Study on the Influence of Digital R&D Investment of Forestry Enterprises on Their E-Commerce Performance

以2017~2023年间的51家林业上市公司为研究样本，基于357个面板数据，运用双向固定效应模型深入分析数字化研发投入对企业电子商务绩效的影响，并借助中介效应模型和调节效应模型探究其作用机制，同时开展异质性分析，旨在为林业上市公司提升绩效提供针对性建议。研究发现，数字化研发投入与企业电子商务绩效之间存在非线性正相关关系，适度增加数字化研发投入可显著提升绩效。进一步分析表明，提升研发人员占比是影响电子商务绩效的关键中介路径。此外，监管层持股和现金资产比率对数字化研发投入与电子商务绩效的关系具有显著的调节作用。异质性分析结果显示，不同类型企业在数字化研发投入与电子商务绩效的关系上存在差异，家具制造企业加大数字化研发投入的绩效提升效果更为明显，国有企业需优化决策机制以更好地发挥数字化研发投入的促进作用，非国有企业则应强化创新驱动与风险管理。因此，林业上市公司应重视研发人才投入，合理配置现金资产，优化股权结构，以提升企业电子商务绩效，促进企业的可持续发展。Taking 51 forestry listed companies from 2017 to 2023 as research samples, based on 357 panel data, this paper deeply analyzes the influence of digital R&D investment on enterprise e-commerce performance by using two-way fixed effect model, and explores its mechanism with the help of intermediary effect model and regulatory effect model, and carries out heterogeneity analysis, aiming at providing targeted suggestions for forestry listed companies to improve their performance. It is found that there is a nonlinear positive correlation between digital R&D investment and enterprise e-commerce performance, and a moderate increase in digital R&D investment can significantly improve performance. Further analysis shows that increasing the proportion of R&D personnel is the key intermediary path that affects the performance of e-commerce. In addition, the regulatory shareholding and cash-to-assets ratio have a significant regulatory effect on the relationship between digital R&D investment and e-commerce performance. The results of heterogeneity analysis show that there are differences between different types of enterprises in the relationship between digital R&D investment and e-commerce performance, and the performance improvement effect of furniture manufacturing enterprises is more obvious. State-owned enterprises need to optimize the decision-making mechanism to better play the role of digital R&D investment, while non-state-owned enterprises should strengthen innovation drive and risk management. Therefore, forestry listed companies should pay attention to the investment in R&D talents, rationally allocate cash assets and optimize the ownership structure, so as to improve the e-commerce performance of enterprises and promote the sustainable development of enterprises.