Dissertation Submitted to
HeBei GEO University
for
The Master Degree of
Management
The research on correlation between R&D investment Intensity and
enterprise performance of HUAWEI
By
Zhang xiaolu
Supervisor: Prof. Bu Shuduan
December 2021

摘
要
科技创新是国家经济持续增长的源泉和动力，已成为提高国家和企业核心竞争力
的关键因素。一个国家或者企业要想立于不败之地，必须科技强大，科技强大主要缘
于企业的研发强度，企业研发强度越强，企业发展后劲越足，企业业绩越好。但企业
研发活动具有一定风险性，在实际应用中有可能加大研发投入，非但没有减少成本提
高业绩反而造成资源的浪费，对企业业绩造成负面影响，所以企业研发强度与业绩之
间的相关性已经成为当前政府、企业、专家各方关注的问题。华为公司作为我国通信
行业的龙头企业，在企业研发方面处于领先地位。华为不断提高的研发投入更是引起
了业界的争论，在发展初期，华为投入大量资金用于研发是有必要的，也是落实建设
科技强国发展的需求，但是随着华为的不断发展壮大，华为依然坚持将每年收入的百
分之十投入研发，华为这么高的研发投入究竟对业绩有何影响，华为的研发投入和
业绩又存在怎样的相关性，本文基于这些问题展开分析研究。
本论文根据投入产出理论、技术创新理论、研发投资理论和人力资本理论，以华
为公司为研究对象，运用案例分析法与数理统计方法，以研发强度与企业业绩的相关
性为着力点，选取研发经费、研发经费增长率、研发人员数量与比例、专利申请和授
权数量等作为研发强度指标，盈利能力指标、资产运营水平指标、偿债能力指标、发
展能力指标为企业业绩指标，以华为年报2009-2019年这11年的相关数据为样本，
分析研究二者之间的相关性。
根据研究所得结论，从国家和企业、外部和内部两个层面，分别提出了相关建议。
政府层面应加强资金支持力度、出台相应的优惠政策，立法保护相关知识产权等措施，
企业层面应加大产品研发投入强度，提高研发成果转化率，重视人才引进等优化措施。
关键词：研发强度企业业绩相关性
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ABSTRACT
Science and technology innovation is the source and driving force of the country's
sustained economic growth, and has become a key factor to improve the core
competitiveness of the country and enterprises. To be invincible, a country or an enterprise
must be strong in science and technology, which is mainly due to the R&D intensity of the
enterprise. However, enterprise R&D activities have certain risks, in the practical
application of the possibility of increasing R&D investment, not only does not reduce costs
to improve performance, but also cause a waste of resources, causing negative impact on
enterprise performance, so the correlation between enterprise R&D intensity and
performance has become the current government, enterprises, experts, all parties concerned
about the issue. Huawei, as the leading enterprise in China's communication industry, has a
leading position in enterprise R&D. Huawei's continuous improvement in R&D investment
is the most important factor. Huawei's continuous increase in R&D investment has caused a
debate in the industry. In the early stage of development, it is necessary for Huawei to
invest a large amount of money in R&D, and it is also a struggle to build a strong country
in science and technology, but as Huawei develops and grows, Huawei still insists on
spending ten percent of its annual revenue on R&D. What is the impact of Huawei's such
high R&D investment on performance, and what is the correlation between Huawei's R&D
investment and performance? This paper is based on these questions.
Based on the input-output theory, technological innovation theory, R&D investment
theory, and human capital theory.This paper uses case study analysis and mathematical and
statistical methods to study the correlation between R&D intensity and corporate
performance, and selects R&D expenditure, R&D expenditure growth rate，the number and
proportion of R&D personnel, the number of patent applications and licenses as R&D
intensity indicators, profitability indicators, asset operation level indicators, solvency
indicators, and development capability indicators as corporate performance indicators. The
correlation between the two is analyzed by mathematical and statistical methods, using the
relevant data of Huawei's annual report for 11 years from 2009 to 2019 as the sample.
Based on the findings of the study, recommendations are made at the national and
enterprise, external and internal levels. The government should strengthen financial
support, introduce corresponding preferential policies, and increase the protection of
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