R&D Investment,Equity Checks And Balances And Enterprise Sustainable Development

Innovation is indispensable in the process of realizing sustainable development.As one of the pillar industries of China’s national economy,the manufacturing industry has developed rapidly in recent years.It is also urgent to vigorously develop R&D activities,so as to maintain the leading position in the industry in the increasingly fierce market competition environment,and the core competitiveness brought by innovation to enterprises is highlighted.As the economic basis of innovation activities,what impact will R&D investment have on the sustainable development of enterprises?Will it quickly promote the sustainable development of enterprises?This paper will further study these problems.Based on reading a large number of domestic and foreign literature,this paper expounds the basic concepts of enterprise sustainable development and R&D investment,and puts forward the research hypothesis of this paper through theoretical analysis.Using the empirical research method,the data samples of 134 manufacturing listed companies on the gem from 2011 to 2020 were collected through the guotai’an database(CSMAR).The R&D investment intensity index was selected as the core explanatory variable to decompose the enterprise sustainable development into sustainable growth ability and profitability,and the sustainable growth rate and return on net assets were used as the explanatory variables respectively,Adding asset size,number of employees and capital size as control variables and equity balance as adjustment variables,this paper constructs a panel data fixed effect regression model for empirical analysis,studies the lag effect and threshold effect of R&D investment.Through empirical research,the research results are as follows:(1)The investment in R&D has a significant negative impact on the sustainable development of enterprises in the current period.(2)The R&D investment lagging behind the third period has a significant positive impact on the sustainable development of enterprises in the current period.(3)Equity balance plays a positive regulatory role in the impact of R&D investment on the sustainable development of enterprises.(4)The R&D investment of non-state-owned enterprises lagging behind the third stage has a more significant positive role in promoting the sustainable development of enterprises.(5)Equity checks and balances positively regulate the negative impact of R&D investment on the profitability of enterprises in a certain range,so that there is a nonlinear relationship between R&D investment and profitability.Finally,according to the empirical research conclusion of this paper,some suggestions are put forward:We should persevere in strengthening R&D activities and gradually introduce automation and intelligent systems and technologies into production.Enterprises should combine with the actual development situation,formulate reasonable R&D investment planning,and promote innovative R&D activities for a long time.We should vigorously build an innovative talent team and enhance the quality and ability of technicians.At the same time,enterprises should improve the education level of shareholders’ meeting members and the quality of the equity system regulation;improve the shareholding of shareholders’ meeting members,optimize the equity system regulation,and provide incentives for existing shareholders’ meeting members to improve their education level,improve their knowledge and professional ability through self-study or training,and promote the form of vertical part-time appointment of senior management.