Research On The Relationship Between R&D Investment And Enterprise Performance Of Listed Companies In Manufacturing Industry

In today's world,innovation has become the key support for the country to improve its comprehensive strength.As the main body of national economic activities,enterprises need to improve their independent innovation ability to maximize market share and seize economic profits.R&D investment is the basic guarantee of enterprise innovation,and is a key link to help enterprises acquire new technologies,new products and new markets,which is conducive to enterprises to obtain rich economic benefits.The performance of enterprises is an important index to reflect the level of economic benefits obtained by enterprises,and it is the goal of the operators to make decisions.The R&D investment of an enterprise can affect the performance of the enterprise to a certain extent and make it change.Therefore,the relationship between R&D investment and corporate performance will be of great significance for the company to formulate innovative strategies in the future.This paper focuses on whether R&D investment can bring economic benefits to enterprises,and explores the relationship between R&D investment and enterprise performance,and provides a theoretical basis for enterprises to master the law of R &D investment.Executives are the main body to make business decisions and innovation decisions.In modern enterprises,because of the separation of management rights and ownership,there is information asymmetry between operators and owners,which makes executives easy to produce short-sighted behavior and agency problems.The R&D activities of enterprises have the characteristics of risk and long cycle,and executives often have a negative attitude towards R&D investment projects for the purpose of avoiding risks and paying attention to short-term interests.This negative attitude will affect the R&D investment to promote the improvement of enterprise performance,which is not conducive to the profit of enterprises through R&D activities.In order to bring executive interests into line with the interests of enterprises,effective incentives are needed to enable executives to take the long-term interests and sustainable development of enterprises as the starting point,actively invest in R&D activities,improve the economic benefits of enterprises.Therefore,this paper further studies the adjustment effect of executive incentive on the relationship between R&D investment and enterprise performance.After combing a large number of domestic and foreign literatures,this paper selects 454 listed companies in the manufacturing industry in 2013-2017 as the research sample,and selects the corresponding variables.Specifically,R&D investment intensity and firm performance are taken as explanatory variables and explanatory variables respectively.Moreover,considering that R&D investment has a more direct impact on the economic benefits of enterprises and can be reflected in the financial statements of enterprises,the profitability,development ability,debt paying ability and operating ability of enterprises are taken as the measurement indicators of enterprise performance.In addition,the choice of enterprise size,capital structure and cash flow as control variables,executive incentive as a regulatory variable.Through the establishment of multivariate linear regression model and hierarchical regression model,the relationship between variables is empirically analyzed by using spss20.0.(1)China's manufacturing enterprises' R&D investment has a significant negative correlation with corporate profitability,solvency and operational capacity;(2)China's manufacturing enterprises' R&D investment and enterprise development capability are not significantly related(3)There is a lagging effect on the impact of R&D investment of Chinese manufacturing enterprises on corporate performance;(4)There is a significant positive correlation between executive incentives and R&D investment in China's manufacturing enterprises;(5)Executive incentive has a moderating effect between R&D investment and corporate performance.Generally speaking,compared with monetary compensation incentive,equity incentive has a larger regulatory role,and most of them are positive.It shows that manufacturing enterprises can influence the relationship between R&D investment and enterprise performance by constructing reasonable incentive mechanism.Finally,in theory,this paper discusses the relationship between R&D investment and enterprise performance through empirical study,which enriches the research on the relationship between R&D investment and enterprise performance.In practice,this paper discusses the role of executive motivation in regulating the relationship between R&D investment and enterprise performance.From the perspective of executive motivation,this paper puts forward some suggestions on how to promote senior executives to increase R&D investment and improve enterprise performance.It provides countermeasure guidance for manufacturing enterprises to carry out effective R&D activities.