2012•Ruan kexueRequires access

R&D Investment,R&D Efficiency and Enterprise Performance under the Restriction of Endogenous——The Sample of High-tech Segment Industries of China

Qin Zhou

Abstract

The paper takes the system GMM estimate to inspect the relationship between the RD input,RD efficiency and enterprise performance from dynamic endogenous perspective.The study finds:RD efficiency has significant positive correlation with RD input,but the stock capital investment and RD investment still have obvious disadvantages;RD efficiency is still low,while its contribution to the enterprise performance appears;RD efficiency is the intermediary variable in the framework of the RD input,RD efficiency and enterprise performance,and enterprise's investment improves RD efficiency,so as to further improve the performance of the enterprise,which has obvious feedback effect to the RD investment.

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Key concepts: Investment (military), Sample (material), Industrial organization, Business, Stock (firearms), China, Return on investment, Microeconomics