Research Of R&D Investment Influence On Corporate Business Performance In Listed Companies

World economy shows some new features since entering the new period. On theone hand, with the popularity of the Internet technology, products are required to havehigher technological content. On the other hand, the world economy has entered a"post-crisis" period; the enterprise is more uncertainty in the external economicenvironment. In such a complex environment, the importance of R&D activitiesbecomes increasingly prominent. Thus, the emphasis on R&D activities and graduallybecome the core of enterprise development strategy. Listed company put in a lot ofmanpower and resources to R&D activities, hoping to take the initiative in thetreacherous market environment.Currently, there are many researchs on the relationship between R&D investmentand operating performance. However, there is little research to macroeconomicperformance, combined R&D investment, a comprehensive analysis of the impact onbusiness performance. For these reasons, In this paper, the macroeconomic situationincluded in the study. By an empirical analysis method, the study explores how theR&D investment affects business performance. This research tries to provide the basisfor their business decisions.There are many indicators can represent company’s operating performance.Consider obtaining financial indicators representative, convenient and calculationrequirements, select ROE and earnings per share, operating margin and otherindicators. This study choose macroeconomic indicators from economic growth andprice level and the international balance of payments. Based on our currentemployment data announced there is a big controversy, this article does not includedamong the employment data to quantify the macroeconomic system.According to research purposes, such as data availability, select the ShenzhenStock Exchange and the Shanghai Stock Exchange listing of industrial enterprises assamples combined with macroeconomic quantitative indicators, impact studies research and development activities on the operating performance. Study, the sampleenterprises are continuous disclosure of corporate R&D spending in its annual from2007to2013among the six accounting.This paper is divided into five parts:Part I: Introduction. This section presents the background and significance of theresearch, for research results were reviewed, the research ideas and research methodshave been described in the study also pointed out that among the possible innovationsand shortcomings at.Part II: the theory of basic research into the relationship between research andbusiness performance. This part of the macro-economy, R&D investment andbusiness performance indicators related to the concept and definition of, and to sortout and summarized the theoretical basis of this paper.Part III: macroeconomic performance, R&D investment and operatingperformance descriptive statistics. This part of the main macroeconomic indicatorsand sample business R&D investment and operating performance data descriptivestatistical analysis. By analyzing trying to figure out the inherent regularity.Part IV: An Empirical Study. This section presents two assumptions, the listedcompany R&D investment and macroeconomic setting quantitative targets combinedwith interaction terms, the regression model, the interaction term correlation betweenthe study variables and operating performance, ultimately empirical conclusionsdrawn, and the results are the cause analysis.Part V: suggestions. This section presents policy recommendations on the basisof the conclusions of the study.In this paper, after a study found that:First, operating margin, earnings per share, net assets was due to variablerepresents the business performance, the impact study focuses attention R&Dintensity (RDI) of these indicators, quantitative analysis shows a positive coefficient,and have passed the significant test. This shows that R&D investment in the operating performance of listed companies have a role in promoting, which is consistent withexpectations.Second, in order to operating margin, earnings per share, net assets was due tovariable represents the operating performance of listed companies, the interactionterm is negative, but only have a significant impact on earnings per share. Shows thatwhen in a downward phase of macroeconomic listed companies to increase R&Dinvestment can overcome the adverse effects of the external macro-environment tosome extent.The previous research shows that R&D investment of enterprises have animportant role, the need to take measures from multiple perspectives, the main idea is:improve macroeconomic regulation and control system, including improvedmacroeconomic regulation and control system, improve macroeconomic earlywarning system; improve technological innovation support system, includingimproving fiscal and tax policies to encourage enterprises to carry out R&Dactivities, the establishment of a diversified investment mechanism of basic research,strengthen IPR protection efforts; the desire to mobilize innovative business groups,including the development of appropriate corporate innovation and developmentstrategy, improve enterprise management team management ability to establishindustrial (business) innovation Alliance.