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| Analysis of the Threshold Effect of R&D Investment, Internationalization Degree and Manufacturing Enterprise Value |
| Wu Zhiyong1,2,Wang Zeren2,Ma Yonghong1 |
| (1.School of Economics and Management，Harbin Engineering University, Harbin 160000, China；2.School of Economics and Management,Qiqihar University, Qiqihar 161006,China) |
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Abstract Taking China's manufacturing listed companies with foreign sales revenue in 2012-2018 as a sample, the paper empirically analyzes the threshold effect of R&D investment including the current period, the lagging 1 and 2 period and the degree of internationalization on the enterprise value through the panel threshold model.the study finds that there is a non-linear positive correlation between the degree of internationalization and the value of the enterprise, with a single threshold effect;the R&D investment in each period based on the threshold variable－degree of internationalization, has the U-shaped impact on the value of the firm with a significant double threshold effect.The double threshold value of the lag R&D investment of the 1st period and the 2nd period is almost the same; the enterprise age and manpower input in the control variables significantly increase the value of the international operation enterprise, while the enterprise scale and asset-liability ratio negatively affect the enterprise value.The conclusions have important practical significance for leading China's manufacturing enterprises to strengthen technological innovation, promote internationalization process and enhance corporate value under the innovation-driven development strategy.
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Received: 29 October 2019
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