Research On The Impact Of R&D Investment On Financial Performance Of Manufacturing Enterprises

Innovation is an important means and basis for the high-quality development of manufacturing enterprises.R&D investment is the financial support for technological innovation of enterprises.R&D investment has an important impact on the financial performance and future development of manufacturing enterprises.With the deepening of the financialization degree of real enterprises,whether financial asset holding will affect the relationship between R&D investment and financial performance of manufacturing enterprises is arousing deep thinking.Based on this background,this paper studies the impact of R&D investment on the financial performance of manufacturing enterprises,so as to provide reference for accelerating the high-quality development of manufacturing in the new era.In the heterogeneity test,it is found that :(1)in the heterogeneity test of financial asset holding type,monetary financial asset holding and investment financial asset holding have a double threshold effect on the impact of R&D investment on the financial performance of manufacturing enterprises.(2)In the heterogeneity test of ownership nature,R&D investment of state-owned manufacturing enterprises and non-state-owned manufacturing enterprises has a dual threshold effect of financial asset holding on their financial performance.(3)Regional heterogeneity test shows that there is a double threshold effect of financing structure on financial performance of manufacturing enterprises in eastern,central and western regions,while there is only a single threshold effect of financial asset holding on financial performance of manufacturing enterprises in northeast China.The threshold effect of R&D investment on financial performance of manufacturing enterprises has regional heterogeneity in financial asset holding.(4)In the heterogeneity test of factor density,it is found that R&D investment of labor-intensive and technology-intensive manufacturing enterprises has a dual threshold effect of financial asset holding on their financial performance,while capital-intensive manufacturing enterprises do not show any threshold effect.