Competitive Strategy,R&D Investment And Sustainable Development Of Enterprises

At present,China is in the period of economic transformation,and the survival and development of enterprises are facing unprecedented challenges in the process of capacity removal,inventory removal and steady growth.With the complex changes of macroeconomic environment and the constant adjustment of industrial structure,how to achieve sustainable development of enterprises under the new normal economic situation is particularly important.Sustainable development of enterprises is a systematic project.Strategies play a goal-oriented role in sustainable development.Therefore,it is necessary to systematically study the strategic issues of sustainable development of enterprises in China.In the existing literature,the research on sustainable development of enterprises mainly focuses on the impact of corporate social responsibility,corporate performance and macroeconomic factors.Therefore,it is of great practical significance to explore whether the implementation of competitive strategy will really promote the sustainable development of enterprises.With the trend of global knowledge economy integration becoming more and more prominent,the competitive advantage of enterprises is no longer the simple possession of resources,but the research and development and application of intangible assets such as core technology,and R&D investment provides "basic" energy for the development of such intangible assets.Under the strategic background of "innovation-driven development",China's economy needs a group of innovative enterprises with core technology and core competitiveness to achieve quality improvement,efficiency enhancement and industrial transformation and upgrading.Innovation is an important way for enterprises to achieve sustainable development.As the core of innovation,R&D investment of enterprises also has an important impact on the sustainable development of enterprises.In addition,few literatures have integrated competitive strategy,R&D investment and sustainable development of enterprises into the same framework forresearch and analysis.In view of this,this paper chooses 2013-2017 as the sample interval,takes A-share listed companies in China as the research object,and tries to explore the impact of competitive strategy on the sustainable development of enterprises based on the resource-based view of competitive strategy.Through the intermediary effect model,this paper examines the intermediary effect of R&D investment on competitive strategy and sustainable development of enterprises,and further analyses the impact of heterogeneity of property rights.The results show that:(1)The implementation of low-cost strategy and differentiation strategy is helpful to promote the sustainable development of enterprises.By reducing production costs,enterprises implementing low-cost strategy not only achieve economies of scale,but also alleviate financing constraints,improve enterprise performance and promote sustainable development of enterprises.Enterprises that implement differentiation strategy provide unique products to consumers in specific areas,and gain consumers recognition by meeting their individual needs,thus enhancing their profitability.(2)The implementation of low-cost strategy or differentiation strategy can promote R&D investment.To avoid being imitated by competitors and losing cost advantage,enterprises implementing low-cost strategy need to innovate production technology or process transformation to form heterogeneous resources and bring long-term competitive advantage to enterprises.Differentiation strategy,in order to gain consumers recognition,needs to carry out R&D and innovation of products to avoid the tendency of product homogeneity.(3)R&D investment is conducive to promoting the sustainable development of enterprises,and plays an intermediary role in the competitive strategy and sustainable development of enterprises,and is a part of the intermediary.Therefore,enterprises can actively carry out R&D activities by formulating clear and definite competitive strategies and putting them in place,so as to stimulate the innovation vitality of enterprises and enhance their sustainable development ability.(4)Based on the heterogeneity of property rights,the R&D investment of state-owned enterprises and non-state-owned enterprises plays an intermediary role in the impact of competitive strategy on the sustainable development of enterprises.It shows that both state-owned enterprises and non-state-owned enterprises tend to promote sustainable development of enterprises by formulatingcompetitive strategies and increasing R&D investment.The conclusion reveals the mechanism of competitive strategy for sustainable development of enterprises,and illustrates the important role of R&D investment in the development of enterprises.This will help enterprises to grasp the internal mechanism of sustainable development,rationally choose the implementation path of competitive strategy,strengthen R&D investment to maintain the core competitive advantage of enterprises,and promote sustainable development of enterprises.