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Experimental Research on Asymmetric R&D Investment of R&D/Product Problem  [PDF]
Huayao Zhang
Theoretical Economics Letters (TEL) , 2012, DOI: 10.4236/tel.2012.21016
Abstract: In this paper, an experiment is designed to verify the model findings of asymmetric R&D investment in open environment. 25 MBA students voluntarily participated in the experiment. They were divided into five groups representing different corporate decision-makers with different technical level to participate in repeated R&D/production game. The results show that low technology players will choose to take free ride of high technology competitors’ R&D investment and spare much expenditure at the stage of sequential game, while in a synchronize game a R&D race is the rational choice to both sides. The results fit well with model research, and they can also confirm that the equilibrium of model can be found by people in reality.
Research on the Relationship between Managerial Overconfidence and Corporate R & D Investment in the Context of Financing Constraints  [PDF]
Tongying Liang, Xiangtian Mo
Open Journal of Business and Management (OJBM) , 2017, DOI: 10.4236/ojbm.2017.51003
Abstract: Using the data of Chinese listed companies from 2012 to 2014, this paper empirically tests the relationship between managerial overconfidence and corporate R & D investment in the context of financing constraints by the method of multiple regression analysis, and further tests the impact of ownership type on the relationship. We find that: 1) Compared with the companies with weak financing constraints, the positive relationship between managerial overconfidence and corporate R & D investment in the companies with strong financing constraints is stronger; 2) In the context of strong financing constraints, compared with the state-owned companies, the positive relationship between managerial overconfidence and corporate R & D investment in the non-state-owned companies is stronger.
Empirical Research on the Industrial R & D Investment and “Two Oriented Society” Construction in China—On the Analysis of Anhui Industrial Sector  [PDF]
Shanshan Zheng, Biao Luo, Zhiying Liu, Wei Song
Journal of Service Science and Management (JSSM) , 2015, DOI: 10.4236/jssm.2015.81004
Abstract: In this paper, we estimated the level of “Two Oriented Society” of Anhui province industrial sector by Principal Component Analysis based on the data of 2000-2008, then we constructed a grey correctional degree model to analyze the relationship between R & D investment and “Two Oriented Society”. The empirical results showed that R & D investment would promote “Two Oriented Society” construction, especially the high-quality scientists.
Research on Measures to Improve the Innovation Performance of R&D Investment in Smart Home Enterprises  [PDF]
Zhongying Zhao, Qingjun Meng, Yan Cai
Open Journal of Business and Management (OJBM) , 2018, DOI: 10.4236/ojbm.2018.64065
Abstract:
As the artificial intelligence industry is increasingly showing irreplaceable importance in people’s production and life, the smart home furnishing industry, which belongs to the field of artificial intelligence, has become a new industry attracting great attention. Smart home furnishing enterprises are enterprises with strong requirements for innovation, whose products are mostly dependent on a large amount of R&D investment to maintain their core competitiveness. However, the smart home industry started late in China, which has problems such as insufficient market development and disordered industry standards. In order to improve the performance of innovation, enterprises need to increase their investment in R&D, while a relatively stable environment is needed, and external support is relatively loose policies. This requires cooperation from companies, investors, governments and so on. This study will start from the current situation of the smart home industry, study different factors affecting the innovation performance of the R&D investment of smart home enterprises, and put forward suggestions from different perspectives.
Research on the Relationship between R & D Investment and Corporate Value of “Unicorn” Companies: Based on the Financial Flexibility of Artificial Intelligence Company Data  [PDF]
Yang Lu, Qingjun Meng, Yan Cai
Open Journal of Business and Management (OJBM) , 2018, DOI: 10.4236/ojbm.2018.64070
Abstract:
In the modern era, the artificial intelligence industry has promoted the development of the economy with its own rapid development. Among them, financial management occupies a pivotal and indispensable position, especially the artificial intelligence industry in the “unicorn” corporate category. It relays on R & D investment, but there are still many uncertain factors in the capital operation process, such as capital structure, investment and risk management. All have greater uncertainty and risk which makes the requirements for the flexible use of financial management more stringent. It is necessary to look for a long-term perspective strategy suitable for the development of the company. Based on this background, this article proposes some existing problems in the current R & D investment from the perspective of financial flexibility and how to apply the advantages of financial flexibility reasonably to solve problems and achieve rapid development [1].
Religious Belief and Firm R&D Investment  [PDF]
Hailipitimu Aibibula, Gege Wang, Chengcheng Zhang
Technology and Investment (TI) , 2017, DOI: 10.4236/ti.2017.82012
Abstract: In order to explore the influencing mechanism of entrepreneur’s religious belief on firm R&D investment, this paper constructs a model on the basis of a game between an entrepreneur and researchers over the control right of R&D projects. We take researchers’ concern on free inquiry as an intermediate variable. We find that the researcher’s attention of free inquiry has a critical impact on the relationship between entrepreneur’s religious belief and firm R&D investment. Specifically, our results show that no matter how much the entrepreneur hates risk, the firm will increase R&D investment only when the researchers pay enough attention to free inquiry. On the contrary, if researchers do not attach any importance to the academic spirit which is “free inquiry”, corporate R&D investment is decreased with the enhancing of the degree of entrepreneur’s risk aversion, namely the entrepreneurs who are religious, risk-aversive may try to reduce the R&D investment.
