ترجمه مقاله نقش ضروری ارتباطات 6G با چشم انداز صنعت 4.0
- مبلغ: ۸۶,۰۰۰ تومان
ترجمه مقاله پایداری توسعه شهری، تعدیل ساختار صنعتی و کارایی کاربری زمین
- مبلغ: ۹۱,۰۰۰ تومان
Abstract
Based on R&D investment data from Chinese listed manufacturing firms, this paper examines the effect of R&D spending on firms’ future performance conditional on their strategic positions. We find that firms pursing a product differentiation strategy have more R&D spending than those with a cost leadership strategy. In addition, we document a positive effect of R&D spending on firms’ future performance if they adopt a product differentiation strategy. Meanwhile, for the firms that adopt a cost leadership strategy, the relationship between R&D spending and firm performance resembles an inversed U-shape. Furthermore, we find this inversed U-shape relationship only exists for non-state-owned firms. Overall, this paper provides guidance and useful suggestions on the efficient allocation of R&D resources for Chinese manufacturing firms.
Conclusions
This paper uses Porter’s (1980) generic strategies to reexamine how the effect of R&D spending on future performance changes with different strategic positions. Using 1506 listed manufacturing firms in China, we find that R&D spending is higher for firms that adopt a product differentiation strategy than the ones adopting a cost leadership strategy. Furthermore, we show that the R&D spending is positively associated with future performance for the firms with a product differentiation strategy, but turns into an inversed U-shape for the firms with a cost leadership strategy. We also present that R&D spending only affects the future performance of non-SOE firms. As R&D becomes more and more important for Chinese firms, our paper provides valuable guidance and suggestions on the efficient allocation of R&D resources.