Research On The Relationship Between R&D,CSR And Financial Performance

In recent years, the issue to research financial performance from the angle ofresearch&development, social responsibility is hot, but there is no consistentconclusion. About the conclusion on the study of technological innovation and financialperformance, most scholars confirmed the larger the research&development is, thehigher level financial performance advances, also there are a few scholars believe thatresearch&development is so large, slow that it is negatively related to the financialperformance, or it have no relation with financial performance in a certain period oftime; At the same time, about the conclusion on the study of technological innovationand financial performance, most scholars think that the CSR can improve corporatereputation and improve the level of financial performance, but a few scholars think thatresponsibility costing management funds reduce short-term financial performance, alsosome scholars think social responsibility work slowly, has no effect on short-termfinancial performance; In addition, the researches show that is there is relationshipbetween technology innovation investment and social responsibility, but thecomprehensive research of R&D investment, CSR fulfillment and financial performanceis very few. In addition, on the basis of existing research,this paper aim to study thecomprehensive relationship between technology innovation investment level, socialresponsibility fulfillment with short-term and long-term financial performance.This article selects data come from Shenzhen, Shanghai listed companies from2010to2013, showing R&D on behalf of the technology innovation investment level,CSR represents social responsibility performance ability, using EXCEL, SPSS statisticssoftware21to analysis. This paper research in two levels:First level, based on theprofitability, financial risk, the liquidity ability, study R&D investment, CSR fulfillmenthow to effect on short-term financial performance; Second level, short-term financialperformance as control variable, study the relationship between the R&D investment,CSR fulfillment and long-term financial performance.The research draw the following conclusions: first, the R&D investments positiveinfluence on short-term financial performance, but the relationship is not strong; CSRfulfillment promote short-term financial performance; And CSR will increase the extentof R&D investment promoting short-term performance, and the CSR fulfillment willrise the scope of R&D investment promoting short-term performance; second, R&D investment and long-term financial performance is positively related; CSR fulfillmentcan promote long-term financial performance; And R&D investment,CSR performancepositively effect with each other, which R&D investment based on the CSR willpromote long-term financial performance level, and the CSR fulfillment consideringR&D investment will be positive effect on future financial performance. In conclusion,this paper argues that the enterprise should not only increase R&D investment, but alsostrengthen CSR fulfillment, which is a long-term strategy. And called for thegovernment to introduce policies and laws, so as to realize the R&D investment, theCSR performance of the management "win-win" objective, and rise the level offinancial performance.