Research On The Impact Of New Energy Listed Companies’ R&D Investment On Financial Performance

With economic globalization and the continuous deepening of China’s market economy,enterprises are facing unprecedented opportunities and challenges,and scientific and technological research and development have become increasingly important.The new energy industry is an emerging industry in China.The report of the 19th National Congress of the Communist Party of China made it clear that we should adhere to the concept of green development and regard the development of clean and low-carbon new energy as the main direction of restructuring the energy structure.At the same time,technological innovation occupies a central position in the development of the new energy industry and plays a vital role in promoting the optimization and transformation and upgrading of the energy structure.For the new energy industry,whether continuously increasing R&D investment can improve financial performance is very important;and good corporate governance can effectively reduce costs,and can improve the efficiency of R&D investment,ensure the implementation of R&D activities,and thus improve financial performance.Therefore,it is of practical significance to study the impact of R&D investment on financial performance from the perspective of corporate governance.On the basis of summarizing relevant research and achievements at home and abroad,this article defines the concepts of R&D investment,corporate governance and financial performance,and analyzes the current status of R&D investment,corporate governance and financial performance of new energy listed companies;based on profitability,debt repayment Ability,operation ability and growth ability,construct a new energy listed company’s financial performance evaluation index system,use factor analysis to evaluate its financial performance from 2014 to 2018;use principal-agent theory,innovation theory,signal transmission theory,etc.,Theoretical analysis of the regulatory role of corporate governance on R&D investment and financial performance is carried out,and research hypotheses are proposed;the explanatory variables,the explained variables,the regulatory variables and the control variables are determined,and the fixed-effect model is constructed;the new energy listed companies are the research objects To conduct empirical research based on the research sample from 2014 to 2018.The results show that:(1)R&D investment of new energy listed companies can positively affect the financial performance of the company,and there is a lagging effect;(2)The concentration of equity,the total annual salary of executives,and the proportion of executives holding shares have an impact on R&D investment and financial performance Positive adjustment effect;(3)The proportion of independent directors has a negative adjustment effect on R&D investment and financial performance;(4)Equity checks and balances and the combination of two positions have no adjustment effect on R&D investment and financial performance.