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Product Market Competition and R&D Investment Empirical Evidence Based on the Fixed Effect Model

This paper takes 2010-2018 Shanghai and Shenzhen A-share state-owned listed companies as a sample, from the perspective of internal governance and external environment, respectively, to study the influencing factors of the company’s innovation capability by means of the fixed-effect model. We find that in state-owned enterprises, there is an inverted U-shaped relationship between product market competition and enterprise innovation capabilities and the diversified ownership structure can significantly promote the improvement of corporate innovation capabilities. Further research indicates that the diversified ownership structure has a positive moderating effect on the relationship between product market competition and corporate innovation.