The Choice of R&D Investment of China's Manufacturing Enterprises under High-Quality Development: From the Perspective of Output Fluctuation

Abstract

Abstract: Taking the transmission mechanism of horizontal and vertical innovation growth model as the theoretical basis, this paper makes use of the data of listed manufacturing enterprises and employs the multivariate statistical model and the panel threshold model to study the R&D investment choice of China's manufacturing enterprises during their high-quality development. The findings show that there is an inverted U-shape relationship between R&D investment and output fluctuation of all the sample manufacturing enterprises, which is consistent with the transmission mechanism of vertical innovation. There is a single threshold in R&D investment, the threshold value is regarded as the critical point, and the enterprises carry out their R&D investment on their horizontal and vertical innovation systems respectively, the output fluctuation is thus affected. The asset scale has double thresholds, the enterprises with a scale lower than the first threshold value may carry out their R&D investments according to their horizontal innovation mechanism. The enterprises with a scale higher than the second threshold value are not suitable to change their R&D investments frequently, so as to avoid sharper output fluctuations. The enterprises with a scale between the two threshold values should increase their R&D investment continuously, so as to enhance the stability of their output in the process of achieving high-quality development.

Key words: R&D investment, manufacturing enterprise, output fluctuation, vertical innovative growth, horizontal innovative growth

CLC Number:

F272.3

JIANG Yu-jie, CAO Jing-lin. The Choice of R&D Investment of China's Manufacturing Enterprises under High-Quality Development: From the Perspective of Output Fluctuation[J]. Journal of Jiangxi University of Finance and Economics, 2020, 0(5): 21-31.

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