A Study On The Relationship Between R&D Investment And Enterprise Performance Of Agricultural Listed Companies

Since the international financial crisis,competition in the international market has become increasingly fierce.Scientific and technological innovation has gradually become the focus of competition among enterprises.During the 13th Five-Year Plan period,the emergence of Chinese new economy put forward higher requirements for R&D innovation,and the international competition in patents and technology has become increasingly fierce.Agricultural listed companies play a vital role in promoting the development of Chinese agriculture and promoting the comprehensive level of agriculture,and are the main body of Chinese agriculture to enhance its scientific and technological strength and technology.In recent years,our government attaches great importance to the technical level and R&D level of agricultural listed companies,and has formulated many policies to encourage agricultural companies to independently research and development.On the other hand,many agricultural enterprises rely on importing,merging and purchasing patents or technologies,lacking the motivation of independent research and development.Therefore,it is necessary to conduct a comprehensive and comprehensive study on the relationship between R&D investment and the performance of agricultural listed companies,and to evaluate the benefits of R&D investment.This paper reviews the literature on R&D activities and technological innovation in recent years,studies in detail the impact of R&D investment on enterprises,and summarizes the mechanism.Subsequently,this paper discusses the related concepts and the main theories used in the paper.In the empirical study,this paper selects 74 listed agricultural companies in the A-share market from 2013 to 2017,with a total of 370 observations.Firstly,a descriptive statistics is made on the sample firms.Then,R&D input intensity and R&D personnel input intensity are selected as explanatory variables,and total asset return and capital accumulation rate as explanatory variables.Several multiple regression models are constructed from different angles to analyze the relationship between related indicators of R&D investment and related indicators of enterprise performance.The results show that the level of R&D investment of agricultural listed companies in China is low,and there is no significant positive correlation between R&D investment and enterprise performance.R&D personnel investment and enterprise performance are positively correlated and there is a lag.Subsequently,according to the empirical results,this paper gives countermeasures and suggestions from the perspective of the government and enterprises:the government should increase the support for talents and funds of agricultural enterprises.At the same time,it is also very important to perfect a fair market economy system.The R&D of enterprises needs the active participation of the government.For enterprises,the relevant information on R&D investment should be further disclosed.At the same time,R&D investment is very important for agricultural enterprises in today's market environment,especially for R&D personnel.The significance of this study is to promote agricultural enterprises to make clear the importance of R&D investment,and provide a theoretical basis for business managers to formulate enterprise strategy.