关键词: 研发投资, 行业竞争, 企业分工, 超额收益

Abstract: Mass entrepreneurship and innovation is an important strategy for the development of our country. Innovation and entrepreneurship are significant topic of the present era. More and more enterprises are gradually aware that innovation plays a vital role in enterprises. Whether the innovation investment can really promote the development of enterprises deserves attention. Stock price partly reflects a firm’s operating conditions, and at the same time, it can effectively reflect the results of R&D investment. The excess return of stocks is the difference between the actual return and the expected return. The excess part is an important manifestation of a firm’s development and progress. So, this paper discusses the impact of R&D investment on excess returns. Based on the R&D data and stock prices of Listed Companies between 2008 and 2016, this paper uses Fama and MacBeth regression method to explore the market valuation changes caused by R&D investment in different situations. The results show that the R&D expenditure has a significant positive impact on the excess return rate. At the same time, competition is a problem that must be faced by enterprises. The level of competition will have an impact on the firm’s decision-making and innovative performance. This paper also explores the different effects of R&D investment on excess returns in different competitive environments. The results showed that the level of industry competition can positively moderate the relationship between R&D expenditure and excess returns. However, facing the fierce competition environment, enterprises struggling alone cannot survive for a long time. Only by learning to cooperate with others can they continue to develop. Therefore, this article continues to explore the role of cooperation. The results show that the relationship between R&D and excess returns is more prominent in enterprises with high degree of division of labor, and only in the enterprises with high degree of division of labor, industry competition can play a moderating role. This paper continues to explore the relationship between enterprise competition and cooperation in additional test. And we find that industry competition can further promote the division of enterprises. This shows that R&D can promote the development of enterprises. Also, seeking cooperative partners under the pressure of competition is crucial. Competition is an important part of the external environment factors of enterprises. In the same time, division of labor is a major bridge among enterprises. Competition and cooperation both play a key role in enterprises. This also partly verifies the importance of co-opetition strategy to enterprises. These conclusions provide some enlightenment for the development of enterprises. Firstly, innovation investment is often accompanied by positive stock returns, and R&D investment is conducive to the development of enterprises. Under the environment of "mass entrepreneurship and mass innovation", increasing R&D investment level and enhancing scientific research ability are undoubtedly important means for modern enterprises to cultivate competitive advantage. Managers should pay attention to improving R&D efficiency while encouraging innovation. Secondly, for enterprises in the environment of survival of the fittest, certain competition can effectively promote the progress of enterprises. The existence of competition makes enterprises more cautious in choosing investment. The pressure of competition forces enterprises to invest more cautiously and achieve innovative results more effectively. Finally, high level of competition and high degree of cooperation can further promote the development of enterprises. Competition promotes rational decision-making of managers, while high-level division of labor reduces the cost of production. Effective competition and cooperation strategy will play a vital role in creating value for enterprises.

Key words: R&D expenditure, industry competition, industry division, excess returns