Diversification Strategy, R&D Investment And Corporate Risk Resistanc

In the context of China’s economic development entering the new normal,the competition that enterprise is facing is also complicated and changeable.Due to the changes in the policies of European and American countries,domestic enterprises are facing a more severe survival environment than before.In order to gain market share and reduce the impact of external risks on enterprises,they need to actively integrate their own resources,make strategic decisions,reduce losses and stabilize development in a harsh environment.Since Trump authorized the United States Trade Representative to review "China’s trade behavior" on August 14,2017,the United States has successively launched trade investigations against China and taken unreasonable punitive measures to provoke trade frictions and impose high tariffs on Chinese goods.In the face of the United States’ vicious suppression,domestic industries,especially high-tech enterprises,have been seriously impacted.In the face of the trade sanctions imposed by the United States,enterprises should not only avoid the losses caused by the targeted crackdown,but also seek diversified development based on their own industrial characteristics to resolve the crisis caused by the trade sanctions.In previous studies,as the first productive force of the country,science and technology enterprises have more research characteristics because of their high risk,large capital investment and rapid growth.At the same time,scholars still have disputes when exploring how enterprises cope with external risks and improve enterprise performance,which provides research space for this article.At the same time,in the context of trade war,it is necessary and important to explore the impact of diversification strategy on the anti-risk ability of enterprises,whether from a practical or theoretical perspective,taking the technology sector enterprises as a sample.R&D investment plays an important role in the strategic selection and resource allocation of an enterprise,and is the key to the core competitiveness of an enterprise.Efficient R&D is an important support for the rapid growth of an enterprise.Continued R&D investment will show obvious competitive advantages in the main business areas of the enterprise.For enterprises in the science and technology sector,R&D investment is the lifeblood of enterprises and can lead the rise and fall of enterprises.Enterprises will also be affected when formulating diversification strategies to resist external risks.In the past,scholars mostly used R&D investment as an explanatory variable or intermediary variable to explore the impact mechanism of enterprise performance,but this thesis tries to explore it as an adjusting variable based on research.R&D investment is an important means for enterprises to improve their own hard power and reduce external dependence,which will further adjust the relationship between diversification strategy and enterprises’ ability to resist risks.Based on the key theories such as event research theory,technology innovation theory and resource combination theory,this thesis constructs the corresponding theoretical framework,studies the scientific and technological enterprises,and briefly explores the impact of diversification strategy on enterprises’ ability to resist risks,The R&D investment is used as a regulating variable.On the basis of summarizing the previous theories and based on this thesis,1602 sample enterprises from 2017-2022 were selected,and seven sanctions events since2018 were selected.After collecting and processing the original data,the explanatory variable CAR,namely,the enterprise’s anti-risk capability,was obtained through event research,and the corresponding data was screened out and summarized into panel data.Finally,the theory and empirical analysis were combined to verify the hypothesis and draw conclusions.The specific conclusions are as follows:(1)The trade sanctions of the United States have caused serious negative effects on the enterprises in the technology sector,but the R&D investment and diversification strategy can effectively reduce losses and improve the anti-risk ability of enterprises.At the same time,it is further found that there is an inverted U-shaped relationship between diversification strategy and anti-risk ability.Enterprises can better resist external risks and improve their operating efficiency by implementing appropriate diversification strategy.(2)Enterprise R&D investment can adjust the relationship between diversification and risk resistance.That is,the higher the R&D investment,the better the negative relationship between diversification and risk resistance.(3)Enterprise R&D investment can adjust the inverted U-shaped relationship between enterprise diversification strategy and antirisk capability.That is,there is an alternative relationship between R&D investment and diversification strategy,and R&D investment will weaken the inverted U-shaped relationship between diversification and risk resistance.Enterprises should coordinate the relationship between the two to improve efficiency when making strategies.Based on the above conclusions,combined with the external environment and the development status of the science and technology version,this thesis puts forward targeted suggestions from both the enterprise and the government to help the science and technology version enterprises coordinate the strategy between R&D investment and diversification when facing external risks,and then reasonably use the diversification strategy to reduce external risks and promote enterprise growth.