Abstract: R&D investment is the key to promoting technological progress and enhancing innovation capabilities, and high-quality development of enterprises requires efficient R&D investment. This paper takes listed companies in China's Shanghai and Shenzhen stock markets from 2010 to 2020 as research samples to explore the impact of R&D investment on high-quality development of enterprises, as well as the regulatory mechanisms of tax incentives and financial subsidies. The findings are as follows. (1) R&D investment significantly promotes high-quality development of enterprises. (2) Tax incentives have a significant positive moderating effect between R&D investment and high-quality development of enterprises, while the moderating effect of fiscal subsidies is not significant. (3) Based on heterogeneity considerations, a classification study is conducted from three perspectives:before and after the high-quality development strategy, region, and R&D intensity. It is found that the promotion effect of R&D investment on the high-quality development of state-owned enterprises is significant before and after the high-quality development strategy, while the promotion effect of R&D investment on the high-quality development of non-state-owned enterprises is only significant after the high-quality development strategy; the promotion effect of R&D investment on high-quality development of enterprises and the positive regulatory effect of tax incentives are significant in high R&D intensity enterprises and enterprises in the eastern and central and western regions; the positive regulatory effect of fiscal subsidies is significant in enterprises in the eastern region, while the negative regulatory effect is significant in the central and western regions. The research conclusion provides empirical evidence and reference suggestions for a deeper understanding of the impact of R&D investment on high-quality development of enterprises, improving R&D efficiency, and enhancing high-quality development of enterprises.

Key words: R&D investment, policy incentives, high-quality development of enterprises