Abstract
Research and Development (R&D) is the foundation and guarantee for scientific and technological innovations of an enterprise. It is important to determine the reasonable scale of R&D input and optimise the structure of R&D input for modern enterprises. This paper applies a panel data model to analyse the changes and impact factors of R&D input of international oil companies. It is found that oil companies carry out huge R&D input, but the intensity is low. R&D input strongly depends on company scale, international oil prices, net profit, debt and other factors. Fluctuations in international oil prices are fully considered in an oil company's R&D input decision-making. If international oil prices rise 1%, an international oil company's R&D input will increase 0.19% and vice versa.
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