Research On The Impact Of R&D Investment And Debt Level On Firm Performance

The information technology industry plays a very important role in the economic development of China and the world.As the largest information technology country,the United States has the most advanced technology and the most powerful information technology company.In recent years,China's information technology industry has developed rapidly and plays an important role in China's economic development.The level of information technology innovation can even reflect the country's R&D and innovation capabilities.Therefore,the R&D and innovation capabilities of information technology enterprises are not only related to the profit of the enterprises' capacity and development prospects but also affect the country's overall strength and international status.China's information technology and R&D investment still have a certain gap compared with the United States,and the United States as an information technology powerhouse has many places worthy of our reference.Comparing the R&D investment and the relationship between R&D and corporate performance of information technology listed companies in China and the United States,we can discover our strengths and weaknesses,thus fostering strengths and avoiding weaknesses.Therefore,this paper uses Chinese and American information technology listed companies as research objects,collects the financial data of these companies from 2013 to 2017,first compares the total R&D investment and R&D intensity of information technology companies between China and the United States,and uses empirical analysis methods to test the relationship between R&D investment and corporate performance of information technology companies and the relationship between the two under different debt levels,and the development status,descriptive statistics and regression results of information technology companies in China and the United States.The research shows that:(1)Compared with the United States,China's information technology companies have lower R&D investment,but the growth rate is faster.(2)The R&D investment of Chinese and American information technology companies are significantly positively correlated with corporate performance,but the impact period of R&D investment and the degree of influence on the performance of enterprises with different deadlines are significantly different.(3)The positive correlation between R&D and corporate performance of American information technology companies is no more significant than that of China.(4)Under different debt levels,the correlation between R&D investment and corporate performance is different.The optimal debt levels of information technology companies in China and the United States are also different.China's R&D investment and corporate performance are more significant when the debt level is medium,while US companies have a more significant relationship between R&D investment and firm performance when the debt ratio is high.