Research and Development Expenditure, Cash Conversion Cycle and Corporate Performance An Empirical Study of Chinese Listed Companies

With the development of science and technology, the globalization has contributed to the vigorous development of China's economy.Business managers begin to recognize the importance of research and development expenditure and working capital management on the enterprise core competitiveness.Combining the background of listed companies in our country, and selecting 45 companies listed in the Shanghai stock exchange form 2012 to 2014 as the research sample, the paper discusses the correlation of research and development expenditure, cash conversion cycle and corporate performance.We find that research and development expenditure has a significant positive correlation with the enterprise performance; cash conversion cycle has a not significant negative correlation with the enterprise performance; research and development expenditure has a significant negative correlation with cash conversion cycle; the research and development expenditure spending of confirmed as intangible assets has a significant negative correlation with cash conversion cycle; the research and development expenditure spending of recorded into the profits and losses has a not significant negative correlation with cash conversion cycle; development spending has a significant negative correlation with cash conversion cycle.