The theory of innovation factor thinks that regional research and development\n(R&D) investment directly affects the new product development (NPD)\nperformance of the enterprise, while the theory of innovation efficiency considers\nthat regional R&D investment affects the NPD performance of the enterprise\nby affecting the enterprise internal R&D efficiency. To test the\ntwo-theoretical hypothesis, we match up Chinese provincial-level data with\nthe enterprise data from China industrial enterprise database. The empirical\nresults show that, the theory of innovation factor and the theory of innovation\nefficiency exist simultaneously. The regional R&D investment can affect NPD\nperformance of enterprises. However, R&D investment of other enterprises in\nthe same region has a beneficial impact on the enterprise internal R&D efficiency.\nAnd the regional R&D investment in human resources has a positive\neffect on the enterprise internal R&D efficiency. According to the conclusions,\nthis paper constructs three policy advices, which are increasing regional\nR&D investment, expanding and consolidating the enterprise as the\ncore of the status of R&D and increasing regional R&D investment in human\nresources.
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