In order to explore the configuration conditions of mutual promotion between R&D investment and enterprise performance in the central and western regions,this paper selects 852 manufacturing enterprises in the central and western regions in China Shanghai and Shenzhen stock markets in 2021,and analyzes the configuration conditions of mutual promotion between R&D investment and enterprise performance by fuzzy set qualitative comparison(fsQCA).It is found that due to the difference of debt financing demand,there are contradictions in different performance realization paths,and enterprises need to choose configuration paths according to their growth potential.Enterprises with high growth potential rely on high debt,high government subsidies and good governance environment to help promote high R&D investment and high growth cycle;Enterprises with low growth potential create a good governance environment with low debt ratio and high government subsidies,and promote high R&D investment and high profitability and high market value performance.Finally,some suggestions are put forward for different growth enterprises.Enterprises with high growth potential can raise funds by debt financing and issuing new shares.Enterprises with low growth potential can issue new shares in a timely manner and reduce the debt ratio to achieve high-quality development.
关键词
研发投入/企业绩效/组态路径/模糊集定性比较分析方法(fsQCA)/中西部地区
Key words
R&D investment/enterprise performance/configuration path/fuzzy set qualitative comparative analysis(fsQCA)/central and western regions
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