Research On The Impact Of R&D Investment In Software And Information Technology Service Industry On Enterprise Performance

The "14th Five-Year Plan" is an important opportunity period for informatization innovation to lead high-quality development.Software and information technology service industry enterprises have become the main body of innovation,which should adhere to the core position of innovation in the national informatization development,develop independent key technologies,deepen innovation-driven,and promote industrial advanced and industrial chain modernization.This paper reviews the research status of domestic and foreign scholars on the relationship between R&D investment and enterprise performance,and makes research comments on this basis.After that,this paper introduces software and information technology service industry,R&D investment,enterprise performance and product life cycle theory.Combining the theoretical basis,this paper carries out the design and empirical analysis for the model,select the listed companies in software and information technology service industry in Shanghai and Shenzhen stock exchanges from 2011 to 2020 as the sample.After excluding ST,*ST companies,listed companies in the first year of 2020,and companies with severely missing financial data,this paper finally conducts descriptive analysis,correlation analysis,regression analysis,endogeneity test and robustness analysis on the data of 226 companies to examines the relationship between R&D investment and enterprise performance and verify whether the impact of R&D investment on enterprise performance has a lag.The empirical conclusions show that:(1)There is a positive correlation between the intensity of enterprise R&D capital investment and performance.(2)There is a lag in the positive impact of enterprise R&D investment on performance.Based on the empirical conclusions,this paper puts forward corresponding policies and suggestions from enterprise management and government regulation.This paper is expected to provide reference opinions for managers of companies in related industries to allocate resources effectively,so that enterprises can achieve sustainable development.