Research on the Relationship between R&D Investment and Firm Performance

Technology innovation is crucial to the economic benefits and future development of enterprises. And R&D investment is an important factor influencing enterprise innovation. Therefore, this paper builds a research theoretical framework based on behavioral finance, selects Shanghai and Shenzhen A-share listed companies from 2010 to 2019 as the research object, and uses multiple linear regression as the main research method to examine the impact of R&D investment on firm performance. The study found that: First, R&D investment is positively correlated with firm performance, which can effectively promote enterprise development. Second, under different enterprise ownership arrangements, there are differences between R&D investment intensity and firm performance. Specifically, R&D investment is more effective in improving the performance of non-state-owned enterprises; The innovations of this paper are as follows: First, on the basis of empirically examining the relationship between R&D investment and firm performance, it deeply explores the relationship and role of human capital to firm economic benefits when companies make strategic decisions on innovative R&D. Second, in the selection of firm performance indicators, referring to the existing literature, the firm performance indicators select Tobin's Q value, and then analyze the moderating effect of R&D investment and firm performance after distinguishing enterprise property rights.