Research On The Threshold Effect Of High-tech Enterprise R&D Investment On Enterprise Performance

The innovative ability formed by the enterprise’s R&D activities can help the enterprise maintain its competitive advantage and win the market position.Especially for high-tech enterprises,as the main force of innovation development strategy,R&D and innovation capabilities are not only an important strength in the industry competition,but also represent China’s advanced technology level to a certain extent.However,at present,no matter in practice or theory,the relationship between R&D investment and corporate performance has not yet reached a consistent conclusion,and even there are opposing views.Therefore,it is necessary to study the relationship between the two to provide basis for enterprises to seek benefits from technology.First of all,the existing literature is sorted out and summed up.Then,under the support of technical innovation and other theories,China’s high-tech listed companies are selected as samples from 2014 to 2018,and the intensity of R&D investment is used as the threshold variable to test the impact of high-tech companies R&D investment on corporate performance Threshold effect.After that,we innovatively grouped the samples according to the nature of property rights,company size,and region to study the differences in threshold effects under different enterprise characteristics.The research results show that: first,there is a double threshold effect between China’s high-tech enterprise R&D investment and enterprise performance,and there is a "reducing and then increasing" role relationship between the two.Second,there are different results for the threshold effects of different property rights,different company sizes,and different regions.Non-state-owned enterprises,large enterprises,and enterprises in the eastern region are more significantly affected by the threshold effect,and there is a corresponding optimal interval when R&D investment plays a role in promoting corporate performance.Finally,according to the problems found in the empirical analysis,the paper puts forward suggestions to the enterprises and the government.Enterprises should increase R&D investment reasonably according to their own actual situation to overcome short-sighted behavior of managers.The government should carry out classified guidance and give full play to the role of the production,learning and research platform as a bridge.