| R&D innovation is a key element throughout the entire product cycle of an enterprise,especially in knowledge and technology intensive industries such as strategic emerging industries,where R&D innovation is the pivot.Since the concept of strategic emerging industry was set up in 2014,the proportion of industrial added value in GDP has increased year by year,with a cumulative increase of 5.8%.However,from the perspective of industry internal segmentation,the 9 major industries show an unbalanced internal innovation structure and uncoordinated development.Some advanced industries,such as new energy,have achieved rapid development in their competitive industries and entered the frontier technology field;However,there are still many enterprises that start late or are subject to low-end repeated construction,and their overall R&D and innovation capabilities are still weak and their development is hindered,which affects the current benefits of enterprises.Therefore,exploring the relationship between innovation investment and financial performance in strategic emerging industries,and subdividing the differences between the relationship from different stages of enterprise development,is of guiding significance for strategic emerging industries to flexibly adjust their strategies in conducting their own R&D activities.The purpose of this study is to explore the impact of enterprise innovation investment on corporate financial performance from the perspective of enterprise life cycle,and put forward corresponding suggestions for the adjustment of R&D innovation strategy and self-growth of strategic emerging industries.Based on this,the following four hypotheses are proposed: Firstly,there is a lag in the positive impact of innovation investment on corporate financial performance;Secondly,there are differences in innovation investment at different life cycle stages;Thirdly,at different life cycle stages,innovation investment in the growth stage has the best effect on financial performance improvement;Fourthly,there is a threshold effect of innovation investment on the improvement of corporate financial performance.Based on the data of 847 listed companies in China’s strategic emerging industries from 2017 to 2021,this paper uses factor analysis to construct comprehensive indicators of financial performance.Through analysis of variance,linear regression,and threshold regression models,it tests the hypotheses of correlation between life cycle,innovation investment,and financial performance.The results show that:(1)Innovation investment is significantly negatively correlated with the current financial performance of enterprises,while lagged innovation investment is positively correlated with financial performance of enterprises,and the two-period lagged promotion effect is more significant.(2)There are significant differences in the mean value of innovation investment between the growth and decline groups,and between the mature and decline groups.(3)The promotion effect of innovation investment on financial performance is different,and the positive impact coefficient of innovation investment in the two-period lagged period of enterprises in the growth stage is the largest.(4)Taking the two-period lagged innovation investment as the threshold variable,there is a significant single threshold when it plays a role in promoting the financial performance of enterprises in the growth stage.Based on the results of the study,it is recommended that enterprises in strategic emerging industries in China should have a long-term perspective and avoid short-sighted behavior when formulating R&D strategies.The R&D strategy should be actively adjusted according to the different stages of enterprise development.The strategic choice of mature enterprises should be based on stability.Enterprises in the period of recession and elimination can reduce their R&D investment depending on their own situation.Especially,enterprises in the growth period can adopt more aggressive innovation strategies.At the same time,it is also necessary to make predictions and follow up in real time,so that it could adjust timely based on the operation of the enterprise to make decisions conducive to enterprise development. |
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