Research On The Heterogeneous Threshold Effect Of R&D Investment Of Private High-tech Enterprises On Performance

In the 13 th Five-Year Plan,we emphasize that China must build an innovative country.Only by continuously improving China's innovation capability can enhance the comprehensive strength.Enterprises are the mainstay of technological innovation activities.Only when enterprises improve their technological innovation capabilities can our country achieve innovation and transformation.R&D activities are the source of strength for technological innovation and the key factor for the survival and development of enterprises.Therefore,China has listed high-tech enterprises as the key areas supported by the state because high-tech enterprises are knowledgeintensive and technology-intensive.Among them,for private high-tech enterprises,they will improve the performance of enterprises and maximize profits through innovation.Therefore,this paper studies the relationship between R&D investment and performance of private high-tech enterprises.After reading a large number of relevant literatures,this paper combines theoretical analysis and empirical analysis to research 549 private high-tech enterprises with the support of Schumpeter's technology innovation theory,signalling theory and enterprise cost management theory.The paper uses the enterprise scale,growth,capital density and capital structure as the threshold variables to elaborate the heterogeneous threshold effect of R&D investment intensity and performance of private high-tech enterprises.Besides,the sample companies were grouped according to whether they were in the cluster area and whether they belonged to the manufacturing industry to research whether the two groups of samples in each case had different heterogeneous threshold effects.After empirical research,the paper draws the following conclusions.First,the R&D investment intensity and performance of private high-tech enterprises are nonlinear,and they have significant threshold effects.Under the constraints of different natures,R&D investment has a significant optimal promotion range for performance.Second,the private high-tech enterprises in the cluster areas have more restrictive conditions for the R&D investment to promote the performance than the non-cluster areas,indicating that the R&D investment intensity of private high-tech enterprises has a significant cluster effect on performance.Third,it is grouped according to whether the companies belonged to the manufacturing industry.It was found that the two sets of data have different heterogeneous threshold effects.According to the empirical research results of this paper,relevant suggestions are proposed for the government and private high-tech enterprises.According to the development stage of different private high-tech enterprises,the government can implement subsidies in different ways or different degrees for these enterprises,so that the promotion effect of R&D investment on the performance of private high-tech enterprises will be maximized in the positive effect range.At the same time,private high-tech enterprises should reasonably measure their own development stage and formulate a reasonable strategic plan for R&D investment.