This article selects data from A-share listed companies in Shanghai and Shenzhen from 2015 to 2022,and empirically tests the nonlinear effects of strategic technological innovation and competitive technological innovation on financial performance of manufac-turing enterprises from the perspective of innovation investment using a bidirectional fixed effect model,based on the theory of industry lifecycle.Empirical research has found that strategic technological innovation investment has a significant U-shaped impact on corporate financial performance;Competitive technological innovation investment has a significant inverted U-shaped impact on corporate financial performance.Heterogeneity analysis found that state-owned property rights can weaken these two impact effects,and the significances of these two nonlinear relationships can be affected by the market competition intensity.
维普
万方数据