Empirical Research on the Relationship between the Subdivided Indicators of the Sustainable Development Rate and the Enterprise R&D Input1/RECHERCHES EMPIRIQUES SUR LA RELATION ENTRE L'INDICATEUR SUBDIVISE DU RYTHME DU DEVELOPPEMENT DURABLE ET LA CONTRIBUTION DE R&D DES ENTREPRISES

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This paper divided sustainable development rate into return on total assets, equity multiplier, retained earning ratio, and tested their relationships with the R&D input. By applying the cross-section regression method, it builts up the regression model through the empirical research on 93 listed high-tech companies in electronic, medical, and new material industries, in which the influence of those three indicators on the R&D input was tested. The results implied that the coefficient of return on total assets, retained earnings ratio, and the equity multiplier was 0.101, 0.0018 and -0.007 respectively. Finally, this paper analyzed those coefficients and proposed the comprehensive solution for how to take rational financial action to promote the R&D input in different conditions.

Key words: Sustainable Development Rate, Return on total assets, Equity Multiplier, Retained Earning Ratio, R&D Intensity

Résumé: L'article présent divise le rythme du developpement durable en rendement de l'actif total, multiplicateur de capitaux propres, ratio du rapport, et teste leur relation avec la contribution de R&D. En applicant la méthode de régression en coupe transversable, il construit le modèle de régression à travers les recherches empiriques sur 93 entreprises cotées de haute technologie dans les domaines électronique et médical ainsi que l'industrie de nouveaux matériaux, dans lesquels l'influence de ces trois indicateurs sur la contribution de R&D ont été expérimentée. Les résultats impliquent que le coefficient de rendement de l'actif total, le ratio du rapport et le multiplicateur de capitaux propres sont respectivement 0.101, 0.0018 et -0.007. Finalement, l'acticle a analysé ces coefficients et proposé une solution synthétique favorable à la prise des politiques financières raisonables afin de promouvoir la contribution de R&D dans de différentes conditions.

Mots-Clés: rythme du développement durable, rendement de l'actif total, multiplicateur de capitaux propres, ration du rapport, intensité de R&D

R&D input is the essential investment for enterprises implementing its sustainable development strategy. On the one hand, the strengthening in R&D input can keep the production and sales increasing sustainably, which is the feature of the firms' sustainable development; On the other hand, the enterprises which are in its sustainable development stage, are likely to have the sufficient cash flow from their sales to support their high risked R&D investment. Facing the ever fiercer competition environment, enterprise should get into a benign circulation: higher sustainable development rate-more R&D input- higher sustainable development rate ......, which conforms to the enterprises long term development strategy.

Actually, the sustainable development speed is determined by the operation efficiency, the capital structure, and the dividend allocation. More concretely, it is the comprehensive effect of operation strategy, financial policy, and the retained earning allocation policy. This paper will try to find out the relationship between these three determinants of sustainable development rate and the R&D input.


Some researchers have studied the internal elements which affected the enterprises' R&D activity: Kletee (1996) studied the relationship among the R&D, enterprises performance and the economy scale, whose test sample were 804 manufacturers selected from 1989 to 1990 in Norway. He exposed the proportional relation between R&D and enterprises performance. Von Braun (1999) found out the "The Acceleration Trap" in R&D investment. Actually, the trap resulted in the high risk that R&D spends increased without the sales growth. It indicated the none-proportional connection between the R&D input and revenue growth.

Luo Pinliang (1998) studied the market structure and the R&D stimulation. …


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