ABSTRACT Using the panel data of listed shipbuilding enterprises from 2010 to 2021 all over the world, this paper empirically studies the impact of Research & Development investment on new orders received by shipbuilding enterprises using the panel fixed effect model and the threshold regression model. The results show that R&D investment has a positive impact on the new order of high-tech and high-value-added ships in shipbuilding enterprises. R&D investment has a time lag effect on the new orders and a non-linear relationship with the newly received orders. The 1-year lagged R&D investment has a single threshold effect on the newly received orders of liquid tankers. When the R&D investment intensity exceeds the threshold, the positive impact on the newly received orders is weakened. To be specific, when the excessive R&D investment intensity does not match the scientific research capacity of shipbuilding enterprises, enterprise resources will be mismatched. Therefore, shipbuilding enterprises should increase their investment in R&D if they want to build more high-tech and high-value-added ships. At the same time, enterprises should also pay attention not to blindly strengthen the R&D investment, but to keep it within a reasonable range, so that resources can be allocated appropriately.