Research On The Impact Of R&D Investment On Financial Performance In The Context Of Slowing Economic Growth: The Regulatory Role Of Innovation Policy

The development speed of China's economy is now entering the "new ordinary state" of 7%,across the "middle income trap" of the critical juncture.China 's economy will be on a higher level if we must take the road of innovation and development.China needs to change the developing mode from the resource-motive to the innovation-motive.Even some slight changes in national policy will make some degrees of impact to operations of enterprises and financial performance,because of the impact of different forces in the direction of the strength.In the context of slowing economic growth,R & D investment performance is not ideal.Therefore,the state introduced innovative policies to adjust the relationship between R & D investment and financial performance,so that R & D investment can get better output.Accordingly,this thesis explores the influence of the implementation of innovation policy on the relationship between R & D investment and financial performance under the current economic slowdown.For the sake of demonstrating the research hypothesis of this paper,this paper takes the relevant data of Zhejiang manufacturing listed companies from 2009 to 2014 as the research samples,and empirically study economic growth,innovation policies and the interaction of the two on R & D investment and financial performance.The results are as follows:(1)R & D investment has a remarkable active influence on financial performance,which will weaken when time goes by.(2)In the situation of economic slowdown,the positive correlation between R & D investment and financial performance is weakened.(3)Innovation policies strengthen the positive correlation between R & D investment and business results of firms.(4)The mutual effect between economic slowdown and innovation policies exercises little obvious influence on the relationship between R & D investment and financial performance.The achievements of this thesis is to hunt for the connection between R & D investment and financial performance under the background of slowing economic growth by using innovation policies as a moderator.Explorations on the connection among R & D and financial performance has been extended.Another point is that innovation policy variables in empirical research methods of measurement innovation,innovation policy in empirical research in the measurement more scientific.