Empirical Study On The Impact Of R&D Investment On Firm Performance Of Machinery Manufacturing Enterprises

With the advent of the industry 4.0,scientific and technological innovation have become an important part in the global development.In China,the industrial transformation and upgrading,the introduction of the 13th five-year national science,the technology innovation plan,and the implementation of a series of supporting policies for research and development activities demonstrate the determination of the nation of research and development in High-tech areas.As a crucial industry in China,the machinery manufacturing industry includes not only the traditional machinery manufacturing industry such as general machinery manufacturing industry,but also the new machinery manufacturing industry such as computer,communication,and other electronic equipment manufacturing industry.It is an industry with great research significance and abundant samples.The future development of machinery manufacturing industry is also attracting attention worldwidely.It is well known that computer,communication,and some other industries are the focus of technology competition among different countries around the world nowadays,so it is necessary to conduct in-depth research on this industry.The research and development investment is an important method for enterprises to develop new technologies and increase market shares.Just as the technology innovation theory and the core competitiveness theory believe,the enterprise research and development can promote the long-term development of enterprises,help enterprises to obtain core competitiveness and ultimately make profits.In order to deeply study the involved mechanism of the research and development investment on enterprise performance in the machinery manufacturing industry,this paper adopted both the literature research method and the empirical research method.After referring to relevant literature,the influence of research and development investment on performance was summarized.This paper made a descriptive analysis of the current situation of China's machinery manufacturing industry and selected the data of 1,153 listed companies in China's machinery manufacturing industry from 2013 to 2017 for a quantitative analysis,and used the Almon transform Polynomial Distributed Lag model to reduce the multi-collinlinearity situations among variables.Finally,it came to the conclusion that the enterprise research and development investment had a significant impact on the enterprise performance.The research and development investment of an enterprise had a negative impact on the financial performance in that year and a positive impact on the market performance in that year.The research and development investment would have a negative impact on the enterprise performance in the following 1-2 years and would have a positive impact on the enterprise performance until at most three years later.