Threshold Effect Of R&D Investment Intensity On Enterprise Performance

In the context of consumption upgrading,the speed of renewal and replacement of technology and services has been greatly improved and the competition degree of the industry has become more intense,and also the survival and development space of the enterprise has been further squeezed.For this reason,more and more enterprises begin to turn their attention to the research and development activities.However,there is also a certain gap in R&D performance of enterprises at the same scale.Practice proved that the ability of transformation of scientific research results will have a great impact on the relationship between R&D investment and enterprise performance.From the perspective of marketing ability,we select annual data of high and new technology enterprises listed on the stock market from the year 2012 to 2016,investigating and analyzing the impact of R&D input intensity on enterprise performance and also industry differences.By revealing the deep logical relationship between R&D investment intensity and enterprise performance,the R&D department and enterprise managers may attach more importance to market research and marketing ability,and then help enterprise improve the efficiency of transformation and improve enterprise performance.The main contents of this paper are as follows:First,establishing the panel data model to verify the correlation between R&D input intensity and enterprise performance.Second,to explore the effects and differences of R&D input intensity on the performance of enterprises in different industries.Third,drawing on the panel threshold regression technique proposed by Hansen,we further explore the nonlinear relationship between R&D intensity and corporate performance.It is concluded that the impact of R&D input intensity on enterprise performance has nonlinear characteristics,and there is a double threshold effect on R&D achievement transformation ability.The former has not a simple effect on the latter,which impact will be influenced by the marketing capability of companies.When the ability of scientific research achievement is strong,the enterprise performance will increase with the increase of R&D expenditure.On the contrary,the improvement of the intensity of research and development will not bring profits.when the ability of transformation of scientific research results is poor,and increase the operation cost of the enterprise,reducing the enterprise performance and influencing the development of the enterprise,and there are obvious differences in industry and category.In particular,the impact of the R&D input intensity on the performance of the high-tech enterprises in the electronic industry and the pharmaceutical and biological products industry has a single threshold effect on the marketing ability.The R&D investment intensity negatively affect the enterprise performance When the marketing ability is below the first threshold value of 45.27 and 6.39,while the R&D investment intensity will has a significant positive impact on the enterprise performance when the marketing ability exceeds 45.27 and 6.39;The machine equipment and instrument industry have a double threshold effect,the R&D investment intensity has a significant negative impact on the enterprise performance when the marketing ability of the enterprise is below the first threshold of 11.26,and the effect will decade as R&D capability is between 11.26 and 18.34,while positively affect enterprise performance when marketing input intensity exceeds 18.34.The information technology industry does not have a threshold effect,and R&D investment intensity significantly negative impact on corporate performance.The threshold of marketing capability is relatively high in Competitive industry.It is quite difficult for High-tech enterprises to rely on their own marketing level to achieve high R&D performance.By comparison,high-tech enterprises in monopoly industry can rely on monopoly position,reduce their dependence on marketing ability,and finally obtain effective R&D investment.It is expected that the research results will attract the attention of R&D departments and enterprise managers to the marketing capability and transform efficiency of scientific research results,help to find the problem of R&D performance transformation effect,and improve the level of performance transformation of R&D input,as well as reduce the waste of resources caused by blind investment.