Research On The Impact Of R & D Expenditure On Financial Performance Of Listed Automobile Manufacturing Companies

China’s economic development benefits from many leading industries.As one of them,automobile manufacturing industry plays a very important role in China’s economic development.In order to survive better in the economic globalization society,the automobile manufacturing industry needs to continuously carry out technology research and development,and occupy a favorable market.Due to the late start of China’s capital market,compared with foreign capital market,the system is not perfect,and the information disclosure of R&D expenditure of Listed Companies in automobile manufacturing industry may not be standardized,even there is a certain subjectivity.Moreover,R&D expenditure itself has some characteristics,such as high risk,long payback period and uncertain reporting amount.Thus,whether the impact of R&D expenditure on financial performance is positive or negative needs the support of empirical research.After reading a large number of relevant literature,this paper finds that there are differences in research methods,research objects and conclusions of previous studies on the relationship between R&D expenditure and financial performance.This paper takes 52 automobile manufacturing companies listed in Shenzhen and Shanghai as the research object,selects the basic data from 2012 to 2018,uses descriptive statistical analysis,correlation analysis and regression analysis to empirical study the relationship between R&D expenditure and financial performance of automobile manufacturing listed companies.Financial performance is mainly measured by profitability,development ability and solvency.It is concluded that the R&D expenditure of Listed Companies in China’s automobile manufacturing industry has a positive impact on their current profitability and solvency,and there is a lag period,which also has a significant positive impact on the profitability and solvency of the lag period.Finally,the results are extracted as follows One step of deeper analysis is to pave the way,which can extract the relevant parts of this study,and then get some opinions related to this study,find the existing defects and put forward opinions,explore the direction,hoping to provide some reference for future scholars to study the research and development expenditure of automobile manufacturing industry.