This paper investigates the mediating role of innovation performance in the effects of R&D intensity and R&D internationalization on firm performance, using 1540 firm-year observations from a balanced panel of 385 privately-owned firms listed on the Shanghai and Shenzhen stock exchanges. Results show a negative effect of R&D intensity on short-term (profitability) and positive effect on long-term (firm value) financial performance but no significant effect on export (sales) performance. In contrast, R&D internationalization has a positive effect on export performance but no significant effect on short- or long-term financial performance. Moreover, innovation performance (number of patents) partially mediates the impact of R&D intensity and R&D internationalization on firm performance and these effects vary based on firm age and size. Besides extending current literature on R&D investments, these results have useful implications for firms especially those from emerging markets with international R&D operations or those aiming to internationalize their R&D activities.

本文使用来自上海和深圳证券交易所的385家私营公司的均衡面板中的1540个公司年度观察，研究了创新绩效在R＆D强度和R＆D国际化对公司绩效的影响中的中介作用。结果显示，研发强度对短期（利润）有负面影响，对长期（公司价值）财务绩效有积极影响，但对出口（销售）绩效没有显着影响。相反，研发国际化对出口绩效有积极影响，但对短期或长期财务绩效没有显着影响。此外，创新绩效（专利数量）部分地调节了研发强度和研发活动的影响。D关于公司绩效的国际化，这些影响因公司的年龄和规模而异。这些结果除了扩展有关R＆D投资的现有文献外，对那些公司，特别是那些具有国际R＆D运营的新兴市场的公司或旨在使其R＆D活动国际化的公司也具有有益的意义。