Research On The Impact Of Enterprise R & D Investment On Enterprise Performance

Since the Sino-US trade dispute,the United States has deliberately cracked down on the development of China 's industries,including high-end equipment manufacturing and high-tech industries,through imposes tariffs and investment restrictions,which hindered China 's rise as a trading power.For many years,China has been adhering to multilateralism and benefiting from economic globalization.However,there are too many problems that focus on "big market" and "bringing doctrine".Subjectively thinking of using market for technology,many core technologies can not be exchanged,in many ways still being "stuck neck","ZTE incident" and other series of events let us realize the seriousness of the problem,in order not to be technically constrained by others,R & D is particularly important,and the enterprise as the main body of R & D can not be ignored,However,the results of R & D investment are not satisfactory.In many cases,it completely contradicts the requirements of low cost and high efficiency of modern industrial engineering,and it has actually evolved into a high-input,non-returning corporate activity.Therefore,this article selects A-shares from 2012 to 2018 The data samples of 811 listed companies analyze the relationship between R & D investment and corporate performance and related influencing factors.Through combing the relevant literature,it is found that the influencing factors of enterprise R & D investment are not unique.Most of the existing literature is aimed at single factors without comprehensive consideration.At the same time,most of the literature only discusses the R & D performance of enterprises from the perspective of profit,and the usage indicators are relatively single,There are certain limitations.Therefore,this paper comprehensively considers and proposes the research framework of the influencing factors at the macro level,enterprise level and industry level,and establishes the impact model of enterprise R & D investment performance from the two aspects of enterprise profit performance and development performance.Finally,regression analysis is used to explore the moderating effects of these factors on the performance of R & D investment of enterprises.The results of the study show that:(1)R & D investment of enterprises can significantly improve the profitability and development performance of enterprises.(2)Through analysis of the influencing factors at the macro level,it is found that government subsidies have a significant positive impact on the profitability and development performance of enterprise R & D investment;the tax ratio has no significant effect on the adjustment of the profitability of enterprise R & D investment,but on enterprise R & D investment Development performance has a weak negative adjustment effect.(3)Through analysis of influencing factors at the enterprise level,it is found that compared with state-owned enterprises,non-state-owned enterprises perform better in terms of profit performance and development performance of enterprise R & D investment;the excessive concentration of enterprise equity has hindered enterprise R & D investment to a certain extent.Profitability and development performance.(4)Through analysis of influencing factors at the industry level,it is found that industry competitiveness has a negative adjustment effect on the profit performance of enterprise R & D investment,and a positive adjustment effect on the development performance of enterprise R & D investment;Compared with non-high-tech industries,high-tech industries perform better in terms of profitability and development performance of corporate R & D investment.