Research On The Impact Of R&D Investment Of Listed Companies In Equipment Manufacturing Industry On Enterprise Performance

At present,China's economy is in a special stage of "three-phase superposition".Economic development has entered a new normal.It is imperative to adjust the economic structure and implement technological changes.The premise of technological changes in enterprises is often to carry out research and development activities.The equipment manufacturing industry is also the heart of industry and the lifeline of the national economy.It is an important cornerstone to support the country's comprehensive national strength.The proposal of the "Made in China 2025" strategy in 2015 brought major opportunities for the development of China's equipment manufacturing industry.Exploring the impact of the R&D investment of listed equipment manufacturing companies on corporate performance can provide the government with policy and equipment manufacturing enterprises with structural adjustment,transformation and upgrading,and provide theoretical basis and experience for reference.In this paper,by consulting relevant domestic and foreign literature,taking seven companies listed in the equipment manufacturing industry listed on the A-share market in Shanghai and Shenzhen as a sample,using data from 2015 to 2018 for four consecutive years,the R&D personnel investment intensity and R&D funding investment are selected.The two indicators of intensity are used as explanatory variables.The seven indicators that can reflect the performance of the enterprise are calculated by factor analysis to obtain a comprehensive performance indicator of the enterprise.The indicators and the two main factors representing the profitability and development capacity of the enterprise are used as the explanatory variables.Introduce enterprise scale,cash strength and asset-liability ratio as control variables,and use multivariate linear regression model to verify the relationship between current and lag periods between the R&D investment and enterprise performance of equipment manufacturing enterprises,and the R&D investment and the two aspects reflecting enterprise performance..Through empirical tests,it is concluded that there is a significant positive correlation between the R&D expenditure of listed companies in the equipment manufacturing industry and the comprehensive performance indicators of enterprises,but not that R&D investment has a positive impact on all aspects of corporate performance;R&D investment and enterprises Comprehensive performance indicators show significant lag effects From this,it can be judged that,for enterprises,continuous R&D investment can bring them more lasting profits.Based on the above research,this article proposes the following points:The government should strengthen guidance and policy support for the equipment manufacturing industry,strengthen close cooperation between R&D units and enterprises,and establish a good financing environment and financing channels for SMEs in the equipment manufacturing industry.2.Strictly standardize the market environment and formulate laws and regulations related to the protection of intellectual property rights.Enterprises should actively improve the construction of talent teams,strengthen the input of R&D personnel,continuously improve the corporate governance mechanism,accelerate the conversion rate of research and development results,shorten the research and development process and improve research and development efficiency.