Empirical Study on the Relationship between R&D Investment and Performance of Specialized, Refined, Unique and New Enterprises: Based on Data Analysis of A-share Specialized, Refined, Unique and New Listed Companies

Innovation is the soul of specialized and innovative enterprises. As an important force in promoting new industrialization and developing new quality productivity, continuously improving its innovation capability is an inevitable requirement to polish this "golden signboard". This article selects panel data from 577 specialized, refined, and new enterprises between 2018 and 2023 as the research sample to empirically analyze the relationship between company R&D investment and performance. Research has found that R&D investment can enhance the innovation performance of specialized, refined, and innovative small and medium-sized enterprises. After considering endogeneity and a series of robustness tests, the conclusion still holds true; Heterogeneity results indicate that compared to large-scale enterprises, R&D investment in small-scale enterprises has a significant positive promoting effect. The research conclusion of this article provides policy implications for enhancing the competitiveness of specialized, refined, and innovative enterprises in the industrial chain and helping the economy achieve high-quality development.