East China Economic Management. 2018(02) Page:154-161Core

The Impact of Independent R＆D on Financial Performance of Smart-city Enterprises——From the Perspective of Heterogeneous Threshold EffectChinese Full Text

HAN Xian-feng;School of Economics ＆ Management,Northwest University;

Abstract：Based on the panel data of listed companies,this paper empirically studies the heterogeneous threshold effect of the impact of independent R＆D on financial performance of smart-city enterprises. The study shows that: The independent R＆D has generally restrained corporate financial performance,and this type of impact presents a negative inverted"N"curve relationship; Under a new normal,the negative impact of independent R＆D on corporate financial performance has being weakened,but the contradiction of ‘You cannot have it both ways’ still exists; There is an obvious heterogeneity characteristic when independent R＆D input affects the corporate financial performance. Under the threshold of ownership concentration and financial support,the impact is characterized by an inverted"N"type. Under the threshold of corporate scale,it is characterized by an inverted "W"type. Under the threshold of capital density,it presents an inverted"U"feature. Under the threshold of operating capability,it is characterized by a"U"type. Under the threshold of capital structure,it shows a negative inverted "U"feature; When increasing R＆D subsidies,the government can simultaneously direct enterprises to keep an appropriate degree of ownership concentration and capital density,and the higher operating capability and capital structure level,then the negative correlation between independent R＆D input and corporate financial performance can be tackled to a certain extent.

Keywords：

independent R＆D; smart-city enterprises; financial performance; threshold effect;

DOI：
10.19629/j.cnki.34-1014/f.1760418005
Series：
Subject：
Classification Code：
F273.1;F275

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The Impact of Independent R＆D on Financial Performance of Smart-city Enterprises——From the Perspective of Heterogeneous Threshold EffectChinese Full Text

HAN Xian-feng;School of Economics ＆ Management,Northwest University;

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