Research On The Threshold Effect Of R&D,Marketing On Corporate Performance

Faced with today's diversified economic environment,R&D and marketing,as the driving force of rapid growth of enterprises,have been paid more and more attention by managers.R&D is the source of value,and marketing is the way to spread value.In the process of building science and technology innovation system in China,high-tech industry occupies an important position.It is of great significance to study the relationship between R&D investment and sales expenses and enterprise performance.Based on the industry classification of the Securities Regulatory Commission,the high-tech companies including information transmission,software and information technology service industry,computer,biomedicine etc.Firstly,the System GMM model is used to study the effect of R&D investment and marketing investment on enterprise performance.Then the Threshold model is used to study the non-linear relationship between R&D investment and firm performance.The empirical results show that:(1)According to the empirical test of System GMM model,the intensity of R&D investment in this year has no significant impact on corporate performance;the intensity of R&D investment in the first lag period has a significant positive correlation with corporate performance.The intensity of marketing investment has a significant positive impact on the performance of enterprises in this period.The intensity of marketing investment in lagging one and two periods has a significant positive correlation with the performance of enterprises.(2)The Threshold model is used to further discuss the non-linear relationship between marketing investment,R&D investment,and enterprise performance.The research shows that R&D investment in this period has a significant negative impact on current corporate performance.When the intensity of marketing investment exceeds a certain level,the negative effect of R&D investment intensity on corporate performance decreases.