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| Research on Dynamic Adjustment of Firms’ R&D Investment Under Value Creation Perspective |
| ZOU Ping，LI Gucheng |
| Huazhong Agricultural University, Wuhan，China |
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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.
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Received: 02 July 2024
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