Research On R & D Investment And Corporate Performance Correlation Of Sports Industry Listed

In recent years, China’s sports industry is in a new stage of the development of the market, becoming a new force to promote China’s economic development.It has become a sunrising industry of great potential for development. As the most important part in sports market, it is very necessary for experts to study the correlation between sports industry listed companies’ R&D investment and performance.This paper selects 10 sports industry listed companies that are on the market of the Shanghai,Shenzhen and Hongkong Stock Exchanges as the study sample, suca as Li Ning, 361, Peak, Anta, etc. Then this paper collected this 10 listed companies’ valid data from 2007 to 2014. After that, fully integrating specific characteristics of sports priducts’ lifecycle, the analysis about the correlation between R&D investment and corporate performance was studied. During the study, this paper listed companies on R&D intensity sports and corporate performance in the way of descriptive analysis, then we found that: in recent years, the R&D intensity of sports listed companies has been in the rising phase, indicating that our R&D investment is attracting the attention of major sports listed companies, but the whole level is just to maintain the company’s existence,.It hasn’t formed the competitiveness of enterprises. What’s more, it can be found that in the sports industry listed company developed into a larger intensity difference; After analysis of the company’s performance in recent years, the gap between revenue and operating margin growth of various listed companies in the sports industry is also increasing. According to the description of the statistical analysis, the paper took R&D intensity to evalue R&D investment, as the explanatory variables in the model, and took the company operating margin and revenue growth to measure the profitability of listed companies as well as physical ability to grow indicators,as empirical analysis of the explanatory variables in the model, and asset-liability ratio and size of the company as a model for the control variables, in order to carry out regression analysis.On the basis of these studies, we use variables on R&D investment differential impact on business performance lag conduct further research to explore, study results showed that: the current period R&D intensity and the operating margin was a significant negative correlation, however, lagged two R&D investment and operating margin was a significant positive correlation between R&D investment thus come to the conclusion operating margin lag exists; R&D investment and profit or revenue growth was positively correlated, but lagged R&D investment and revenue growth phase of the was more significant positive correlation, indicating that R&D investment in revenue growth also lags in nature. Finally, we fully integrated the resulting conclusions and listed companies in China’s sports industry specific reality, then raised three concerns about the R&D capabilities, such as: reforming innovitave mechanism, accelerating capital flows, concerning the long-term interests.