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

Most manufacturing companies in various countries in the world today consider strengthening research and development as an important means to improve their competitiveness and viability.However,a large number of facts show that the impact of R&D investment on the performance of manufacturing enterprises is highly uncertain.Some companies have gained lasting competitiveness because of increasing investment in R&D,and some have gone bankrupt because they cannot afford huge R&D investments.What is the impact of R&D investment on the performance of manufacturing companies?This is not only a matter of grasping the management and investment direction of an enterprise,but also the life and death of an enterprise.It is an important issue that needs to be studied in depth.At present,China is transforming from a large manufacturing country to a strong manufacturing country.In this process,a correct understanding of the complex effects of R&D investment on the performance of manufacturing enterprises is particularly important for improving the performance and competitiveness of manufacturing enterprises in China.Based on an in-depth analysis of the mechanism of the impact of R&D investment on the performance of manufacturing enterprises,this paper reveals the nonlinear impact of R&D investment on corporate performance from both theoretical and empirical aspects.Theoretical research shows that theoretically there is a reasonable investment range for R&D investment intensity of manufacturing enterprises.Only R&D investment within this range can effectively improve corporate performance,and R&D investment outside this range is either unproductive due to insufficient output The results,or the inefficient use of resources due to overuse,will have a negative impact on corporate performance;further research has found that the ratio of R&D personnel and R&D funds in an enterprise will also affect its degree of impact on corporate performance,and only an appropriate ratio In order to improve corporate performance;finally,from the perspective of the industrial chain,advertising marketing will affect the final market performance of the company's products,thus affecting the final corporate performance.R&D investment also needs to be matched with certain advertising and marketing to improve corporate performance.The paper selects the data of China's manufacturing industry from 2015 to2018,and uses the panel threshold model to test the above theory.The empirical results show that the impact of R&D investment on the performance of manufacturing enterprises shows an inverted "U" shape.Only when the intensity of R&D investment is(5.21%,15.04%)and the intensity of R&D personnel investment is(21.02%,24.43%),In order to promote corporate performance;In addition,R&D personnel and R&D funds need to be reasonably matched,and inappropriate resource allocation will reduce corporate performance;Finally,advertising marketing can improve the market performance of R&D investment results.Only with appropriate marketing investment,R&D investment can Improve business performance.The policy meaning of this article is very clear.First,for most manufacturing companies in China,government encouragement and support are still needed in R&D investment,because only when the intensity of R&D investment exceeds the first threshold of a reasonable investment range can After a positive impact on corporate performance,the company's R&D investment will enter a virtuous cycle.Second,for enterprises,R&D investment needs to pay attention to the ratio of R&D personnel and funds.At the same time,when the R&D results are marketized,it also needs to be matched with appropriate marketing methods.