| Research and development(R&D)is the main activity of technological innovation in a country or a company,and the investment in R&D reflects the importance of technological innovation.As a high-tech company,the R&D investment status of semiconductor companies needs to be paid attention to.This paper investigates the nonlinear relationship between R&D investment and operating performance of semiconductor listed companies,and examines whether R&D investment contributes to the improvement of operating performance within a certain interval.The empirical study finds that:(1)the relationship between R&D intensity and operating performance of semiconductor listed companies is nonlinear.In the interval of positive influence,the regression coefficient of the lagged period is larger than that of the current period,indicating that the R&D intensity of listed semiconductor companies has a little lag on the operating performance,but the lag period is shorter.(2)The relationship of R&D intensity on operating performance is different when R&D personnel intensity is in different intervals,and there is a double-threshold effect of R&D personnel share.(3)There is a single-threshold effect for both high-performing and low-performing firms.High-performing firms have a significant positive effect on operating performance before the threshold value of 0.353,but after the threshold value,the effect is not significant,and their R&D investment level can be maintained at about35%,which will have a stable promotion effect on firm performance at this level;while low-performing firms have an insignificant effect on operating performance before the threshold value of 0.348,and can bring a significant positive effect after exceeding the threshold value After that,it can bring a significant positive effect.Low-performing companies in the semiconductor industry with relatively low R&D level can obtain a boost to corporate performance by increasing their investment in R&D. |
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