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| The Relationship among R&D Investment, the Feature of Resources and Innovation Performance |
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Abstract The study use the data of 355 firms from second board market to examine how the resources featuresfinancial resource(asset liquidity)and technical resource( the degree of technology accumulation) affect the relationship between R&D investment and innovation performance based on the RBV. First, the result shows that relationship between R&D investment and innovation performance is inversed "U" shape. Second, the result shows that asset liquidity moderate the relationship between R&D investment and innovation performance positively, and play the accelerator role. While, as the organizational inert and path dependency, the technology accumulation moderate the relationship between R&D investment and patent of invention negatively, and play the role of buffer. Asset liquidity and technology accumulation can enhance the threshold value of R&D investment, facilitate the effective transformation of R&D investment. The study discusses the fit between R&D investment and the resources features, reveals the mechanism of the resources features on the process of R&D investment, and provides suggestions for improving innovation performance.
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