Enterprise Life Cycle,indusrty Agglomeration And R&D Investment

In the 19~thh National People's Congress of the Communist Party of China,President Xi Jinping pointed out that innovation is the first driving force to lead the development and he emphasizes the importance of R&D innovation.So how to promote level of enterprises R&D investment?The influence factors of R&D investment have always been a hot issue in both the theoretical and practical circles.There are many factors that influence R&D investment.In this regard,a large number of scholars have gained many meaningful research results,and industrial agglomeration will also have a significant impact on R&D activities.With the gradual deepening of industrial labor division,industrial agglomeration has the advantages of scale economies and knowledge spillovers,and it has become an industry development pattern that pursued by enterprises and regions to improve their comprehensive competitiveness.But whether industrial agglomeration will promote the R&D investment of enterprises is still controversial in theory.Scholars in different fields have different views because of their different perspectives.There are two main points of view:"technology spillover and competition cooperation effect"and"free riding effect".The view of"technological spillover and competition cooperation"holds that industrial agglomeration promotes enterprise R&D investment.The"free riding effect"point of view holds that industrial agglomeration can not promote R&D investment,on the contrary it will have a negative impact on R&D investment.We believe that the existence of such argument,because it is not from the dynamic point of view to observe the process of enterprise R&D investment,industrial agglomeration is an external influence factors of R&D investment,the real impact of R&D investment enterprises is the internal demand of the development of enterprises,the enterprises in different life cycle,even in the face of the same industry agglomeration environment,its R&D investment motives are different.Based on the perspective of enterprise life cycle theory,this paper takes the data of high-tech industry for 2007-2015 years as the research object,and empirically analyzes the influence of industrial agglomeration degree on Enterprise R&D investment in different life cycle,to studies their relationship and the influencing mechanism.The results show that the enterprises are in different life cycle,their characteristics are different,and the degree of industrial agglomeration is different from the intensity of R&D investment.Industry agglomeration significantly enhance the growth and maturity of enterprise R&D investment intensity through the competition effect,knowledge spillover effect,cooperation effect and other mechanisms,however,industrial agglomeration and recession of corporate R&D investment strength has a positive U type relationship.I further used the instrumental variable approach to address the issue of endogeneity and find same results.I also studied the impact of industrial agglomeration on R&D investment behavior under different property rights and government subsidies.The results show that the impact of industrial agglomeration on R&D investment is mainly driven by the state-owned enterprises.I also find that the relationship between industrial agglomeration and R&D investment is mainly affected by the group of enterprises with high government subsidies.The research results Dynamic analysis and explain the theoretical disputes between industrial agglomeration and R&D investment from the perspective of enterprise life cycle theory,and also provide guidance for reducing the risk of R&D investment and improving the efficiency of R&D in the context of industrial agglomeration.