Abstract
In 2017, the R&D expenses of ZLCs totalled 122 billion yuan, increasing 18% y-o-y. The average R&D intensity was 3.31%, which increased by 12% y-o-y, and it was much higher than that of A-share companies (1.48%). Besides, nearly 30% of ZLCs (78 companies) had a R&D intensity of more than 10%, reaching an international high level. At the same time, the data for five consecutive years illustrated that the R&D intensity and the gross profit margin of ZLCs showed a significant positive correlation, which further indicated that innovation investment played an important role in improving the business performance of ZLCs.
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Zhongguancun Listed Companies Association. (2019). Conclusion. In: The Competitiveness Report of Zhongguancun Listed Companies (2018). Springer, Singapore. https://doi.org/10.1007/978-981-13-7697-9_11
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DOI: https://doi.org/10.1007/978-981-13-7697-9_11
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