Research On The Impact Of R&D Investment On Enterprise Performance

Technological innovation is the soul of enterprises to form core competitiveness,and R&D is the source of enterprise innovation.Research on the correlation between technological innovation,R&D investment and firm performance has always been a hot topic.A lot of theoretical and empirical studies have been carried out in domestic and foreign academic circles,but no unified conclusion has been reached.Scholars at home and abroad have gradually found that the relationship between the two may be affected by the internal and external business environment and operating conditions.To explore the real relationship between the two,we must consider the impact of other variables and introduce these factors into the model in the way of adjusting variables.Firms in different life cycle stages have different internal characteristics,such as scale,financial level,which will affect the efficiency of R&D activities.Moreover,enterprises in different life cycle stages have different emphasis on technological innovation.There are plunder mechanism and governance mechanism in product market competition.The plunder mechanism is reflected in plunder pricing behavior and non-monopoly competition behavior,which will have an impact on the capital and operating conditions of enterprises,and enterprises will also face the risk of reducing market share,so as to avoid this risk and improve operational efficiency;the governance mechanism is reflected in the market competition as a supplement to corporate governance to managers.Layers bring pressure,through improving agency problems,reducing agency costs,and improving the decision-making efficiency of management,which has an impact on the company's operating efficiency and corporate performance.Therefore,based on the internal and external perspectives of enterprises,this paper comprehensively examines the impact of R&D investment of listed companies on corporate performance from the aspects of life cycle stage and product market competition.Based on technology innovation theory,enterprise life cycle theory and industrial organization theory,this paper makes an empirical analysis of the data of GEM listed companies.The whole sample is divided into three groups: growth period,maturity period and recession period.The whole sample and three groups of samples are separately divided into R&D input and current enterprise performance,R&D input-output lag,product market competition on R&D input and output.Empirical analysis is made on three aspects of the regulatory role of enterprise performance.The empirical results show that R&D investment positively promotes the current performance of enterprises,and there is a certain lag,which is more significant when the lag is one year;R&D investment has different effects on enterprise performance in different life cycle stages,and R&D investment in mature stage has more significant impact on current performance;product market competition has a moderating effect on current and lag R&D performance.Differences,and in the current regulatory role is more significant;product market competition in different life cycle stages of the regulatory role of R&D performance is different.The purpose of this paper is to enrich the existing theory of innovation performance,and at the same time to put forward different ideas forenterprises at different stages of life cycle and facing different market competitiveness to enhance their core competitiveness through technological innovation.