| In a fiercely competitive modern society,companies must master advanced technologies and continue to improve and innovate in order to survive and develop,so that they can always maintain their advantages and remain invincible.In the report of the 18 th and 19 th National Congress,the Party pointed out that China must implement an innovation-driven development strategy and build an innovative country.This shows that the emphasis on innovation has risen to the height of the country.Since the realization of innovation is inextricably linked with R&D activities,it will require the government and companies to continuously increase R&D investment.China’s research on R&D investment and corporate performance started late,and most of the existing studies are on the Main Board listed companies or high-tech industries.Since its establishment,the GEM has attracted the attention of many stakeholders with its high growth.However,fewer scholars have studied the relationship between R&D investment and corporate performance of GEM listed companies.Based on this,this article selects the R&D input data and related financial indicators of listed companies in China’s GEM manufacturing industry from 2013 to 2016,and uses multiple linear regression models and revised Cobb-Douglas production function models to fully invest in R&D.Both the number and relative numbers provide empirical analysis of the relationship between R&D investment and enterprise performance of listed companies to confirm each other.The results of the study indicate that:(1)In general,the R&D investment of China’s GEM listed companies is positively correlated with enterprise performance.R&D investment can significantly improve the profitability of the company,but it does not show a complete positive correlation with operational capacity.This may be due to the immatureness of the listed companies in the GEM manufacturing industry,the high risk of production and operations,and excessive expenditures on research and development costs have aggravated the burden on enterprises,and the positive impact of R&D investment on operating capacity cannot be fully demonstrated;(2)R&D investment has hysteresis,its impact on the lag period is not only less than the current period,and the effect is gradually weakened with the extension of the lag period.In addition,the lag period of R&D cost input is longer than that of R&D personnel;(3)R&D investment has a cumulative effect.From the results,the accumulated R&D investment has themost significant impact on enterprise performance.Based on empirical results,from the perspective of enterprises,this paper proposes that we should rationally plan R&D investment,increase efficiency,and accelerate the conversion of R&D results;from the government’s point of view,we should propose suggestions for improving the disclosure of R&D information of listed companies,increasing the support for R&D funds,and improving the protection of intellectual property. |
