Article author:
Đorđe Dabetić, Jana Cvijić Rodić, Ivana Vujanić
Full article:
Year the article was released:
2019
Edition in this Year:
1
Article abstract:
THE INFLUENCE OF THE GROWTH OF R & D EXPENSES ON RENTABILITY OF INVESTED CAPITAL IN AUTO INDUSTRY
Abstract: The uncertainty and risk posed by new, more and more comprehensive technological changes threaten the ability of innovative and intensiv e industries to realize the grow of return on invested capital. Automotive industry, information and software companies and pharmaceutical companies are at the forefront of the investments in R&D expensive. Th is refl ects on the increased prudence of investors and their turn to safest industries which off er more prospective opportunities for higher profi ts. Th erefore, the aim of this paper was to point out on the example of car companies the importance of understanding the need to maximize return on invested capital. Th e research carried out was based on the assumption that the race for new innovative investments slows down the profi tability of the auto industry. In order to prove this hypothesis, the paper analyzes how the growth of R & D costs in the fi ve largest car companies is maintained on the movement of the rate of return on capital, and on other business performances. Th e analysis included exclusively large car companies, that is, those that are the leader in the level of realized income, net profi t, capital values and market prices. Th ese companies are also leading the level of investment in research and development, which from the standpoint of the subject of this work contributed to the representativity of the research sample. Th e obtained results confi rmed the initial hypothesis based on the assumption that a high level of R & D costs slows the profi tability of the car company. Th is is verifi ed by comparing the regression correlation values obtained between the observed research costs, as independent variables and the value of the realized income, gross margin, ebits margins, net margins and ROICs, as dependent variables Th e obtained results showed that the high level of ultraviation in new technologies has a positive eff ect on the growth of revenues, gross profi t, ebits and net margins in the auto industry, but slowing the growth of profi tability of this signifi cant economic branch. An additional analysis related to determining the impact of R & D costs on the movement the rates of return on invested capital in selected pharmaceutical and information companies, which are also characteristic of large R & D investments. Th is comparison has confi rmed that the cost of research and development investment is the most burdensome for the auto industry, as the information sector and the pharmaceutical industry, despite large investments, have relatively high returns on invested capital.
Key words: rentability, invested capital, rate of return, costs, research and development, auto industry, innovation
Sažetak: Rad se bavi analizom kretanja rentabilnosti autoindustrije u kontekstu intenziviranja sveopštih tehnoloških promena koje sve više poprimaju revolucionarni karakter. Cilj rada je da na primeru auto industrije sagleda efekte rasta R&D troškova na ostvarenje prinosa na investirani kapital u onim proizvodnim industrijama koje prednjače u uvođenju inovacionih tehnologija. Metoda koja je korišćena za dokazivanje ove pretpostavke je studija grupe slučaja koja je obuhvatila pet velikih auto kompanija koje prednjače po ulaganjima u istraživanje i razvoj. Dodatna analiza se odnosila na utvrđivanje uticaja R&D troškova na kretanje stope povrata investiranog kapitala u odabranim farmaceutskim i informatičkim kompanijama, koje su takođe karakteristične po velikim istraživačko-razvojnim ulaganjima. Statistička obrada podataka je izvršena u programu SPSS korišćenjem deskriptivne statistike i regresione analize. Dobijeni rezultati su pokazali da visok nivo ulganja u nove tehnologije imau pozitivan odraz na rast prihoda, bruto profi ta, ebit i neto margine u autoindustriji, ali da usporava rast rentabilnosti ove značajne privredne grane. Zaključak rada je da rast R&D t roškova umanjuje stopu rentabilnosti investiranog kapitala u autoindustriji, dok na druge posmatrane industrije rast ovih troškova nema značajan negativan efekat.
Ključne reči: rentabilnost, investirani kapital, stopa povrata, troškovi, istraživanje i razvoj