Research On The Relationship Between R&D Investment And Enterprise Performance

At present,China's economy is at a specific stage of the "three phase superposition",and the economic development has entered a new normal state.It is necessary to adjust the economic structure and implement the technological change.The most important foundation for technological change is effective R&D activities.The coal industry is the basic energy industry in China.<The 13 th Five-Year energy development plan>pointed out that Energy development is changing from relying mainly on resource input to innovation driven.The main tasks of the coal industry in 13th Five-Year are efficient intelligence,low carbon conservation,and innovation driven,so as to promote energy technology revolution.the study of the relationship between the R&D investment and the performance of the listed coal companies can provide the theoretical basis and experience for the government to formulate relevant policies and to promote structural adjustment and transformation and upgrading of coal enterprises.Through consulting the relevant literature at home and abroad,this paper takes the coal enterprises listed in two cities and Shenzhen in China as a sample.Using data in the annual financial report of 3 years from 2014 to 2016,Select R&D investment absolute value and R&D input intensity as explanatory variables.Using the 11 corporate performance indicators that can reflect the company' s performance,apply a factor analysis method to derive a comprehensive corporate performance indicator,which is a combination of performance indicators and indicators that can reflect the profitability index,development ability index,operational ability index,and solvency index.The main factor is used as an explanatory variable.At the same time,the company scale and the company's free cash flow were introduced as control variables,and the relationship between R&D input and corporate performance,R&D investment,and the performance of responding companies was verified using multiple linear regression and Cobb-Douglas production function models.Hysteresis and cumulative effects between R&D investment and corporate performance.The empirical test shows that there is a positive relationship between R&D investment and corporate performance of China's listed coal companies,but it is not that R&D investment has a positive impact on all aspects of corporate performance;R&D investment and comprehensive corporate performance indicators show significant Lag effect and cumulative effect.From this we can judge that for companies,continuous R&D investment can bring more lasting profits.Based on the above research,this paper puts forward several suggestions:The government should strengthen guidance and policy support for the coal industry,strengthen the rectification of coal companies,and standardize the information disclosure methods of listed coal companies;enterprises should strengthen their awareness of research and development,increase investment in research and development,and improve research and development.Management level and avoidance of short-term behavior must be formulated for China's coal listed company's R&D strategy.