Research Of The R&D Investment Intensity’s Influence Factor Of Manufacturing Listed Companies

Since the reform and opening policy, Chinese government has always payed greatattention to the development of science and technology. Science and technology isthemain source of economic development in a country. R&D activities is the importantembodiment of investment of science and technolog and it makes research developmentactivities be carried out. R&D investment can promote economic development,optimize industrial structure upgrading and it can also speed up the transformation ofeconomic growth mode. It have important significance in these areas. Even for acountry, in order to improve the national competitiveness and the cultivation of the corecompetitiveness of enterprises, R&D investment is becoming more and moreimportant.In recent years research and development efforts of our country gradually increases.Policy guiding and supporting measures also gradually in place. The relevantregulations are continuously improved. The enterprises of our country are also involvedin R&D activities and they become the main force of R&D activities. However betweenour country and the developed countries there are still some gaps. This paper analyzesthe status quo of research and development investment, and the influencing factors weredescribed, focusing on financing, risk and equity nature of R&D intensity factors,including cash flow ability, capital structure, state-owned and non state-owned holdingindex.The manufacturing industry is the main industry where R&D activities mainlyconcentrated. R&D expenditure also occured more often in manufacturing industry.Considering the availability data, this article chooses manufacturing industry which arelisted companies of our country as samples and uses mixed data. The paper usesregression models for empirical research and correlation analysis and independentsample T test for auxiliary. This paper first analyzes how did cash flow capacity and thefinancial risk indexes affect of the listed companies of manufacturing. We introduce thecash flow capacity and the financial risk indicators, and joined the firm size,profitability and industry dummy variable. We first analyze the correlation, then wecarry on the multiple regression analysis. The results show that the cash flow capacityand R&D intensity have significant positive correlation. The negative correlationexisted between financial risk and the intensity of R&D, but it did not pass the significance test. Then in order to make the analysis further, the sample was divided intostate-owned group and non state-owned group, and we compared the R&D averagestrength of two groups. The results showed that the R&D intensity mean of state-ownedholding group company is higher than it of non state-owned group enterprises, while thedifferences did not pass the significance test. Then, We compared the relationshipbetween R&D intensity and cash flow ability index and risk index of the two groupsenterprise. The results show that correlation coefficient of State-owned group R&Dintensity and cash flow and financial risk does not pass the significance test. For the nonstate holding group enterprises, there is significant positive correlation between R&Dintensity and cash flow. There is a significant negative correlation between R&Dintensity and the financial risk. According to the research results the paper puts forwardsome relevant policy suggestions for reference.