The higher the R&D intensity-to-market value ratio, the more the company is inclined to invest in R&D activities relative to its market value, which is generally regarded as a company with strong innovation capabilities and future growth potential. However, high R&D investment does not necessarily guarantee high returns, and a comprehensive analysis is required in combination with other factors such as industry characteristics and company operating efficiency. It is worth noting that if R&D expenditure data is missing or inaccurate, management expenses or other related expenses can be considered as alternatives, but the deviation caused by its substitutability needs to be carefully evaluated. In addition, there are obvious industry differences in this factor. For example, R&D expenditures in the technology industry are generally higher, while those in traditional industries are relatively lower. Therefore, standardization is required when comparing across industries, or comparative analysis is conducted within the same industry.