ABSTRACT
The global food crisis caused by COVID-19 and the Russia-Ukraine conflict have made many countries around the world realize the significance of agroforestry to a country's food security. However, China's agroforestry R&D innovation is currently lagging behind in development, and some agricultural seeds are heavily dependent on foreign countries, which seriously affects China's national food security. It is especially important to explore the reasons why China's agroforestry R&D and innovation is lagging behind. As listed agroforestry companies face the market demand directly, there is an urgent need to study the R&D innovations of listed agroforestry companies at present. This paper analyzes the impacts of R&D innovation, corporate management and supply chain management on the corporate performance of listed agroforestry companies using the entropy weighting method, GMM estimation and panel threshold model, mainly by selecting annual panel data from CSMAR for the period 2010 to 2021. The following conclusions were drawn: (1) There is a nonlinear relationship between R&D innovation and firm performance, and a 'U';-shaped relationship. This indicates that there is an entrance threshold for R&D innovation in the agroforestry industry, below which corporate performance does not improve. (2) There is a nonlinear relationship between corporate management and corporate performance, and a U-shaped relationship. (3) There is a nonlinear relationship between supply chain management and firm performance, with an inverted-U-shaped relationship. This paper explains the reasons for the slow development of R&D innovation in China's agriculture and forestry industry and fills the gap in the theoretical study of the nonlinear relationship between R&D innovation and corporate performance of listed companies in China's agriculture and forestry industry. Finally, this paper provides a theoretical basis for the decision making of government departments related to agriculture and forestry, and offers some suggestions for listed companies in agriculture and forestry to improve their corporate performance.