Abstract
The electric power and electric industries are basic and strategic emerging industries in China’s national economy. Based on the data of listed companies in China’s electric power and electric industries from 2015 to 2019, this paper empirically studies the impact of research and development (R & D) attention on corporate profitability. The results show that attention to R & D by listed companies in electric power and electric industries will significantly improve enterprise’s profit performance, and this kind of effect has yearly heterogeneity. From 2015 to 2017, R & D attention gradually improved the profit performance of enterprises, but the profit spillover effect of R & D investment in recent years needs to be further strengthened. Further study found that R & D attention has a significant effect on corporate profitability in the private enterprise group, the R & D attention of state-owned enterprises and R & D structure adjustment should be paid more attention; R & D investment can significantly improve the profitability of the electrical industry, but the promotion effect was relatively slow in recent years, and R & D investment has a significant effect on the profitability of listed companies in the electric power industry. Although the promotion effect is not obvious, it shows a steady improvement trend. After variable and model replacement, the empirical regression conclusion of this paper is still robust. The results of this paper help to deepen the understanding of the stage characteristics of the impact of R & D attention on profit performance, and it is of great significance to optimize the efficiency of R & D investment and pay attention to the adjustment of R & D structure in the electric power and electrical industries.
Highlights
R & D attention of state-owned enterprises and R & D structure adjustment should be paid more attention; R & D investment can significantly improve the profitability of the electrical industry, but the promotion effect was relatively slow in recent years, and R & D investment has a significant effect on the profitability of listed companies in the electric power industry
Based on the samples of listed companies in China’s power industry and electrical industry from 2015 to 2019, this paper empirically studies the relationship between R & D
R & D attention by power industry and electrical industry companies will improve the profitability of enterprises, and this effect has year heterogeneity
Summary
Publisher’s Note: MDPI stays neutral with regard to jurisdictional claims in published maps and institutional affiliations. This paper intends to use the method of year-on-year regression to preliminarily explore whether the R & D attention of listed companies significantly improved the profit performance of enterprises and explore whether this effect has year heterogeneity, so as to provide guiding evidence for the R & D investment of China’s power industry and electrical industry. This paper mainly discusses the impact path of R & D attention on profit performance of China’s power industry and electrical industry, explores the impact differences in different years and finds the heterogeneity of R & D attention of state-owned enterprises and non-state-owned enterprises according to different property rights and puts forward a reasonable incentive mechanism. The rest of this paper is structured as follows: the second part is the literature review and hypothesis; the third part is the experimental design; the fourth part is the analysis of the experimental results, and the fifth part is the research conclusion
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