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Technological progress is the core of corporate economic growth, and R&D investment activities are the basis of technological innovation. In the context of the country's implementation of the innovation-driven strategy, the company's innovation input performance has become a research hotspot. This paper takes the financial data of Liaoning equipment manufacturing listed companies from 2015 to 2017 as the research object, and conducts empirical analysis on the relationship between R&D investment and financial performance. Under the enlightenment of previous studies, this paper takes the relationship between R&D investment and corporate financial performance as the research goal, and selects five representative financial indicators from profit, growth, operation and solvency, and uses correlation analysis. The model of R&D investment and financial performance of Liaoning equipment manufacturing industry was constructed, and the financial data of 18 listed equipment manufacturing enterprises in Liaoning were used for empirical analysis. The analysis results show that R&D investment is conducive to improving corporate financial performance, and R&D investment has a lag in return to the enterprise. And there is hysteresis based on the conclusions of the above studies. Keywords—equipment manufacturing industry; R&D input; financial performance

An Empirical Study on R&D Investment and Financial Performance of Listed Companies in Liaoning Equipment Manufacturing Industry*