Research On The Relationship Between R&D Investment And Financial Performance Of Listed Steel Enterprises From The Perspective Of Supply Side Reform

Since 2012,the global economic downturn,the domestic environmental governance situation is grim,steel overcapacity problem is becoming increasingly prominent,causing a large area of China's steel industry dismal and serious losses.Under the new normal of China's economy,supply-side reform is the key to promote the country to implement innovation-driven and realize the transformation of development power.According to the idea of supply-side reform,General Secretary Xi Jinping put forward the five tasks of "three to one drop and one supplement",and pointed out the reform direction for many real economies,such as steel,coal and real estate industry.Among them,the reform of the steel industry is focused on the production capacity,because the iron and steel industry in the past national economic development belongs to the pillar industry,its ability to carry out capacity work smoothly related to whether the supply-side reform can be steadily advanced.Three years have passed since the proposed supply-side reforms,and in those three years,reforms have begun to bear fruit,and capacity has been seen as the main reason for the turnaround in the steel industry.But the ultimate goal of supply-side reform is to promote iron and steel enterprises to increase R&D investment,Accelerate the implementation of innovative drive strategy,so as to achieve the transformation and upgrading of iron and steel enterprises.Therefore,the supply side reform proposed to the capacity,deleveraging,de-inventory,cost reduction is to "fill the short board" service.In the first part of the paper,the main use of normative research,combined with the topic of the relevant literature for a wide range of reading and refining analysis,the supply-side structural reform,R&D investment and financial performance of the relationship between the formation of preliminary cognition and basic assumptions,convenient after the previous study on the basis of further research.In the next research,the paper defines the specific concepts of supply-side reform,R&D investment and financial performance,and explains the relevant theories used in the research process,which lays a solid theoretical foundation for the article,and in the research hypothesis,according to the theoretical analysis and the previous research results,the research hypothesis of this paper is formed.;In the empirical part,relying on the previous experience,establish the financial performance evaluation system applicable to listed steel enterprises,and use quantitative indicators to explore the relationship between R&D input and financial performance and the relationship between R&D input and financial performance from the perspective of supply side reform,exploring the five tasks proposed by supply-side reform whether the remaining four are "refill" services has improved the correlation between R&D investment and financialThrough empirical analysis,this paper draws the following conclusions: there is a significant inverted U correlation between R&D Investment and the financial performance of steel listed companies without considering the influence of other factors.Supply side reform the implementation of the remaining four major tasks makes the correlation between R&D investment and financial performance more significant,which reminds us that we must grasp the key point of R&D innovation in deepening supply-side reform.