Empirical Study On The Influence Of Vertical Integration And Market Competition Of Energy Enterprises On R&D Investment

As a national pillar industry,the energy industry has different characteristics and is at a turning point of reform in recent years.Vertical integration can optimize the industrial layout and help the structural transformation of energy enterprises.Under the background of intensified global competition environment,the state encourages enterprises to conduct research and development to obtain unique competitiveness.It is necessary to study the influence of vertical integration and market competition on the R&D intensity of enterprises in the energy industry.This paper takes 84 listed companies in the energy industry as a sample in Shanghai and Shenzhen 2012-2017,builds a model to explore vertical integration and market competition level.According to the model,multiple regression analysis and robustness test of the three relationships were conducted.The research results show that the vertical integration level of listed companies in the energy industry is positively correlated with the R&D investment intensity of enterprises,and the degree of market competition is negatively correlated with the R&D investment intensity of enterprises.In addition,it is found that in the sub-sectors with less market competition,vertical integration has a greater role in promoting R&D investment.This paper puts forward the following suggestions: for enterprises,it is necessary to formulate a reasonable vertical integration strategy and appropriately improve the level of vertical integration.For the energy industry,it should actively adapt to the transformation of energy consumption structure and reasonably formulate the development path of the industry.As for the government,it should establish a sound market mechanism,protect reasonable market competition and continue to strengthen the supervision of the energy industry.