Research On The Impact Of R&D Investment On Corporate Performance Of New Energy Automobile Industry

All along,human survival and development have a strong dependence on natural resources.However,resources are limited.With the continuous growth of the population,various natural resources have also begun to rush.On the other hand,due to the great development of modern social industry,a series of environmental problems have emerged,including haze,global warming,and atmospheric pollution.New energy vehicles have the characteristics of energy conservation,emission reduction,and high-efficiency and environmental protection.The production of new energy vehicles will undoubtedly ease the environment pollution and shortage of resources.However,as a technological innovation industry,new energy auto companies must pay attention to technology in order to gain competitive advantage in the market.R&D activities are an important way for companies to obtain technological innovation results.Whether the investment in R&D activities can promote the performance of new energy vehicle companies can be improved.This paper summarizes and analyzes domestic and foreign relevant literature and theories related to R&D investment and corporate performance,and proposes the following assumptions: R&D investment in the new energy auto industry has a positive impact on corporate performance;ownership concentration has a positive relationship with the two.In empirical studies,R&D investment is measured in terms of both R&D capital investment and personnel input,corporate performance is measured from two dimensions of finance and market,and equity concentration is used as a regulator to select firm size,asset-liability ratio,and corporate level.Growth capacity,executive compensation,and board size are used as control variables to construct index systems and evaluation models.This paper selects 208 data of 2013-2016 new energy automobile concept stock companies as a sample,uses stata software to carry out descriptive statistical analysis and correlation analysis of variables in the model respectively,and then performs linear regression to obtain R&D input and corporateperformance.The related relationship.On this basis,the effect of equity concentration on the relationship between the two is examined.Through empirical research,the following conclusions are drawn: For the new energy automotive industry,both R&D capital investment and R&D personnel input have a positive impact on corporate performance;equity concentration has a positive effect on R&D capital investment and corporate performance.The regulatory effect;ownership concentration has no regulatory effect on the relationship between R&D staff input and corporate performance.The innovations of this paper are as follows:(1)The previous scholars' researches on the relationship between R&D investment and corporate performance are mostly based on SMEs,main board listed companies or manufacturing industries.This article selects the new energy automotive industry that has just started and is the subject of research.The subject is relatively novel;(2)When investigating the relationship between R&D investment and corporate performance,the equity structure factor is added as a moderating variable to the model.The research can provide a reliable reference for the improvement of the performance of new energy vehicle companies,promote the development of the industry,and alleviate the current social problems.