Research On The Corrlation Between R&D And Financial Performance Of The Gem Listed Companies

GEM in China has more than eight years since 2009 open in Shenzhen Stock Exchange.People focuses on companies listed on GEM high growth.Compared with traditional enterprises,the GEM listed companies are small in scale and have high technological content and great development potential.If it can develop in a healthy and orderly way,it will become the backbone of China's economic development.Most of the GEM listed companies is high-tech enterprises.R&D investment is large,R&D investment intensity,this correlation on the gem of R&D investment and financial performance of listed companies for research is to optimize the guidance to the GEM listed companies.R&D activity is the driving force of enterprise innovation,to explore the relationship between R&D investment and financial performance,whether the effect of R&D investment is lagging is particularly important.There are few studies on the span of five years.On the basis of summarizing the predecessors,this paper chooses the data of 168 GEM listed companies in 2012-2016 for five consecutive years as the research object,and analyzes the relationship between R&D investment and corporate profitability and development ability.In this paper,R&D personnel into the independent variables,operating profit margin,total assets net profit margin,net assets yield,operating income growth rate,operating profit growth rate as the dependent variable,using the SPSS 19.0 to carry out correlation analysis and multiple regression analysis.And finally according to the empirical results found that GEM companies R&D investment in the process of related issues,and put forward the proposed investment in R&D recommendations.The research results show that:First,China's R&D investment information disclosure is not complete;Second,R&D investment intensity uneven distribution;Third,R&D personnel to promote financial performance is weaker than R&D costs;Fourth,R&D investment profitability and development capabilities Promote the role,and there is a two years lag.At the end of this paper,from the perspective of enterprises and governments,we should improve the information disclosure system of R&D investment and enhance the normative nature of information disclosure,increase the long-term capital injection and ensure the persistence of R&D activities.The introduction of high-tech talent,optimize the structure of R&D personnel;play only the government regulation and control,expand enterprise R&D investment financing channels;increase intellectual property protection efforts to create a good R&D environment and other recommendations in order to better guide enterprises to carry out research and development activities.