Research On Financial Performance Impact Of Zombie Companies Based On R&D Investment Threshold Effect

The level of scientific and technological innovation capability is an important reference index for the right to speak on the international stage.To build an innovative country,my country must attach importance to the development of enterprise innovation capability.R&D activities provide strength for enterprise innovation,enhance the overall strength of the enterprise,and drive economic growth.Reasonable disposal of zombie enterprises is an urgent problem to be solved in the process of decapacity in China.R&D and innovation activities provide a way for zombie enterprises to recover their health.R&D and innovation activities can bring impetus to corporate development and affect corporate performance.The direct way for zombie companies to improve their innovation capabilities is to increase their R&D investment.Therefore,the article conducts related research on the impact of manufacturing zombie enterprise R&D investment on financial performance.Based on the core competitiveness theory,technology innovation theory and budget soft constraint theory,the article uses 357 zombies in China's manufacturing industry as a research sample,and selects the financial data of sample companies from 2015 to 2018.By constructing the threshold effect model of the impact of R&D investment on financial performance,an empirical test is conducted on the impact of R&D investment on financial performance of China's manufacturing zombies.The results show that for manufacturing zombies,R&D investment has a significant promotion effect on financial performance and there is no lag.The impact of R&D investment on the financial performance of zombie companies has a certain cumulative effect,and low-level R&D investment does not drive performance growth well.Finally,the main body of the zombie enterprise and the government department put forward scientific and feasible suggestions respectively.For the main body of the zombie enterprise,it is necessary to increase its own R&D investment,strengthen its activity through R&D innovation,and gradually restore its health.For government departments,it is necessary to reduce direct subsidies to zombie enterprises and expand subsidy channels.The paper has 5 pictures,21 tables and 61 references.