Research On The Impact Of R&D Investment On Corporate Performance For The Listed Companies In Chemical Industry

With the advent of the industry 4.0,scientific and technological innovation have become an important part in the global development.In China,the implementation of a series of supporting policies for research activities demonstrate the confidence and determination for enterprises to research and develop new technologies.Chemical industry is an important pillar industry of China’s national economy.Enterprise technological innovation makes chemical enterprises need to continuously strengthen the R&D investment.Therefore,it is of certain practical significance to study whether there is a correlation between R&D investment and performance of chemical enterprises.There are numerous studies on the influence between R&D investment and corporate performance,but so far no relevant studies on chemical enterprises as research samples alone.Therefore,this study can supplement the existing studies and has certain theoretical significance.Firstly,this paper introduces the background and significance of the topic,and summarizes and comments on the relevant research at home and abroad.Then,it introduces the influence mechanism of R&D investment on corporate performance is analyzed.In the empirical part,it takes chemical industry enterprises as samples and conducts robustness tests by grouping the samples according to enterprise size and the geographical distributionThis paper mainly draws the following conclusions:(1)There is no significant correlation between R&D investment of chemical enterprises and current corporate performance.(2)There is a positive lag effect between R&D investment of chemical enterprises and corporate performance,and the most significant effect is on corporate performance with a lag of 1 period.(3)There is a positive cumulative effect between R&D investment in chemical enterprises and corporate performance,and there is a significant positive correlation between R&D investment in phase 2 on corporate performance.Based on the research results of this paper,it is suggested that chemical enterprises should pay attention to the importance of R&D activities,strengthen R&D investment,establish R&D management system,make reasonable R&D plans,timely disclose r&D related information,and improve the social supervision and management system.