| On March 5,2021,the State Council’s government work report stated that,in order to effectively implement the tasks of achieving carbon peak and carbon neutrality,an action plan for peaking carbon emissions before 2030 should be formulated,industrial and energy structures should be optimized.The nationally advocated "dual carbon policy" constitutes a trend for the automotive industry to transition from traditional fuel vehicles to new energy vehicles.The urgent need for high-quality development requires technological innovation to play a critical role,and enterprises actively engaging in research and development has gradually become a core task for national development,particularly significant in the face of severe international situations.Enhancing the competitiveness of enterprises can help expand market share,improve performance,and enable them to stand out in a fiercely competitive market.As one of the leading high-tech enterprises in China,new energy vehicles have received attention and support at the national level,and also shoulder the significant mission of developing China’s economy.Based on this,the thesis adopts a research method combining theory and empirical analysis,taking enterprise competitiveness as the entry point to explore the relationship between R&D investment and corporate performance,constructing a statistical model of R&D investment,enterprise competitiveness,and corporate performance.The empirical study was conducted using data from listed companies in the new energy vehicle-related industry from 2008 to 2021.The results of the study show that:(1)There is a positive correlation between R&D intensity and firm performance,and a positive correlation between R&D efficiency and firm performance.(2)R&D intensity has a positive lagged impact on firm performance,and R&D efficiency has a positive lagged impact on firm performance.(3)Firm competitiveness plays a mediating role between R&D intensity and financial performance,and firm competitiveness plays a mediating role between R&D efficiency and market performance.(4)Private enterprises have a better promoting effect on market performance in terms of both R&D investment intensity and efficiency.The impact of R&D investment intensity on financial performance does not change due to the nature of the enterprise.In private enterprises,the promoting effect of R&D investment efficiency on financial performance is greater.(5)The impact of R&D investment intensity and efficiency on corporate performance is more significant for companies receiving subsidies.Based on the above conclusions,this paper finally proposes policy recommendations for the new energy vehicle industry from two levels: the enterprise level and regulatory supervision level.The innovations of this thesis are twofold: Firstly,it expands upon prior research on the relationship between R&D investment and firm performance by examining R&D investment from both R&D intensity and R&D efficiency perspectives,and by categorizing firm performance into market and financial performance.Secondly,this paper investigates the endogenous mechanism of how R&D investment impacts firm performance by considering enterprise competitiveness as a new factor.Drawing on existing literature,the impact of R&D investment on firm performance is analyzed through the lens of enterprise competitiveness. |
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