| The ability to innovate plays a very important role in the development of a country.In recent years,the country’s development model has gradually upgraded from traditional labor to technological innovation,relying on advanced technology to improve production efficiency and promote the country’s economic development.The core competitiveness of enterprises also comes from technological innovation.A reasonable R&D investment intensity can enable enterprises to obtain technological advantages,reduce production costs,or realize product differentiation and open the gap with competitors,so as to seize the market and even break the deadlock of market monopoly and occupy a dominant position.China’s economic development benefits from many leading industries,among which the automobile manufacturing industry plays a vital role in China’s economy and can promote the development of the upstream and downstream of the whole industrial chain.Therefore,it is highly representative in the manufacturing industry.The technology of the automobile industry is updated and iterated quickly.Only by continuously improving the innovation ability can enterprises grasp the initiative.Therefore,determining a reasonable range of R&D investment intensity is not only the driving force of development,but also the influencing factor of enterprise performance.Taking 136 automobile manufacturing enterprises in China’s A-share market as the research object,this paper uses the dynamic panel threshold model to test the threshold and estimate the coefficient of their panel data from 2013 to 2020,and studies the impact of R&D investment intensity of China’s automobile manufacturing industry on enterprise performance.The results show that the impact of R&D investment intensity on enterprise performance is inverted U-shaped,and there is a double threshold effect,that is,when the R&D investment intensity is lower than 4.48%,between 4.48% and8.64% and higher than 8.64%,the impact coefficients of R&D investment intensity on enterprise performance are 0.6548,0.3114 and-0.1671 respectively.The research results obtained in this paper provide data support and reference basis for enterprise managers to formulate R&D plans,investors to make investment decisions and the government to formulate subsidy policies.We should fully consider the impact of R&D investment intensity indicators on enterprises in different ranges,and reasonably formulate R&D plans and investme nt decisions according to the range of R&D investment intensity,combined with market environment,policy orientation,enterprise positioning and other factors. |
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