THE INFLUENCE OF R&D POLICY ON PERFORMANCE OF THE COMPANIES LISTED WITH BUCHAREST STOCK EXCHANGE (THROUGH INTANGIBLE ASSETS)

In the new economy, R&D potential of the companies (reflected by intangible assets) tends to make the difference between competing enterprises. Although investing in tangible assets is still viewed as important, the researchers have discovered that investors on capital market tend to buy stocks of the high-tech companies promoting a policy of increasing R&D expenditures. The results of the present study on the Romanian economy reveals the correlation between the variation of intangible assets of the chemicals and pharmaceuticals companies (high-tech) and their performance – reflected by EPS and PER coefficients.