| The importance of R&D and innovation is self-evident for a country or enterprise,and R&D and innovation play a very large supporting role in the country’s economic development,social progress,and enterprise development and operation.With the development of reform and opening up for more than 40 years,although China’s manufacturing industry has achieved rapid growth,there are still many problems such as weak innovation ability and key core technologies subject to people,so many manufacturing enterprises gradually pay attention to the necessity of improving innovation ability in order to seek better performance and development.The improvement of innovation ability is often inseparable from R&D investment,and R&D investment and enterprise performance are also somewhat related,so many scholars have studied the relationship between R&D investment and enterprise performance,but there are still shortcomings such as the construction of performance indicators is too simple,and there are few studies on the mechanism between R&D investment and enterprise performance.In order to make up for the shortcomings of previous scholars’ research and make the impact of R&D investment on performance more complete and rich,this paper discusses the correlation between the two and the mechanism of action from the perspective of micro-enterprises.Based on reading a lot of relevant literature and understanding of technological innovation theory,inputoutput analysis theory and other related theories,this paper takes the relevant data of 2079 listed manufacturing enterprises in Shanghai A-shares and Shenzhen A-shares in China from 2012 to 2021 as the research object,first conducts descriptive analysis of data and correlation analysis of variables,and then adopts a two-way fixed-effect model to study the relationship between R&D investment intensity and enterprise comprehensive performance.According to the mediating effect model and the moderating effect model,the mediating role of enterprise product competitiveness in R&D investment intensity and comprehensive performance and the moderating effect of financial soundness were analyzed.Then,this paper tests the robustness and endogenousness tests of the model by substituting variable method,adding control variable method,shortening the study interval,quantile regression,and instrumental variable method.At the same time,this paper further analyzes the lagging effect of the impact of R&D investment intensity on the comprehensive performance of enterprises,and the difference in the impact of R&D investment intensity on the comprehensive performance of enterprises under different equity properties.And the following conclusions are drawn:(1)R&D investment intensity has a certain inhibitory effect on the comprehensive performance of enterprises in the current period.(2)Product competitiveness plays an intermediary role between R&D investment intensity and comprehensive performance,R&D investment intensity has a positive promoting effect on the operating gross profit margin reflecting the competitiveness of enterprise products,and product competitiveness as an intermediary variable to a certain extent weakens the inhibition effect of R&D investment intensity on the comprehensive performance of the current period,and the absolute value of the ratio of the indirect effect brought by product competitiveness to the direct effect of R&D investment intensity on the comprehensive performance of enterprises is 7.17%.(3)The asset-liability ratio that reflects financial soundness plays a positive regulating role in the relationship between R&D investment intensity and the comprehensive performance of enterprises.(4)In further research,it is found that the impact of R&D investment intensity on the comprehensive performance of enterprises has a lagging effect,and the relationship between R&D investment intensity and the comprehensive performance of enterprises in the current and next periods is negative,but the R&D investment intensity lagging in the fourth period plays a positive role in promoting the comprehensive performance of enterprises.(5)According to the nature of equity,the research objects were grouped and found that the inhibitory effect of R&D investment intensity of state-owned enterprises on the comprehensive performance of the current period turned into a promoting effect after the R&D investment intensity lagged behind the fourth period,but in private enterprises,it was not transformed into a significant promoting effect,and the R&D investment intensity of foreign enterprises showed a positive impact on the comprehensive performance after lagging the second and third periods,and the positive impact effect in the third period was the largest.In state-owned enterprises,private enterprises and foreign enterprises,product competitiveness plays an intermediary role in the impact of R&D investment intensity on the comprehensive performance of enterprises,but the absolute value of the ratio of the indirect effect brought by product competitiveness and the direct effect of R&D investment intensity on the comprehensive performance of enterprises is different.In state-owned enterprises and private enterprises,the asset-liability ratio has a positive regulating effect on the relationship between R&D investment intensity and the comprehensive performance of enterprises in the current period,but this adjustment effect is not shown in foreign enterprises.Finally,based on the above empirical analysis results,this paper makes recommendations at the enterprise and government levels: At the enterprise level,(1)make long-term plans and correctly treat R&D investment activities.(2)The management of the enterprise needs to make decisions based on the financial situation and goals.(3)Improve R&D strength and ensure R&D success rate;At the government level,(1)the government should encourage and support R&D investment activities and provide appropriate subsidies and support.(2)Formulate support policies according to local conditions. |
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