R&D Investment Impact On Corporate Financial Performance

Along with our country economy sustained and rapid development, the energyconsumption has been increasing, the environment continues to deteriorate, environmentalcontradiction is obvious. In order to alleviate the pressure of climate change, achievingsustainable development, the state has staged a series of policies and regulations, focus onpromote the development of energy-saving environmental protection industry, promote theuse of advanced technology, speed up development, demonstration and application ofenergy conservation and environmental protection technology. Energy conservation andenvironmental protection in our country enterprise as the microcosmic economic mainbody of society, through the enterprise technological innovation, the development of aneffective energy conservation and environmental protection technologies and products, notonly is the enterprise should bear the social responsibility, but also enterprises are facedwith the opportunities.R&d is the motive force of enterprise technology innovation and the main source, isthe enterprise can form and maintain the core competitiveness of the important factors,therefore, enterprises pay more and more attention to investment in r&d activities, however,whether the r&d performance has a promoting effect of energy conservation andenvironmental protection enterprises are lack of scientific empirical research support, sothis paper will study on this issue. Based on consulting the related literature at home andabroad and on the basis of theoretical research, selected the Shanghai and shenzhen twocity in China and energy conservation, environmental protection enterprises as samples,using2009-2011for three consecutive years in the annual report of open data, selection ofr&d intensity as explained variable, select four can reflect the performance of enterprisefinancial indicators for the explanatory variables, using multiple linear regression model toexplore the relationship between the two.Through empirical research, the results found that: the energy conservation andenvironmental protection r&d investment in the listed companies has significant positiveinfluence to enterprise’s profit ability; Energy conservation and environmental protectionin our country listed enterprise r&d investment on enterprise growth ability has significantpositive influence; Energy conservation and environmental protection in our country listedenterprise r&d investment on enterprise performance has no significant hysteresis effect.This article through to conclusion and the development of energy conservation and environmental protection in our country listed companies present situation analysis, putforward the following suggestions: energy conservation and environmental protectionenterprises should increase investment in research and development, improve the ability oftechnological innovation; Specification and perfect r&d information disclosure way; Thegovernment should enforce the support to energy conservation and environmentalprotection enterprises.