Research On The Impact Of R&D Expenditure On Financial Performanceof Listed Company Related To Agriculture

At present,China’s economic development has entered a new normal state.How to continue to strengthen the basic position of agriculture in the context of slowing down economic growth is an urgent issue to be solved.As the representative of agricultural industrialization and inforrnatization,the development of agricultural listed companies is conducive to the adjustment of agricultural industrial structure.To adjust and optimize agricultural structure,it is necessary to make breakthroughs in key technologies of agriculture.To strengthen innovation-driven development,and innovation can not be separated from technology research and development.Although agricultural listed companies have continuously increased the proportion of R&D expenditure,their financial performance does not match their due market position.Compared with non-agricultural listed companies,their financial performance is significantly lower.The lower financial performance is due to the characteristics of agriculture itself or related to R&D expenditure.Whether R&D expenditure has an impact on financial performance or not?Therefore,under the background of constantly emphasizing on promoting agricultural modernization and implementing the concept of innovative development,it is of great practical significance to study the impact of R&D expenditure on financial performance.This paper takes agricultural listed companies as the research object,chooses the annual report data of listed companies from 2013 to 2018,takes R&D expenditure as explanatory variable,financial performance as explanatory variable,enterprise size,asset-liability ratio and asset turnover ratio as control variable,and uses fixed-effect model to explore the impact of R&D expenditure on financial performance.The results show that:(1)The impact of R&D expenditure on financial performance conforms to the quadratic U-curve relationship,indicating that there will be an appropriate input point for R&D expenditure;(2)By calculating the minimum point of R&D expenditure of quadratic curve function,according to descriptive statistics judgment,the average R&D intensity of 47 listed agricultural companies selected is less than the extreme point,which indirectly reflects the R&D expenditure side.Facing the problem of low investment proportion of agricultural listed companies in China.In view of the conclusions drawn from the study,this paper puts forward some suggestions,hoping to help agricultural listed companies maintain a reasonable structure of R&D expenditure,create more output and improve the company’s financial performance.