescapitalizationsystem,whentheR&Dexpensesmeetthecondi
2、tionofcapitalization,wewillrecognizeitasintangibleassets.ItwillencourageenterprisestoincreaseinvestmenttotechnologyandtheR&Dactivities,willpromotetechnologicalupgradingandadjustmentofindustrialstructure,willimprovethefinancialconditionandtheperformancelevelofenterprises.Itisalsoconsistentwithth
3、eproposeofcentralgovernmenttoconstructinnovativecountry.ThisarticleusesChina'sCompanieswhichlistedinShenzhenandShanghaistockmarketin2008yearassamples.Theempiricaltestisexplainedbytheaccountingdataoffivefiscalyearsfrom2009，medium-sizedmarketandthesecond-boardmarket,groupingexaminationwhetherthed
4、ifferentwillinfluencethecorrelation.AtlastpartwillexplaintheresultsandstresstheimportanceofR&Dinvestment.Thesignificantconclusionsthisarticledrawsareasfollows:1.R&Dinvestmenthasasignificantpositiveeffectonenterprisevalue.Anditisacontinuousprocess,sothiseffecthasacertainlag.2.Comparedtotheaccoun
5、tingmeasure,theindexTobin'sQismorerapidlytoreactwheninputR&Dinvestment.3.Comparedwithstate-ownedenterprises,privateownedenterprisesaremorepayattentiontoR&Dinvestmentandcanpromotetheenterprisevalueincrease.4.Theenterprisesonthesmallandmedium-sizedmarkethavehighestcorrelationbetweenR&Dinvestmenta
6、ndenterprisevalue.Thesecondboardmarket,whichmakeupmostofhigh-techenterprisesandhavemostR&Dinvestment,butthesizearesmall.ThemainmarketismaturebuttheR&Dinvestmenttooless.Sothecomprehensivequalityanddepartmentcoordinationonthesmallandmedium-sizedmarketisthebest.Finally,basedonthecurrentmarketenvir
7、onmentandthegovernmentR&Dinvestmentsituation,thisarticleputforwardproposalsonhowtostrengthentheR&Dinvestment,andthentoenhancethecompetitivenessofenterprises.IVKeywords:R&Dinvestment;enterprisesvalue;state-ownedenterprises;privateo
