| With a series of changes such as economic globalization,more and more enterprises are moving towards the international journey,especially the high-tech enterprises.As the mainstay of China’s independent innovation,high-tech enterprises have made important contributions to China’s economic development and started to gradually move into the international market.On the one hand,these enterprises seek new opportunities to expand their market share and improve their international influence by exploring overseas markets;on the other hand,they acquire foreign advanced technologies through internationalization to improve their own enterprise related product processes and production methods and enhance their competitive advantages.However,compared with developed countries,the internationalization of high-tech enterprises in China is not smooth due to the existence of patent barriers and new problems brought by continuous innovation,such as frequent changes in policies,inefficient communication between government and enterprises,and inadequate relevant regulations,which affect the R&D investment in high-tech enterprises.Therefore,it is crucial to place the relationship between R&D investment and internationalization’s speed in the Chinese context and explore the relationship between the two.This paper investigates the impact of R&D investment on the internationalization’s speed for high-tech enterprises.This paper first studies the impact of R&D investment on the internationalization’s speed,and then sorts out the moderating role of institutional environment.The empirical model is constructed based on the theoretical part by using data of high-tech enterprises between 2014 and 2021.This paper takes R&D investment as the independent variables,the speed of firm internationalization as the dependent variable,and introduces the institutional environment as the moderating variable to construct a two-way fixed-effects model.Meanwhile,the study tests the results for robustness,heterogeneity,and endogeneity.The study shows that research and development’s investment has a significant positive effect on internationalization’s speed.The degree of influence of R&D investment on the speed of internationalization becomes stronger after the introduction of institutional environment.In the developed regions with more market-oriented institutions which has high level of property rights protection and sufficient competition space,when enterprises increase their R&D investment,they can follow the market-oriented principles to obtain the key resources that enterprises need in the internationalization process.Enterprises increase the layout of innovation activities through R&D investment to better ensure the speed of their internationalization.The above findings provide a preliminary theoretical basis for the mechanism of the impact of R&D investment on the speed of internationalization of Chinese high-tech enterprises;at the same time,they help the government and enterprises to pay attention to the importance of R&D investment and the speed of internationalization,and provide help and suggestions for enterprises.Based on the characteristics of Chinese high-tech enterprises,as well as the theoretical and empirical findings,this paper proposes suggestions to the government and enterprises:for enterprises,they should adhere to the national policy,sort out the correct concept of innovation and positive international vision,pay attention to the cultivation of management system and the construction of R&D talents,make full use of the national targeted support,and improve competitive edge.For the government,it should create a good institutional environment,improve a series of relevant laws and review system,support enterprises through a series of preferential steps at the policy level,effectively reduce the enterprises’ burden,and help accelerate the speed of enterprise R&D and internationalization. |
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