Industrial Globalization, R&D Investment and Firm Performance
LIU Weitao1,2, YOU Jihong3,4, ZOU Xiaohua1,2
1. Guangzhou Urban Strategy Institute, Guangzhou Academy of Social Sciences, Guangzhou 510410, China; 2. Institute of Industrial Economics, Chinese Academy of Social Sciences, Beijing 100732, China; 3. School of Economics and Statistics, Guangzhou University, Guangzhou 510006, China; 4. New Structural Research Center of Guangzhou University, Guangzhou 510006, China
Abstract：
With the help of the trend of industrial globalization, increasing R&D investment level is the best solution for enterprises to realize “innovation leading”, crack the locking effect and achieve high-quality development. This paper takes 2161 listed manufacturing enterprises in Shenzhen and Shanghai Stock Exchange from 2010 to 2018 as research samples to investigate the impact of industrial globalization on the performance of listed manufacturing enterprises in China and its moderating effect on innovation investment. The results show that: (1) the deepening of industrial globalization is conducive to the improvement of the financial performance of enterprises, but it will significantly reduce the value performance of enterprises; (2) Industrial globalization has significant positive moderating effect on the impact of R&D investment on enterprise performance; (3) The moderating effect of industrial globalization on R&D investment and enterprise performance is different between industries and the nature of equity. Specifically, the difference in demand elasticity between industries is more reflected in the level of enterprise financial performance, and the difference in technical level between industries is more reflected in the level of enterprise market value performance. In addition, non-state-owned enterprises are more likely to use industrial globalization to improve their own performance.
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