The Impact of R&D Innovation Strategy on the Sustainable Development of Intelligent Manufacturing:evidence from a quasi-natural experiment in China
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Promoting the sustainable development of intelligent manufacturing enterprises is a key pathway to drive the green and efficient transformation of the manufacturing industry, and protecting the ecological environment. Based on the data of manufacturing enterprises listed in China, this paper empirically examines the impact of the policy of additional deduction for research and development (R&D) expenses on the sustainable development of intelligent manufacturing enterprises. The study finds that the R&D policy can significantly improve intelligent manufacturing enterprises’ sustainable development performance. The conclusion remains valid after a series of robustness tests, including parallel trend test, placebo test, propensity score matching, and replacement of enterprise sustainable development indicators. Mechanism tests reveal that R&D support policies improve the sustainable development performance by alleviating corporate financing constraints, enhancing the innovation level, and increasing the total factor productivity (TFP). Heterogeneity tests show that the R&D policy has a more significant impact on the enterprises that feature fast industry technology update speed, high capital intensity, non-state ownership, and large scale. The research conclusions of this paper provide valuable references to the development of intelligent manufacturing enterprises,providing Chinese experience for sustainable development in other countries and regions.
