R&D Investment Caters To Behavior,Institutional Environment And CorporateFinancial Performance

With the high tariff imposed on China's high-tech products after the Trump administration came to power,the development of China's high-tech industries has been greatly impacted.In addition,the “pseudo-high-tech” phenomenon that frequently occurs in the current reality has also ignited the government and society.Alarm bell.The development of high-tech enterprises is related to the implementation of the national innovation and development strategy,and it plays a decisive role in the promotion of the “Made in China” to “Created in China”.Therefore,it is imperative to reveal the existing high-tech enterprise certification process from an empirical perspective.The various problems in the system have led to the optimal allocation of high-quality innovation resources,which has boosted the overall innovation capability of the society.This article takes China's 2008-2016 A-share high-tech enterprise as a sample and sorts out relevant literature at home and abroad according to the logic of "industry policy-enterprise behavior-economic consequences",based on resource dependence theory,information asymmetry theory and signal transmission theory.On the basis of the combination of the “Certificate of Action” for the objective threshold of R&D intensity,the use of a threshold regression model,stock mispricing tests,and Bootstrap mediation analysis,the following conclusions are drawn:(1)The process of high-tech enterprise certification There is R&D investment to cater to behaviors,and the "one-size-fits-all" objective recognition threshold criteria will induce some companies to adopt catering behaviors.The conclusions of this paper support R&D investment to meet the hypothesis;(2)R&D investment to cater to high-tech companies Affected by the institutional environment,R&D investment is more common in non-state-owned economy,product market and factor market,and the development of intermediary organizations and low level of institutional development;(3)Technological innovation and social responsibility in R&D investment Significantly in the relationships that cater to behaviors that affect corporate financial performance It has played a common mediating role,and it is part of the intermediary role;(4)The common mediating role of technological innovation and social responsibility is also regulated by the institutional environment.In the regions with higher marketization,the mediating effect of technological innovation is more emphasized.Areas with lower market levels emphasize the mediating effect of social responsibility.This paper empirically tests the implementation effect of the high-tech enterprise recognition policy and the internal transmission mechanism that affects the financial performance of the enterprise from the perspective of R&D investment catering,and resolves the problem of the existence and value of R&D investment catering behavior in the high-tech enterprise certification process.On the basis of this,it puts forward corresponding recommendations for the government,enterprises and the market,and has certain guidance and reference significance.