Corporate Strategy and R & D Activity. Model Analysis by Non-Financial Indicators

我们遵循了实证研究和理论模型分析同时进行的研究程序，以整合这些研究的结果。在理论模型分析中，研究了推进非财务指标和R&D项目研究所需的基本模型。在实证研究中，我们发现：(1)专利数量将是我们未来研究中一个很有前景的非财务指标。(2)尽管研发成本和专利数量对企业利润的影响行为基本相同，但它们对企业利润不确定性的影响行为是不同的，即专利数量与企业利润不确定性呈负相关，而研发成本与企业利润不确定性呈正相关。这一发现是我们的原创性发现。(3)员工数量可能是连接企业战略和研发投入的变量。

We follow the research procedure in which the empirical research and the theoretical model analysis are executed at the same time in order to integrate the results of these researches. In theoretical model analysis, we studied the fundamental model necessary to advance the research about the non-financial indicators and R & D projects. In empirical research, we found the following results.(1)The number of patents will be a promising non-financial indicator in our future research.(2)Though the behavior of R & D costs and the number of patents to corporate profits is almost the same, the behavior of these to the uncertainty of the corporate profit is different, namely, the correlation between the number of patents and the uncertainty of the corporate profit is negative but the correlation between the R & D costs and the uncertainty of the corporate profit is positive. This finding is our original one.(3)The number of the may be a variable that connect the corporate strategy and R & D investments.