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Based on R&D investment data from Chinese listed manufacturing firms,this paper examines the effect of R&D spending on firms' future performance conditional on their strategic positions.We find that firms pursing a product differentiation strategy have more R&D spending than those with a cost leadership strategy.In addition,we document a positive effect of R&D spending on firms' future performance if they adopt a product differentiation strategy.Meanwhile,for the firms that adopt a cost leadership strategy,the relationship between R&D spending and firm performance resembles an inversed U-shape.Furthermore,we find this inversed U-shape relationship only exists for non-state-owned firms.Overall,this paper provides guidance and useful suggestions on the efficient allocation of R&D resources for Chinese manufacturing firms.