R&D Investment And Operational Performance Mutations Of Listed Companies In The New Energy Industry

At present,there is a large amount of literature in the theoretical circle on the mechanism of R&D investment on business performance and the relationship between the two,but almost no scholars have noticed that the leading enterprises with more R&D investment in the industry and the tail with less R&D investment The difference in R&D investment between enterprises leads to the "Matthew effect" phenomenon between the corresponding enterprise performance,especially when an industry experiences one or several recessions and depressions,the operating performance between the two types of enterprises will undergo a sudden change.The operating performance gap between enterprises with high R&D investment and enterprises with low R&D investment has diverged,and even made a qualitative leap.Since scholars in the past have different views on whether there is a positive relationship between R&D investment and business performance,this article takes the new energy industry as an example,and first conducts research on the relationship between R&D investment and business performance.The conclusion is that there is a positive relationship between the new energy industry,and then an industry index is established for the new energy industry to divide the expansion and prosperity period of the new energy industry and the recession and recession period.On this basis,the difference in R&D investment is empirically Sudden changes in business performance.The article also explains part of the process of changes in the corporate industry structure,and to a certain extent verifies that the process of the industry’s transition from monopolistic competition to oligopoly may be a contribution to the field of economic theory.Based on the research results of domestic and foreign scholars,this article takes the new energy industry as an entry point and selects listed companies whose main business is in the new energy industry from 2010 to 2020 as a sample.The mechanism of performance and at which stage of the industrial economic cycle produces a sudden change in the performance of its operating activities are discussed,and the following conclusions are mainly obtained:(1)The performance of new energy listed companies with high total R&D investment in corporate operating activities continues to rise,and R&D The performance of business activities of enterprises with small total investment has been declining.(2)The performance of new energy listed companies with a large number of patents continues to rise,and the performance of companies with few patents continues to decline.(3)New energy listed companies have experienced an industry economic cycle,and the operating performance of high and low R&D investment companies has greatly increased,and the sudden change occurred during the industry’s recession.(4)New energy listed companies have experienced many industry economic cycles,and the operating performance of companies with high and low R&D investment has increased significantly.Companies with high R&D investment may eventually become leading companies in the industry,while companies with low R&D investment may eventually be eliminated.