An Empirical Study On Relation Between R&D Investment And Enterprise Performance

Technological innovation is the soul of the formation of the core competitiveness of enterprises,and research and development is the source of enterprise innovation.As one of the industries in which China's industrial upgrading policy is vigorously developed,the importance and investment of information technology enterprises in research and development are of crucial importance not only for the survival and development of enterprises themselves,but also to a certain extent,affecting China's overall national strength and international status.Therefore,based on the sample of 256 listed IT companies in the A-share market of Shanghai and Shenzhen Stock Exchanges,using the financial data from 2013 to 2016,using descriptive statistical analysis,correlation analysis and regression analysis of fixed effects model,R&D intensity of R&D spending on R&D enterprises,empirical research on the impact of investment intensity on firm performance,and the lag of R&D investment on business performance.After that,the paper puts the R&D personnel input strength,enterprise size,capital structure,cash strength and financial subsidy intensity as the threshold variables to further test the nonlinear relationship between R&D spending intensity and enterprise profitability and growth ability.The research shows that:(1)The intensity of research and development expenditure is significantly negatively related to the current net interest rate of the enterprise and the growth rate of operating income,which shows that increasing the investment in R&D funds significantly reduces the current profitability and growth of the enterprise;(2)R&D spending intensity is significantly and positively related to the lagged 1-year net profit margin of business interests and operating income growth rate,and the promotion effect on the enterprise performance lagging behind for one year is greater than that on the corporate performance in the current period;(3)The listed information technology enterprises R&D investment strength and Tobin's Q value has no significant correlation,nor does it have a lag effect;(4)China's listed information enterprise R&D costs on the lag phase of a company's profitability and growth impact of R&D investment strength Threshold effect,the promotion effect can be maximized within the input intensity range of a certain R&D personnel;(5)The promotion effect of R&D expenditure on the profitability of enterprises in different scale information technology enterprises is consistent in marginal benefit,(6)The firm's cash strength and capital structure will also affect the contribution of corporate R&D expenditure to the promotion of firm performance.(7)With the financial subsidies as the threshold variable,there is a need for R&D Investment intensity of the double threshold effect on corporate performance,government departments should make up Intensity control within a certain range,so that government subsidies to promote the role of research and development costs for business performance optimization.