| High-tech enterprises are both innovators of cutting-edge technology and leaders of industrial development.Since 2010,high-tech enterprises in China have developed rapidly and their role in the national economy has become more and more important.For high-tech enterprises,improving their competitiveness level is an important grasp to become larger and stronger,and how to efficiently enhance the competitiveness of enterprises under the premise of limited capital factors,it is particularly important to study the choice of investment expansion,the impact path and rationality.For the empirical study,high-tech listed enterprises from 2013-2019 were selected for the empirical study to examine the impact paths of R&D investment in internal expansion and M&A activities in external expansion on enterprise competitiveness.The empirical results show that(1)There is a significant positive relationship between R&D investment and competitiveness of high-tech enterprises in China,with technological innovation playing a partly mediating role in the influence path.(2)There is a significant positive relationship between M&A activities and competitiveness of high-tech enterprises,in which market power plays a partly mediating role in the influence path.In the case study,Longi,a leading photovoltaic company,is selected as the object of analysis in this thesis.The change of Longi’s competitiveness-related indicators is analyzed first,and then the motives and initiatives of its phased investment expansion are sorted out,and the decision selection,timing,financing and management arrangements that are difficult to capture in the empirical study are analyzed in depth,and finally the rationality of Longi’s investment expansion decision is evaluated.The conclusions obtained from the case study are as follows:(1)High R&D investment to improve technological innovation output and build technological barriers is the most fundamental reason for the gradual improvement of Longi’s competitiveness in the early stage.(2)On the premise of having technological advantages,Longi implemented vertically integrated mergers and acquisitions to transfer the cost advantages brought by its technology to the downstream of the industry chain and enhance its own market power,creating new profit growth points and realizing the explosive and efficient growth of its industry competitiveness.(3)Longi’s expansion decisions have fully considered the industry environment and enterprise conditions,achieve countercyclical expansion while maintaining a reasonable capital structure,and are reasonably timed.At the same time,timely incentives for technical staff are introduced to enhance the efficiency of investment expansion and promote the improvement of its competitiveness.This thesis enriches the research related to the investment expansion of high-tech enterprises,and the following insights are obtained in the aspect of high-tech enterprises to improve their industry competitiveness: Firstly,the development process should focus on the connotative expansion,realize technological innovation through R&D investment,and build core competitiveness.Secondly,the outward expansion should avoid blind scale mergers and acquisitions,and reasonable decisions should be made with full consideration of industry characteristics and enterprise conditions to efficiently disseminate technological advantages and enhance market power.Thirdly,investment expansion initiatives should focus on decision timing and management coordination,and incentives can be used appropriately to give full play to the synergy effect. |
