| With the increasingly fierce international competition, many companies havealready recognized the importance of technological innovation in the enterprisedevelopment. Especially in the automotive manufacturing industry, technologicalinnovation can be said to play a decisive role. However, due to the inadequateaccounting standards and our country’s capital market for R&D investment to take anon-mandatory disclosure principles, so the problem of that whether the R&Dinvestment has a positive effect on the company’s financial performance lacksempirical research to support the conclusions.This article is based on this need, drawing on the basis of previous research,finishing the theory of the study development, the theory of technological innovation,human capital theory and the company’s financial performance and other relatedtheories. This paper selected forty-seven automobile manufacturing companies listedon the Main Board of the Shenzhen and Shanghai for the study and the basic databetween2010and2012. Combine the descriptive statistical analysis, linear regressionanalysis organically to study of the correlation between R&D investment andcorporate financial performance.Firstly, use the factor analysis to evaluate the automotive industries’ financialperformance, and extract four main factors.they were named as: corporate solvencyfactor, operating capacity factor, factor of corporate profitability and developmentcapacity factor. R&D investment based on two dimensions: intensity of R&Dexpenditures and R&D staff strength, were set assuming, using the linear regressionmethod to conduct empirical research. This article concluded: a single R&Dinvestment has a significant positive performance on financial performance ofenterprise; R&D investment for three consecutive years has a significant positiveperformance on the company’s financial performance; there was no significantcorrelation between the strength of corporate R&D personnel and corporate financialperformance; impact of corporate R&D investment in the company’s financialperformance has lagged sex.This paper also conducted in depth analysis and Came to studyrevelation,limitations and future research directions, in the hope of making some reference to the following research contributions of how the automotive industriesmake better R&D activities. |
