Nonlinear Link between R&D Investment and Performance of Listed Companies
Chen Jianli 1, 2, Meng Lingjie 1, Wang Qin1, 3
1.School of Economics & Management, Nanjing University of Science and Technology, Nanjing 210094, China; 2.College of Sciences, Nanjing Tech University, Nanjing 211800, China; 3.School of Economics, Nanjing University of Posts and Telecommunications, Nanjing 210023, China
Abstract：By using the data of listed companies in computer, communication and other electronic equipment manufacturing industry between 2009—2013, the paper analyzed the relationship between the R&D intensity and the firm performance based on the panel threshold model.The results illustrate that R&D intensity has a significant negative effect on firm performance in the current period;R&D investment has a lag effect, and there are two threshold effects.When R&D intensity is lower than the first threshold value 0.93%, its influence on firm performance is significantly positive;when it is between 0.93% and 4.77%, its influence is still significantly positive, but the coefficient decreases;there will be a negative impact on firm performance when R&D intensity exceeds the second threshold of 4.77%.At the same time, there is a significant positive correlation between firm size and firm performance;the rate of assets and liabilities has significant negative effect to firm performance, and the effect of marketing intensity on firm performance is not significant
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