Market Structure,R&D Intensity And Company Performance

China's manufacturing industry is in the stage of transformation and upgrading in pursuit of high-quality development.Enterprises need to continuously accumulate technological advantages through R&D and innovation and cultivate their own core competitiveness.Harvard School SCP analysis paradigm believes that market structure determines corporate behavior,corporate behavior determines corporate performance,and efficiency structure hypothesis suggests that market performance will adversely affect R&D intensity and market structure.Based on this,this paper proposes two propositions: the market structure determines the R&D behavior of the company,the R&D behavior of the company determines the company's performance,and the corporate performance has a reverse effect on the R&D behavior.Under the two propositions,four further hypotheses are further put forward: The industry with higher market concentration has higher R&D intensity;under a certain market structure,the R&D intensity of firms is negatively related to corporate performance;market concentration which affects on the relationship between corporate performance and R&D intensity plays a positive regulatory role;corporate operating efficiency affects corporate R&D investment behavior.Then based on the data of China's manufacturing listed companies from 2007 to 2015,the market concentration degree-concentration rate difference D index method was adopted to divide 27 manufacturing industry segments in China into three market structures: oligopoly,competitive and decentralized.And do comprehensive research combined with statistics and measurement modeling methods.The study finds that:(1)R&D intensity of competitive firms is significantly higher than that of oligarchic and decentralized firms;The competitive market structure is most conducive to corporate R&D.(2)Under three different market structures,coarporate R&D investment has a negative impact on the company's current performance;(3)The model of current performance shows that the higher the degree of concentration,the greater the negative effect of R&D intensity on company performance,and the lagged performance model shows that the efficiency of the competitive companies is the highest.(4)Through the Granger causality test,The operating efficiency of an enterprise also affects the R&D investment behavior,and the R&D behavior of an oligarchic enterprise is significantly affected by the company's performance.The results(1),(2),(3)and(4)of the research proved propositions one and two.This paper believes that the non-occupied enterprise should improve the efficiency of research and development,the competitive enterprise should strengthen the application and protection of research and development results,the decentralized enterprise should gradually expand the scale,and strive to develop to the competitive enterprise;at the same time,the government should guide the enterprise to actively research and development and attach great importance to the protection of intellectual property rights.It will promote the consolidation of some enterprises in the manufacturing industry and the reorganization of industrial chains to improve the competitiveness of China's manufacturing industry.