Abstract
With the development of science and technology, Chinese manufacturing industry is facing transformation and upgrading, and innovation is an important driving force to promote industrial transformation and upgrading. Therefore, based on the background of Chinese manufacturing transformation and upgrading, this paper uses fixed effect model to study the relationship between R & D investment and corporate performance, and the moderating effect of corporate leverage. The study finds that the greater the R & D investment of enterprises is, the better the performance of enterprises is. Meanwhile, the leverage of enterprises has a negative moderating effect on the relationship between R & D investment and enterprise performance. Therefore, enterprises should pay attention to their own R & D, reduce their debt levels, and promote the transformation and upgrading of enterprises. At the same time, the government should introduce corresponding preferential policies to encourage enterprises to carry out R & D and deleverage, in order to promote the healthy development of industrial economy.
Highlights
Manufacturing is an important part of national development
Our innovation lies mainly in: on the one hand, R & D investment is affected by the capital structure of the enterprise itself, so we introduce the variable of enterprise leverage to study its role in R & D investment and enterprise performance
Since China is in an important stage of manufacturing transformation and upgrading, we study the impact of R & D investment of manufacturing enterprises on enterprise performance, which has important practical significance for the development of industrial economy
Summary
Manufacturing is an important part of national development. Since the 19th National Congress, General Secretary Xi Jinping has repeatedly made important instructions on ' vigorously developing manufacturing and accelerating the transformation and upgrading of China 's manufacturing industry from low-end to high-end. ' The transformation and upgrading of the manufacturing industry are inseparable from the innovation of technology. Since the 19th National Congress, General Secretary Xi Jinping has repeatedly made important instructions on ' vigorously developing manufacturing and accelerating the transformation and upgrading of China 's manufacturing industry from low-end to high-end. It is necessary to study the impact of manufacturing R & D investment on enterprise performance. The high leverage of enterprises has affected the healthy development of China’s economy, and even brought financial crisis to enterprises. Since China is in an important stage of manufacturing transformation and upgrading, we study the impact of R & D investment of manufacturing enterprises on enterprise performance, which has important practical significance for the development of industrial economy
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