Research On The Impact Of R&D Investment On Enterprise Performance

With the change of the global economic situation and pattern,a new round of industrial transformation has begun in the world.In the process of transformation,scientific and technological innovation has become an important part of development.China has also made clear in a series of important strategic guidance,including "made in China 2025",that technological innovation capacity is the source of future profit growth of enterprises,while R&D activities are an important link in the innovation chain and an important source of innovation.t is found that the research conclusions are not uniform when focusing on the influence of R&D investment on enterprise performance,and the main reason is that the influencing factors between the two have not been fully considered.The institutional environment is an important macro factor that affects the business environment of enterprises,and to some extent affects the R&D activities and business performance of enterprises.Therefore,when the institutional environment is different,the impact of R&D investment on enterprise performance is naturally different.This paper will proceed from the perspective of institutional environment,which is comprehensively measured from three perspectives,namely,the degree of government intervention,the development level of financial market and the legal environment,to analyze the impact of R&D investment on enterprise performance.By selecting the A-Share listed enterprises from 2014 to 2018 as the research objects,the empirical method is used to analyze the impact of R&D investment on enterprise performance and the impact of institutional environment on the relationship between R&D investment and enterprise performance.Finally,it is concluded that R&D investment has a significant positive effect on enterprise performance.When the government intervention level in the region is lower,the positive impact of R&D investment on enterprise performance is greater.When the local financial market environment is relatively good,the positive impact of R&D investment on enterprise performance is more significant.;When the local legal environment is well developed,R&D investment has a more significant positive effect on enterprise performance.In view of this conclusion,the corresponding policy Suggestions are given in the hope of contributing to the research on the relationship between enterprise innovation R&D and enterprise performance.