E3S Web Conf.
Volume 292, 20212021 2nd International Conference on New Energy Technology and Industrial Development (NETID 2021)
|Number of page(s)
|New Energy Economy and Energy Blockchain Application
|09 September 2021
Research on R&D Investment, Corporate Leverage and Firm Performance: Based on Chinese Manufacturing Industry
Beijing jiaotong University, China
* Corresponding author: email@example.com
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.
© The Authors, published by EDP Sciences, 2021
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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