An Empirical Study On The Relationship Between R&D Investment And Corporate Performance

With the development of "innovation-driven Development",Research and Development(R&D),as a key link of innovation,has been highly valued by all sectors of society.From the SARS in 2003 to the new type of coronavirus pneumonia in 2020,people are facing various threats to their lives while they are developing rapidly.The pharmaceutical industry is an important industry related to national health,social stability and national development,it is a high-tech industry,which is highly integrated by advanced technology and scientific means,and is recognized by the international community as a technology-,knowledge-and capital-intensive industry.Since the end of last century,Western developed areas have begun to focus on the pharmaceutical industry,making it gradually become one of the representative industries of high-tech.Research and Development(R&D)is a key link for pharmaceutical enterprises to enhance their core competitiveness,and the strength of this capability directly affects whether pharmaceutical enterprises can achieve sustainable development in a highly competitive market environment,how to enhance the market competitiveness through R&D capacity,and then enhance the performance of the pharmaceutical industry is an eternal theme.On the basis of previous studies,this paper further considers the impact of total asset turnover rate and government subsidy intensity on firm performance,and takes R&D personnel input intensity and R&D expenditure input intensity as explanatory variables,weighted average yield valve,growth rate of operating income,tobin q are the explanatory variables,firm size,asset liability ratio,turnover rate of total assets,intensity of government subsidy are the control variables,and intangible asset concentration is the intermediate variable,taking the sample data of 84 listed pharmaceutical companies in China from 2016 to 2019 as the research object,this paper studies the relationship between R&D investment and enterprise performance and its transmission path,the results show that :there is a significant positive correlation between R&D investment intensity and firm performance,and there is a certain lag in the correlation;R&D expenditure intensity is better than R&D personnel intensity in regression coefficient,and R&D expenditure contributes more to enterprise performance;the intensity of R&D investment has a significant effect on the profitability,development capability and enterprise value,but it is better in the aspect of enterprise development capability;intangible asset concentration plays a part of intermediary role between R&D investment and enterprise performance,and increasing the proportion of intangible asset can effectively improve enterprise's operational performance.Combined with the research results of this paper,from the government level and enterprise level put forward relevant recommendations.