Research On The Impact Of Research And Development Investment Of Manufacturing Listed Companies On Its Innovation Performance

With the acceleration of the globalization process,high-tech such as information technology and artificial intelligence has increasingly become an important force to promote social progress and enhance national competitiveness.Innovation has become the requirement of the times,and innovation performance has also become an important part of corporate performance.In order to enhance the development level of China's manufacturing industry and enhance the international competitiveness of the manufacturing industry,the State Council promulgated the "Made in China 2025" in 2015 proposal to build China into a manufacturing power that leads the development of the world's manufacturing industry,China's manufacturing industry has ushered in a good time for development.With the support of the central government for the manufacturing industry,China's high-speed rail and bridges have gradually moved to the world and become a resounding business card for the Chinese economy.Although China is a manufacturing power,it is not a competitive manufacturing power,and there is still a big gap compared with developed countries.China's manufacturing industry still faces the lack of independent innovation capability brought by insufficient R&D investment,less innovative products developed independently,low-end lock-in of value chain,low added value of products and the technical content of patents of manufacturing enterprises above designated size.The innovation performance of the manufacturing industry is notoptimistic,and it is difficult to adapt to the needs of social progress and globalization.Therefore,it is of great practical significance to explore the issues related to the innovation performance of listed companies in manufacturing.This paper takes China's manufacturing listed companies as the research object,discusses the impact of research and development investment on innovation performance,and further discusses the adjustment role of equity structure in the process of research and development investment impact on innovation performance.On the basis of combing relevant literature,this paper takes the theory of technological innovation,the theory of resource-based view and the theory of input-output as the theoretical basis,and selects the listed companies in manufacturing industry based on the financial data and patent data of listed companies in the A-share market.It selects these annual research and development expenditure from 2011 to 2015.Selecting the annual research and development capital expenditure and personnel input from 2011 to 2015 as research and development investment indicators,selecting the total number of patents,invention patents,utility model patents and design patent applications as the measure of innovation performance,and using the negative binomial regression model to analysis the impact of research and development investment on innovation performance.Selecting equity concentration and equity balance as equity structure indicator to to further explore the regulatory role of equity structure in the process of research and development investment impact on innovation performance.And using STATA.14 for statistical testing and regression analysis.Theresearch results show that:(1)The impact of research and development investment on different innovation performance indicators is significantly different.The research and development capital investment has a significant inverted U-type relationship for the total number of patents,invention patents,and utility model patents;research and development personnel invest in total patents,invention patents,and utility model patents,all of which have significant inverted U-type relationships,but there is a significant negative impact on the number of design patent applications.(2)The concentration of ownership in the ownership structure plays a significant positive adjustment role in the impact of research and development investment on some innovation performance indicators.The research in this paper helps manufacturing listed companies understand the status quo of their research and development investment and innovation performance,explore the law of the impact of research and development investment on innovation performance and the adjustment role of equity structure in this process,and rationally allocate research and development investment to listed companies in manufacturing.It is helpful to improve and optimize the shareholding structure and continuously improve the independent innovation capability and innovation performance.