Analysis Of The Impact Of R&D Investment On Firm Performance

In the new economic situation,:in order to achieve high-quality economic development,it is necessary to rely on the supply-side structural reform of the manufacturing industry and the transformation of new and old growth kinetic energy to fully implement the"Made in China 2025,action plan;this requires relying on technology investment and technology research and development.Comprehensively transform production technology and product quality,continuously increase the added value of products,and seize the middle and high end of the value chain.On the other hand,for enterprises,in the process of reform and opening up into the "deep water zone",the traditional methods of increasing sales channels and reducing costs to improve performance and revenue are gradually unsustainable,responding to the weak domestic demand and foreign trade disputes in China.The situation,increasing R&D investment and innovating product quality are inevitable requirements for enterprises to become bigger and stronger.Therefore,from the perspective of long-term development,many companies have begun to attach great importance to the development of enterprise R&D projects.The research object of this paper is the relationship between enterprise R&D investment and corporate performance,and attempts to provide relevant research suggestions for enterprises to rely on technology research and development to improve performance.Based on the domestic and international research on the impact of R&D investment on corporate performance,this paper conducts empirical research on sample data of computer,communication and other electronic equipment manufacturing.The selection of data on listed companies in the computer,communications and other electronic equipment manufacturing industry is due to the following:First,the computer communication industry is a relatively representative technology-intensive enterprise,and its business activities are highly dependent on R&D investment,which is more closely related to the research topic of this paper;Secondly,considering the availability and completeness of the data,this paper selects the listed company data in the computer communication industry.The sample selection is 157 companies with complete R&D capital input data during the 2012-2017 research period.In the specific research methods,this paper establishes the quantitative regression equation,and takes the indicators of measuring the profitability of the enterprise,such as the total return on assets and the profit rate of the main business,as the explanatory variables,and characterization of R&D capital,R&D investment intensity,etc.The variables serve as the core explanatory variables and control related factors,and empirically study the impact of R&D investment on firm performance.In the empirical analysis,this paper considers the lag of the impact of R&D investment on firm performance.The empirical conclusions of this paper indicate that the R&D investment of computer,communication and other electronic equipment manufacturing enterprises has a negative impact on the current corporate performance,but the lag of R&D investment has a positive impact on the current corporate performance.A conclusion verifies that the R&D investment affects the lag of the company’s performance.According to the empirical conclusions,this paper puts forward relevant policy recommendations:First,from the government level,the government should give more funds to the high-tech industry,and assist the development of the company in all aspects of the operation of the new technology or manufacturing process.At the same time,it regulates the disclosure of financial data of listed companies in research and development information.Second,from the enterprise level,enterprises should continue to increase investment in research and development.The R&D activities of enterprises are a long-term activity,which should be incorporated into strategic planning and continue,and should also improve the efficiency of R&D.