央企高管的职业生涯关注与投资效率*——来自反腐风暴背景下的经验证据
STUDY ON THE RELATIONSHIP BETWEEN CAREER CONCERNS INCENTIVE AND INVESTMENT EFFICIENCY IN CHINAS CENTRAL SOES——Evidence in the Background of Anticorruption Storm
 [PDF]

赵西卜,王放,李哲
- , 2015,
Abstract: 摘要 投资效率低下是央企代理问题的一个突出表现。本文以2003—2014年间央企上市公司作为研究对象,探讨了:(1)央企高管职业生涯关注激励对央企投资效率的影响;(2)国家层面的外部监督能否对激励形成替代,缓解非效率投资行为。本文研究发现:央企高管的职业生涯关注激励减弱时,投资效率降低;反腐风暴削弱了激励减弱时的投资过度,但加剧了投资不足。本文对央企高管激励减弱时投资过度与投资不足的形成机理进行分析,为完善央企公司治理、平衡央企激励机制提供参考。
Abstract: The principalagent issue in central SOEs is obviously reflected in the low efficiency of investment. Under the theoretical framework of principalagent issues, this paper applies the listed firms owned by central government in China from 2003 to 2014 as samples, and discusses the relationship between career concerns incentive and investment efficiency in Chinas central SOEs. We also investigate whether the anticorruption storm whipped up from the end of 2012 eases the relationship above. The empirical results show that investment efficiency decreases if career concerns incentive of the management is weakened. The anticorruption storm eases overinvestment but intensifies underinvestment in the given situation. This paper respectively analyzes formation mechanism of overinvestment and underinvestment supervened with the weakening incentive of the management, and provides helpful references for improving corporate governance as well as balancing incentive system in Chinas central SOEs.
Corporate Governance of SOEs and Performance in Transition Countries. Evidence from Lithuania  [PDF]
Claudia Curi, Justas Gedvilas, Ana Lozano-Vivas
Modern Economy (ME) , 2016, DOI: 10.4236/me.2016.712126
Abstract: This paper investigates whether and to what extent corporate governance mechanisms affect the efficiency of State Owned Enterprises (SOEs) operating in transition economies. Furthermore, it examines the relationship between corporate governance practice and its impact on both wholly state run SOEs and majority state run SOEs. We employed a unique dataset of corporate governance ratings (related to quality of transparency, quality of board, and quality of strategic planning, implementation and control) of commercial Lithuanian SOEs relating to the period following the introduction of the corporate governance reforms in the years 2012-2013. In order to investigate our research hypotheses, we set up a two-stage empirical research strategy that combined a non-parametric efficiency estimator (i.e., Data Envelopment Analysis) with a bootstrapped truncated regression. We built two aggregate indexes of corporate governance ratings to represent one dimension of corporate governance quality. We then ran a battery of regressions using both the aggregated and the single corporate governance indexes as independent variables. First, the paper finds that the wholly state ownership model of SOEs is positively correlated to efficiency (i.e., wholly SOEs are more efficient than majority SOEs). Moreover, overall corporate governance practices are efficiency-enhancing; more specifically, board quality and strategic planning seem to be effective internal governance mechanisms in promoting overall organizational efficiency. Interestingly, we uncovered that there exists a relationship between concentration of ownership and corporate governance practices, but this mitigated efficiency enhancement in wholly state run SOEs compared to majority state run SOEs. This effect was driven by the lower quality of the board. Overall, our findings illustrate that corporate governance reforms have enhanced efficiency, but wholly SOEs require a better implementation in order to achieve full efficiency gains.
BENEFIT AUDIT OF R&D INVESTMENT MANAGEMENT  [cached]
Hai-sheng CHEN,Run-Ji LIANG,Jin-hua CHEN
Management Science and Engineering , 2007,
Abstract: Long time before , it is mostly blank about study of Benefit Audit Of R&D Investment Management for R&D incertitude of active in my country. This article be discuss by benefit audit of R&D investment management form three aspect, namely it is about testing basic Assumptions 、measuring the cost of nonconformance and analyzing the complete colligate of R&D investment management .That is study for change of lag estate of R&D investment management in my country almost corporation. Key words: R&D, Investment Management, Benefit, Audit
The Persistence and Market Reaction of R&D Investment  [cached]
Jinsu, Kim,Gee-Jung, Kwon
International Journal of Business and Management , 2011, DOI: 10.5539/ijbm.v6n4p100
Abstract: The study investigates the value relevance of R&D investment and the reactions of investors in Korean stock markets over the period of 2001-2008. This paper examines whether R&D investment is associated with equity value and whether the information of R&D investment is truly reflected on the Korean stock markets. Consistent with the hypothesis and prior researches, the empirical results of this paper documents that R&D investment is significantly related to the market value of equity and Korean investors quickly recognize the implication of R&D investment information.
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