Research on the Relationship Between Innovation Openness, R&D Investment and Innovation Performance of Manufacturing Enterprises

The panel data of 2,768 Shanghai and Shenzhen A-share manufacturing listed companies from 2011 to 2021 was analyzed, on the influence of innovation openness on innovation performance, the mediating effect of R&D investment and the moderating effect of innovation efficiency on R&D investment are empirically studied. The results show that innovation openness positively affects R&D investment and innovation performance. Research and development investment has a positive effect on innovation performance, and plays a partial mediating role between innovation openness and innovation performance. Meanwhile, innovation efficiency positively affects the relationship between R&D investment and innovation performance, and partially mediates the role of R&D investment in innovation openness and innovation performance.