An Empirical Study On The Relationship Between R&D Investment In Automobile Manufacturing And Corporate Performance

Under the advent of the information age,the rapid development of new and high technologies,and the intensification of science and technology has changed the world's perspectives.The importance of R&D activities has been paid more and more attention by corporate managements,and the intensity of R&D investment is gradually increasing.The enterprise has become the main body of China's R&D investment and automobile manufacturing enterprises are the backbone of China's technological innovation activities.As a catalyst for the transformation of technological innovation into a catalyst for economic growth and improvement of corporate profitability,it has become a key strategic link in corporate technological innovation activities.Therefore,R&D investment will have an impact on the company's innovation performance,which will affect the company's performance,value,and growth.This article selects the data of listed companies in the automotive manufacturing industry from 2013 to 2016 as a sample,relying on economic growth,signal transmission,and human resources as theoretical support to analyze the relationship between R&D investment and corporate performance from a financial perspective.Eviews10.0 is used in regression analysis.The company's R&D investment is used as an independent variable while corporate performance a dependent variable,and control variables were added to ensure the accuracy of the research results.This paper also uses the Cobb-Douglas production function model utilizing SPSS22.0 to test the lag of the company's R&D investment on performance.According to the descriptive statistics and regression analysis of R&D data,as well as corporate performance data of 70 companies listed in the auto manufacturing industry from 2013 to 2016,the following conclusions are drawn:China's auto manufacturing R&D investment intensity shows a trend of polarization,and most of the R&D input intensity is 5%or less;the number of in-house technicians in the listed companies in the automotive manufacturing industry varies greatly;the profitability of listed companies in the automobile manufacturing industry is relatively lower,but the development is still good;the R&D investment affects the profitability;there is a negative correlation between strength and R&D staff input intensity to total asset net profit rate;in terms of R&D investment impact on development capacity,R&D expenditure intensity of listed companies in the automobile manufacturing industry has a significant positive effect on the company's development capacity.The investment intensity of R&D personnel does not pass the significance test on the development capacity of enterprises;in terms of solvency,the investment intensity of R&D expenditure of listed companies in the automobile manufacturing industry and the strength of R&D personnel input have a negative effect on the current ratio while the investment intensity of R&D investment is even stronger.Through the introduction of Cobb-Douglas production function to verify the relationship between R&D investment and output performance of listed companies in the automotive manufacturing industry,it is proved that R&Dexpenditures of listed companies in the automotive manufacturing industry have a lagging effect on output performance and the two-year's regression coefficient is larger than the one-year' s.The relationship between R&D personnel's input and the company's output performance only shows a significant relationship one year behind,and the role of lagging two years and three years does not pass a significant test.Based on those empirical analysis,this paper analyzes the causes of various conclusions,and puts forward specific opinions from the perspective of the companies to provide theoretical guidance for the R&D activities of automobile manufacturing enterprises.