Research On R&D Investment And Enterprise Performance Of Chinese Listed Sports Goods Companies

Nowadays,enterprises pay more and more attention to independent development and technological innovation,hoping to bring new technologies and more competitive products through R&D investment,thus bringing higher performance for enterprises.It is the same for China’s sports goods enterprises.Faced with declining dividend of population and capital,increasing risks in the competition between foreign brands and domestic substitutable enterprises,it is very important to increase R&D investment and enhance competitive strength.In order to explore whether the R&D investment of China’s sports goods enterprises can improve the performance of enterprises,in this paper,9 listed sports goods companies that have disclosed R&D investment for four consecutive years from2015 to 2018 are selected as samples for this study.The correlation between R&D investment and enterprise performance in the sports goods industry is studied by combining literature research and empirical research.The dependent variable selected in this paper is enterprise performance,which is measured by return on total assets(ROA);the independent variable is R&D investment,and the measurement index is R&D investment intensity;Control variables are enterprise size,asset-liability ratio and enterprise growth;At the same time,this paper innovatively introduced marketing input as the regulating variable.Firstly,a multiple regression model was built to study the current and lagging effects of R&D investment on corporate performance,and then the moderating effects of marketing investment as a moderating variable were explored.The empirical results show that the R&D investment of listed sports goods companies as no significant positive effect on the current performance of enterprises.The impact of R&D investment on enterprise performance is most significant in the second period of lag,with the largest regression coefficient and robust results.The moderating variable,marketing input,has a significant moderating effect on the relationship between R&D investment and enterprise performance.When the ratio of advertising and brand promotion expenses to operating income is used as the measurement index of marketing input,marketing input is a pure moderating variable and has a negative moderating effect on the relationship between R&D investment and enterprise performance.When the ratio of sales expenses to operating income is taken as the measurement index of marketing input,marketing input is the pure regulatory variable,and it positively regulates the relationship between R&D investment and enterprise performance.In view of the above results,the following Suggestions are offered for reference to listed sports goods companies:(1)to increase the intensity of investment in R&D and enhance the competitive advantage of products;(2)to effectively plan R&D investment and improve business performance;(3)to combine marketing investment and R&D investment organically to make R&D more reasonable;(4)to standardize the disclosure of R&D investment and marketing investment and enhance the accuracy of data.