R&D and Performance- Based on Manufacturing and Information Service Listed Company

Traditional enterprises are taking big risks and cost to research and development in order to carry out business transformation to adapt to the changing environment as well as what information service companies do to increase core-competitiveness. This paper takes 72 companies in the manufacturing and information service industry from 2015 to 2017 as a research sample to explore the relationship between R&D investment and corporate performance. This study divides R&D investment into two dimensions, R&D expenditure input intensity and technician input intensity. The measurement of business performance refers to profitability. This research finds that the intensity of R&D investment has a positive impact on the profitability of the company in the current period. Specifically, R&D input intensity has hysteresis effect on performance. R&D expenditure intensity only has significant influence on profitability this year. The input intensity of R&D technicians has a positive correlation with the profitability of enterprises that lag one year and two years, but there is no correlation in corporate profitability in the first year.