Research On The Impact Of R&D Investment On Financial Performance Of Gem High-tech Listed Company

With the rapid growth of economic globalization,more and more countries have begun to upgrade scientific and technological innovation to the high level of national strategy.And the enterprise is the main force of the national scientific and technological innovation,and the high-tech enterprises are the backbone of the national scientific and technological innovation.Therefore,our government attaches great importance to the growth of high-tech enterprises,vigorously supports R&D projects of high-tech enterprises,and the high-tech enterprises listed on GEM are as high as 95%.Technological innovation is the driving force for the development of enterprises.Many enterprises are constantly increasing R&D investment.However,scholars have not yet reached an agreement on whether R&D investment can effectively improve corporate financial performance.Therefore,this paper takes the GEM listed companies as the research object to analyze the impact of their R&D investment activities on the corporate financial performance.This paper first describes the research context,research significance and research technique,defines research and development investment,financial performance and other related concepts,summarizes the relevant literature at home and abroad and the related theoretical basis.Secondly,it analyses the R&D investment and financial performance of the GEM listed companies in China.Then,select 2013-2016 years of financial data of 329 gem high-tech listed companies as the research sample,to R&D investment strength and R&D investment intensity as independent variables,the price-to-book ratios and Z-score as the dependent variable,the enterprise scale,financial leverage and corporate age as control variables,put forward the hypothesis and establish the model.Then we take advantage of relevant software to carry out empirical tests on the hypotheses proposed in this paper,including descriptive statistical analysis,correlation analysis and regression analysis.The empirical analysis shows that:R&D investment and corporate financial performance of gem are highly positively correlated,and R&D investment has a lagging effect on corporate financial performance.Finally,on the basis of the results of the empirical analysis,this paper proposes some proposals,such as increasing the investment of R&D and increasing the long-term capital investment.