Research On The Relationship Between R&D Investment And The Growth Of Petroleum And Petrochemical Listed Companies

With the rapid development of economy,China's economic development has entered a new normal,and economic and social driving factors have changed from traditional elements to innovative elements.Facing the practical problems that Chinese enterprises need to make up for shortcomings in scientific and technological innovation,weak ability to solve innovation,lack of innovation dynamism,and low investment in R&D,the 18 th National Congress of the Communist Party of China,the 13 th Five-Year Plan and the supply side Structural reforms,etc.clearly show that we must adhere to the path of independent innovation with Chinese characteristics and implement innovation-driven development strategies.The core strategic support that emphasizes comprehensive national strength and productivity is technological innovation.The enterprises driven mainly by traditional factors have made great contributions to the rapid development of China's economy,especially energy-driven enterprises that focus on natural resources such as coal,oil,and natural gas.In recent years,China's oil and gas resources continued to increase its dependence on foreign oil prices,continued low volatility in oil prices,the rapid rise of new energy industries,and the lack of innovation capability of petroleum and petrochemical enterprises,all affecting the development of petroleum and petrochemical enterprises.As an important indicator to measure the development status and future prospects of the company,the growth of the company is also influenced by technological innovation.Therefore,the key to innovation in the development of enterprises is self-evident,but the research and development of investment in the growth of oil and petrochemical companies more important theoretical and practical significance.The paper takes the petroleum and petrochemical listed company as the research object,theoretically and empirically analyzes the growth influence of R&D investment on petroleum and petrochemical listed companies,and puts forward specific countermeasures and suggestions based on the research results.First of all,starting from the research background,purpose and significance,analyzing the domestic and foreign research status,and expounding the relevant theoretical basis of R&D investment on the growth of petroleum and petrochemical listed companies.Secondly,based on scientific,typical,and systematic principles,14 indicators for profitability,debt repayment ability,development ability,operational capability,and cash flow ability are selected to build a growth evaluation index system applicable to petroleum and petrochemical enterprises.Analyze the status quo of the growth of petroleum and petrochemical listed companies.Thirdly,based on an empirical analysis of the impact of R&D investment on listed companies in oil and petrochemical companies,based on data from 2012 to 2016 R&D investment and company growth of listed companies in petroleum and petrochemical companies,SPSS software was used for descriptive statistics and correlation analysis,and oil The growth of petrochemical listed companies is the explanatory variable,R&D capital investment and R&D personnel input are used for regression analysis and robustness test of explanatory variables.The empirical results show that R&D capital investment has a significant positive impact on the growth of oil and petrochemical listed companies.The positive impact is lagging behind,with a lag period of three years and the impact degree reaching the maximum in the second-phase lag;R&D personnel investment has a positive impact on the growth of oil and petrochemical listed companies,but not significant.Finally,combining empirical analysis results,we put forward suggestions for increasing investment in R&D capital,optimizing the structure of R&D personnel,rationally setting the R&D system,and perfecting R&D information disclosure.