Abstract
This study focuses on Chinese new energy vehicle listed companies, aiming to explore the effect of R&D investment on corporate financial performance and develop a financial performance testing model. The study used panel data from 2013 to 2023 and employed descriptive statistics, correlation analysis, and regression analysis to systematically analyze the relationship between R&D investment, R&D output, and financial performance.The research reveals that: (1) R&D investment significantly positively correlates with corporate financial performance, suggesting that an increase in R&D investment can significantly boost a company's financial performance; (2) R&D investment significantly boosts R&D output, leading to more innovative achievements; and (3) R&D output partially mediates the relationship between R&D investment and financial performance, suggesting that an increase in R&D output enhances corporate financial performance. The research results emphasize the crucial role of R&D investment in improving corporate financial performance and suggest that companies should attach importance to R&D investment, optimize R&D resource allocation, strengthen R&D project management, and build a corporate culture that supports innovation. Simultaneously, the government should implement incentive measures to stimulate enterprises' investment in research and development, thereby fostering technological innovation and industrial upgrading.
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