Research On The Relationship Between Technical Level And R&D Expenditure Of Listed Manufacturing Companies And Their Impact On Enterprise Performance

Science and technology are primary productive forces.With the national technical innovation strategieswere put forward by countries,Chinahas also put forward "Made in China 2025" plan.So the manufacturing sector become the main battlefield of the national competition again,meanwhile technological progress has become the core means for enterprise to get development and the keys to achieve the goals of manufacturing power.At present,most scholars choose R&D expenditureas an alternativevariable of technological progress to study the relationship between technological progress and economic growth,as well as the relationship between technological progress and the enterprise performance.Few scholars have dabbled in the relationship between R&D expenditure and technical level from a financial perspective.Therefore,the thesis tries to explain the relationship between R&D expenditure and technical level of manufacturing enterprises and their impact on enterprise performance from a financial perspective with the empirical method.To provide a reference for the enterprise to lay more stress on R&D investment and select a valid route of technological progress and financial support,but also to provide theoretical and practical reference for the government to make some polices about encouraging enterprise technological innovation.Based on the theory of technological progress,the scale of economic theory and capital structure theory,this thesis firstly theoretically analyzed theinteraction mechanism between the existing technical level and R&D expenditure of manufacturing enterprises,then select some indicators to measure the technical level of enterprisesfrom a financial point and choose the absolute amount of R&D expenditurein logarithmic as the representation of R&D expenditure index.Secondly,this thesis performed panel data regression with the technical level indexes and R&D expenditure index from 2012-2014 to test the existence of such an interaction mechanism.Then this thesismade an empirical analysis about the impact of enterprise technical level and R&D expenditure on corporate performance.Finally,in order to test the relationship between R&D expenditure and technical level under different scales,this paper divided the samples into five groups according to the size of the assets and made the regression test of panel data in each group.We found that:(1)thetechnical level indexes have significant influence on R&D expenditures in manufacturing industry.It is that fixed assets ratio has a significant negative impact on R&D expenditure,while intangible assets ratio and fixed assets depreciation rate show a significant positive correlation with R&D expenditure.(2)R&D expenditure has different effect on enterprise technical level indexes.It is that R&D expenditure has a significant impact on fixed assets ratio and fixed assets depreciation rate,while R&D expenditure has no significant impact on intangible assets ratio.(3)Theenterprise technical level indexes show a significant impact oncorporate performance.it is that the fixed assets ratio and intangible assets ratio show a significant negativeeffect on corporate performance,while fixed assets depreciation rate show a significant positive effect on corporate performance.(4)R&D expenditure has a significant positive effect on corporate performance.(5)the regression analysis results of different asset size groups verify the relationship between enterprise technical leveland R&D expenditures,but the significance of each indexunder different scales are not the same.This thesis has three innovation points.First,the article measures enterprise technical level from a financial perspective and expands the research vision of technology progress.Second,the article analyzes the relationship between R&D expenditure and enterprise technical leveltheoretically and empirically.Third,this thesisempirically analyzes the influence of each enterprise technical level index on corporate performance.