| Innovation is the fundamental driving force for the long-term development of enterprises and even the country.R&D investment is the only way to achieve innovation.In recent years,all sectors of society have advocated innovation-driven development and guided companies to actively carry out research and development activities.The introduction of the 13th Five-Year Plan and Industry 4.0 has provided relevant policy guidelines for China's R&D and innovation activities.The Outline of the 13th Five-Year Plan(2016-2020)proposes:"Companies should strengthen their awareness of innovation and the government should actively encourage companies to carry out innovation research,in particular supporting the development of SMEs with innovative capabilities,and ultimately achieving the top 100 innovative companies.Goal." At the same time,the overall capital invested by Chinese companies in research and development(R&D)is increasing and the growth rate is faster.According to statistics released by the National Bureau of Statistics(R&D census bulletin)(2014),R&D expenditures of various types of enterprises in China were 268.19 billion yuan in 2007.By 2014,they had reached 100.06 billion yuan,and nearly ten times less than ten years.Although statistics show that the total R&D investment of Chinese companies has continued to increase year by year,due to its high cost,high risk,and external spillover characteristics,the efficiency of R&D input and output is not satisfactory.Therefore,research on R&D effectiveness is particularly important in the current environment of corporate transformation and upgrading.The product market is a platform for foreign sales and profits,as well as an environment in which the company operates.Different companies are in different competitive environments and have a tremendous impact on the production,operation,decision-making and future development of the company.How to improve the status in the product market and enhance competitiveness is a practical issue that every company must face.Practice shows that increasing investment in R&D is a good way to increase competitiveness because homogeneity in the product market can cause competition.Differentiated competitive strategies have proved to be effective ways to promote long-term development of enterprises,and differentiation has been achieved.The realization depends on the R&D investment of the company.For the research on the relationship between R&D and competition,the classic literature focuses on exploring the latter's impact on the former,and draws mainly three different conclusions:competition for R&D,competition inhibition research and development,and competition and R&D.Type relationship.With the increasing emphasis on innovation by national governments and enterprises,R&D investment is rapidly increasing year by year.However,a large amount of existing literature indicates that China's current R&D resources are wasted,R&D efficiency is low,and the conversion results are low.The effect of the implementation of R&D strategy needs to be further.The topic of argumentation is therefore different from the traditional research direction.This article wants to explore whether an enterprise can bring about an improvement in performance after the corresponding R&D investment and whether the product's competitive performance becomes a possible role in this process.One of the innovations of this paper is the introduction of a new indicator for measuring the competitiveness of enterprise products:product differentiation.Different from the traditional financial indicators such as industry concentration,this article starts with the company's annual report and uses the computer text analysis technology that has gradually emerged in recent years to analyze similar texts of products and business description texts in the annual report.The difference between products and services,to measure the competitiveness of enterprises.However,as more and more companies conduct diversified business operations across industries,the comparison of product differentiation in the industry alone is not sufficient to accurately measure the competitiveness of companies.Therefore,the differences between different industries are textual differences.A major advantage of analysis.Specifically,this article selects all A-shares excluded from the financial industry,the company of GEM and ST as samples,intercepts the relevant sections of the annual report,and removes the terms remaining after common words as the description of each company ' s own business and products.Combine the description vocabularies of all companies to form a product dictionary.Based on this,construct a text vector for each single company,compare all the companies and analyze them in twos,and calculate the average value to find out the products and services of each company in the entire market.The difference is used as an indicator of its competitiveness.Finally,through regression analysis of R&D investment,product competitiveness,and corporate performance,the following conclusions are drawn:Product competitiveness has an intermediate effect in the relationship between R&D and performance,and R&D can enhance the long-term competitiveness of the company by enhancing product competitiveness.Performance and market valuation have a positive effect.After dividing the industry,it is found that in the traditional manufacturing industry,there is a complete mediating effect on product competitiveness,and R&D investment will inevitably enhance the long-term performance of the enterprise and enhance the market valuation by enhancing product competitiveness;and in high-tech enterprises,the intermediary The effects are relatively weak.On the one hand,the fierce competition environment and rapid product changes may lead to the existence of "acceleration traps" for R&D.On the other hand,the "signal effect" of R&D of high-tech companies is more significant than that of traditional manufacturing industries.The mediating effect of sex is limited.Based on the above theoretical and empirical research,this paper introduces the product competitiveness index and explores the role of R&D investment in corporate performance based on this,and draws relevant conclusions.It hopes to enrich existing research theories and inspires the R&D decision of the company.All in all,the product competitiveness of an enterprise has an intermediate effect in the relationship between R&D input and performance.This effect is different in traditional manufacturing and high-tech industries.Enterprises should be based on their own industry and their competitive position in the industry to choose appropriate R&D strategy to maximize the value of the company!... |
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