The Internationalization Degree,R&D Investment,and Corporate Value of Textile Enterprises:Empirical Evidence Based on Threshold Regression Analysis
Based on the panel data from listed textile companies from 2018 to 2022,this study uses a nonlinear perspective and resource limitation theory,employing a threshhold model to explore the relationship between R&D investment and enterprise value under different degrees of internationalization.The research findings are as follows:(1)When the degree of internationalization is taken as the threshold variable,there is an inverted U-shaped relationship between current R&D investment and enterprise value,and there is a double threshold value,and the optimal interval is DI≤0.389.(2)When the degree of internationalization is taken as the threshold,the relationship between the first and second lags of R&D investment and enterprise value still shows an inverted U-shape,and the optimal interval is DI≤0.383.(3)Of the 135 sample enterprises,29.63%have an internationalization degree higher than the first threshold value of 0.389 but do not fall within the optimal interval.(4)There is a significant positive correlation between enterprise growth and returns on human input and enterprise value,and a significant negative relationship between asset-liability ratio and enterprise value.The results indicate that the overall R&D investment in China's textile enterprises is generally low,and guiding textile enterprises to increase R&D investment remains an important path to enhance corporate value.The paper holds significant reference value for Chinese textile enterprises to effectively participate in international market competition and achieve sustainable development.
internationalization degreeR&D investmentcorporate valuethreshold model
NETL
NSTL
万方数据
