Abstract：Based on the data of China’s A-share listed companies from 2010 to 2021, this study explores the behavior of dynamic adjustment of R&D investment and its value creation mechanism using GMM and other methods, and further conducts the heterogeneous impacts of different factors on this behavior. The study finds that: enterprises dynamically adjust their actual R&D investment according to the optimal R&D investment, and the faster the adjustment is, the faster the adjustment speed, the more beneficial it is for optimizing the R&D investment level; the dynamic adjustment of R&D investment can drive the value creation and promote the high-quality development of the enterprises by enhancing the enterprises’ total factor productivity. Heterogeneity analysis shows that: compared with exploratory innovation, enterprises’ R&D investment adjustment speed is faster for exploitative innovation; high-tech enterprise certification, industry competition, state-owned property rights, academic executives, and enterprise innovation culture are all conducive to accelerating the dynamic adjustment of R&D investment.
邹萍，李谷成. 价值创造导向下企业研发投入动态调整研究[J]. 管理学报, 2025, 22(10): 1816-.
ZOU Ping，LI Gucheng. Research on Dynamic Adjustment of Firms’ R&D Investment Under Value Creation Perspective. Chinese Journal of Management, 2025, 22(10): 1816-.
