In the context of digital economy,the black box between R&D investment and innovation capability has not yet been opened,and there is a closed-loop interaction between the two.This paper utilized the finite information great likelihood method to estimate the model for testing,constructed indicators with the text analysis method,and verified whether this relationship exists and how it operates through the data of listed companies during the period of 2011-2020.It was found that:(1)there is a closed-loop interaction between R&D investment and innovation capacity,and increased R&D investment is conducive to impro-ving innovation capacity while improvement of innovation capacity will further increase R&D investment,and there is a"R&D-in-novation"and"R&D-innovation-Re-R&D"effect.(2)Enterprises that take the lead in digital transformation have a first-mover advantage,while latecomers in digital transformation indirectly improve their innovation capability by optimizing their knowledge management capability.(3)Improvement of knowledge management and employee education is conducive to the realization of the second stage of innovation through closed-loop interaction,which is an important mechanism for the"R&D-innovation-Re-R&D"effect.Based on the digitalization scenario,this paper has opened the black box of virtuous circle interaction between R&D investment and innovation capability,and it will provide practical insights for enterprises to carry out digital transformation,introduce talents and expand the path of innovation capability improvement.
维普
万方数据