Author(s)

Lili Zhou, Xinyue Chen

Corresponding Author

Xinyue Chen

ABSTRACT

Based on the panel data of Shanghai and Shenzhen A-share listed companies from 2012 to 2019, this paper explores the relationship between R & D investment, short loan and long-term investment and enterprise performance, and examines the impact of the interaction between R & D investment and short loan and long-term investment on enterprise performance. The results show that the impact of R & D investment on enterprise performance has a lag effect, which is not a simple linear relationship; Short term loan and long-term investment are negatively correlated with enterprise performance, and short term loan and long-term investment will weaken the positive effect of R & D investment on enterprise performance. In this paper, the group discussion of state-owned enterprises and non-state-owned enterprises further found that compared with state-owned enterprises, R & D investment has a stronger negative correlation with the performance of non-state-owned enterprises in the current period, and the interaction with short-term loan and long-term investment can significantly inhibit the positive relationship between R & D investment and enterprise performance.

KEYWORDS

R & D Investment, Short Term Loan and Long-term Investment, Enterprise Performance, Lag Effect