Abstract:    Does R&D investment promote or inhibit the enterprise′s specialized operation? Relevant studies have not reached a consensus on this question, and they have also not considered the special background of China′s transition economy in depth. In the few literatures on the relationship between R&D investment and enterprise′s specialized operation, there are also two diametrically opposite views. Some scholars believed that R&D investment can promote enterprise′s specialized operation, while others believed that R&D investment can inhibit enterprise′s specialized operation. This paradox is more obvious in China′s market-oriented transition economy. Due to the large gap in marketization level among different regions, the process of enterprise strategic decision-making is more complicated. The research also found that the institutional environment affects the strategic decisions of enterprises. In emerging economies, the acquisition and utilization of enterprise resources only depends on the market mechanism to a certain extent, and in some cases the non-market mechanism will play a greater role. Therefore, this paper raises two questions: Can R&D investment promote enterprise′s specialized operation? How does the marketization degree affect the relationship between R&D investment and enterprise′s specialized operation?
   R&D investment can promote the output of new knowledge, new technology and new products, which is conducive to improving the core competitiveness of enterprises. It is easier for companies to enter other markets of the industry without entering other industries to increase risk. Leading enterprises with high R&D level will apply technology to other industries, but China is a developing country, and most of the enterprises belong to the catch-up type. Generally speaking, the pressure of external competition is great, and the technical level is at a lower stage. Enterprises that attach importance to R&D are more likely to enhance their core competitiveness through further R&D after gaining a certain competitive position in an industry. In addition, it takes time for companies to transform from R&D investment to the formation of knowledge, technology, products, and strategic decisions. Therefore, we propose that R&D investment can promote enterprise′s specialized operation, and also has a certain lag.
   In regions with high marketization degree, open and fair competition environment provides space for enterprises to expand their business. This makes it possible for enterprises with large R&D investment and high technology level to expand their market. Non-public economies has developed rapidly and information transparency has improved. Faced with the influx of more foreign competitors, enterprises can′t immediately occupy a place and quickly obtain high profits to offset the high risk of entering new fields at the beginning. Therefore, the more dependent enterprises are on R&D to improve their competitiveness, the more they will focus on a specific industry to avoid risks and failures. However, in regions with low marketization degree, the intellectual property protection system is not perfect, the development of the financial market is backward, and factor markets and product markets are distorted. This will restrict the development of enterprises in a specific industry. Therefore, once the scarce resources such as technology are mastered through R&D investment and the use level is low, enterprises will transfer these resources to other industries to seek more development opportunities, leading to a decrease in the degree of specialization. This paper proposes marketization degree has a positive adjustment effect on the relationship between R&D investment and enterprise′s specialized operation.
   The paper used China′s 2008-2014 Shanghai and Shenzhen A-share manufacturing listed companies as samples, and finally selected 410 companies from 31 provinces. Regression analysis was used to test the hypothesis relationship. This study has several findings. R&D investment promotes enterprise′s specialized operation and has the effect of time accumulation. Marketization degree has a positive regulating effect on the relationship between R&D investment and enterprise′s specialized operation. In other words, compared with regions with low marketization level, R&D investment in regions with high marketization level can promote enterprise′s specialized operation more.
    The findings of this paper have important theoretical contributions. First, in typical studies abroad, Galan and Sanchez (2006) pointed out that R&D investment inhibited the enterprise′s specialized operation, which was contrary to the conclusion of this paper. Through careful study, we found that Galan and Sanchez (2006) took American large manufacturing companies in 2002 as the samples, while this paper took Shanghai and Shenzhen A-share manufacturing companies listed from 2008 to 2014 as the research objects. The R&D level of the United States is in a leading position in the world, and the R&D capabilities of its large and mature enterprises have a highest level in the world. In contrast, China′s enterprises generally have a low level of R&D and weak competitiveness. In such an environment, Chinese enterprises that attach importance to R&D will focus on a certain industry for their own development. Second, domestic scholars have only explored the direct impact of institutional factors on the choice of business strategy, but have not realized that the impact of R&D investment on enterprise′s specialized operation will also change under different institutional environments. This paper discusses the moderating effect of marketization degree on R&D investment and enterprise′s specialized operation. This not only excavates the rule of institutional environment′s effect on enterprise operation, but also enriches the mechanism of institutional theory.
    This paper also provides the practice enlightenment for the enterprise management strategy decision-making. First, from the perspective of enterprises, enterprises in developed countries are in the leading position in the industry and have strong competitiveness. With the increase of R&D investment and the improvement of technology level, enterprises will realize diversification through technology sharing. However, Chinese companies are still focused on catch-up and generally have a low technology level, which cannot be compared with that of developed countries. With the increase of R&D investment, Chinese enterprises are more helpful to improve their competitiveness in the industry by strengthening specialized operation. This can avoid the failure caused by resource dispersion. Second, from an institutional perspective, we find that the more market-oriented the region, the more intense the competition. In order to cope with the pressure of external competition in the same industry, enterprises that attach importance to R&D should stick to the main industry. In China, the more developed the region, the more obvious the positive relationship between R&D investment and enterprise′s specialized operation.

Key words: R&D investment, specialized operation, marketization degree