id	author	title	date	pages	extension	mime	words	sentence	flesch	summary	cache	txt
fbem-31090	Lu, Pan	The Impact of R&D Innovation on Firm Performance: An Empirical Study Based on Chinese Listed Hi-Tech Companies	2025	5	.pdf	application/pdf	4365	152	37	Impact of VAT tax rebate on enterprise innovation [J]. However, high R&D investment does not necessarily translate into improved business performance: data from the National Bureau of Statistics shows that 34.7% of high-tech enterprises above scale in China in 2022 have an R&D intensity of more than 5%, but their average sales margin (6.2%) is only 1.8 percentage points higher than that of non- high-tech enterprises, and 24% of them have an elevated risk of cash-flow breakdown due to the excessively long innovation cycle.	cache/fbem-31090.pdf	txt/fbem-31090.txt