Research On The Impact Mechanism Of R&D Spending Leap On Enterprise Innovation Performance From The Perspective Of Discontinuous Equilibrium Theory

With the rapid development of China’s digital economy,technological revolutions and industrial transformations are emerging constantly.However,although the total amount of R&D investment in Chinese enterprises has increased,the imbalance in R&D investment structure has limited the improvement of their innovation performance.According to the theory of punctuated equilibrium,enterprises must make R&D spending leap to achieve a structural transformation and obtain core competitiveness to maintain their innovation capabilities.In addition,optimizing R&D investment structure and improving R&D efficiency is also conducive to promoting industrial transformation and upgrading.Besides increasing R&D investment in strategic emerging industries,enterprises also need to tap into their existing innovation potential and improve R&D quality to further enhance their innovation outcomes.Existing research mainly analyzes R&D investment from a static perspective,with limited focus on R&D spending leap from a dynamic perspective.Furthermore,the analysis of R&D spending leap mainly focuses on its relationship with enterprise performance,with less attention to its relationship with enterprise innovation performance.Therefore,it is necessary to explore the impact mechanism of R&D spending leap from a dynamic perspective in order to promote the enhancement of enterprise innovation capabilities.This paper,based on the theory of interrupted equilibrium,reviews literature related to enterprise innovation performance,R&D spending leap,knowledge base,and organizational redundancy by reviewing relevant literature.It analyzes how R&D spending leap affects enterprise innovation performance,and splits R&D spending leap into upward and downward leaps.Simultaneously referring to the mediation effects model diagram,we explore the impact path of the knowledge base on the relationship between upward and downward R&D spending leaps and enterprise innovation performance,and explore the boundary conditions of organizational redundancy in the relationship between upward and downward R&D spending leaps and enterprise innovation performance by referring to the moderation effects model diagram.The study uses data from 318 A-share listed companies in China from 2010 to 2019,and the empirical results show that: Upward and downward R&D spending leaps have a significant positive impact on enterprise innovation performance;The relationship between upward and downward R&D spending leaps and enterprise innovation performance is partially mediated by the knowledge base;The relationship between upward and downward R&D spending leaps and enterprise innovation performance is negatively moderated by organizational redundancy.This paper provides valuable guidance for enterprises in the allocation of R&D investment,which has certain reference significance for improving enterprise innovation performance.At the same time,the research results enrich the relevant theory of R&D spending leap,and provide effective help for enterprises in making R&D decisions and resource allocation.