Study On The Moderating Effect Of R&D Policiies On The Relationship Between R&D Invsetment And Enterprise Performance

As is well known,economic development in China has entered a new normal stage and the economic growth has gradually slowed down.So It is a critical period that economic system should be restructured and upgraded.Innovation is one of the effective measures to reverse the economic situation.Enterprise is the main participant of innovation activity.the academic community always explores how to stimulate enthusiasm of innovation in the company to improve business performance.In the literature review of the relationship between R&D investment and corporate performance,we finds that there are different relationships between R&D investment and corporate performance.Some meditors has different influence on the relationship between R&D investment and enterprise performance.Summarizing the opinions of scholars,we found that the meditors between R&D investment and enterprise performance mainly come from the internal factors(corporate governance structure,executive characteristics,financing constraints)or external factors(industry heterogeneity,government behavior,technical system,etc.).On the basis of market failure theory and national innovation system theory,this paper argues that R&D policy has important influence on the relationship between R&D investment and enterprise performance.Therefore,this paper introduces R&D policy as regulatory variables to further explore the internal mechanism of R&D investment on enterprise performance.This paper divides the R&D policy into three dimensions: financial subsidy policy,tax incentive policy and intellectual property protection policy.The performance of company is divided into two aspects: short-term and long-term performance.In this paper,we study the moderating effect of R&D policy on the relationship between R&D investment and enterprise performance by using the method of hierarchical regression,and explore the inherent mechanism of R&D investment in enterprise performance.The research conclusion of this paper is as follows:(1)R&D investment has significant positive effects on business short-term and long-term performance;(2)R&D policy has a significant moderating effect on relationship between R&D investment and corporate performance.The subsidy policy,the tax incentive policy and intellectual property protection policy play a significant positive moderating role in the relationship between R&D investment and enterprise performance.The results of this study show that the relationship between R&D investment and corporate performance is different under different policies,which will help us to understand the relationship between R&D investment and corporate performance.According to the results of this study,we give some suggestion on enhancing benefit of R&D investmen in company and improving the R&D polices for government.