Comprehensive factors of innovation R&D intensity and output
factor.formula
Research and development expenses in the last 12 months (TTM)
The total amount of R&D expenses of the company in the last 12 months. It reflects the resources invested by the company in R&D activities.
Last 12 months operating income (TTM)
The company's total operating income in the last 12 months. Used to calculate the ratio of R&D expenses to revenue and measure the intensity of R&D investment.
Number of patent applications in the past year
The total number of patents applied by the company in the most recent year. Reflects the output scale of the company's innovation activities in terms of intellectual property rights.
Number of invention patents applied for in the past year
The number of invention patents applied by the company in the most recent year. Invention patents represent higher-level technological innovation and better reflect the company's core innovation capabilities.
The calculation logic of this factor is as follows: 1. Calculate the R&D expenditure intensity: divide the ‘R&D expenditure in the last 12 months (TTM)’ by the ‘operating income in the last 12 months (TTM)’ to get the ratio of R&D expenditure to operating income. 2. Perform cross-sectional standardization on the above four sub-indicators, and use the Z-Score standardization method to make each indicator comparable. 3. Add up the standardized values of the four sub-indicators to get the comprehensive factor of innovation R&D intensity and output.
factor.explanation
This factor comprehensively measures the company's innovation ability from two dimensions: R&D investment and R&D output. R&D investment intensity is measured by the ratio of R&D expenses to operating income, reflecting the company's investment in R&D. R&D output is measured by the number of patent applications, reflecting the scale of the company's output in terms of innovative achievements. The addition of invention patents focuses more on measuring the company's core technology breakthrough capabilities. By comprehensively considering these indicators, the innovation ability of listed companies can be evaluated more comprehensively and accurately.