R&D Investment's Threshold Effect on Firm Performance
-
摘要:基于中国智慧城市上市企业的相关数据，运用面板门槛回归方法实证研究研发投入对企业绩效影响的异质门槛效应。结果表明：（1）研发投入对企业绩效的影响呈现显著的“倒U形”非线性特征，即只有适度的研发投入强度才能促进企业绩效，而过高的研发投入强度会对企业绩效产生一定的抑制作用；（2）在企业规模约束下，研发投入对企业绩效具有“U形”非线性影响，说明只有当企业规模跨越一定门槛时，研发投入才能促进企业绩效；（3）在资本结构和资本密度门槛条件下，研发投入对企业绩效的影响分别具有显著的“倒N形”型和“N形”非线性特征，且均存在最优水平区间；（4）新常态下，有效促进研发投入对企业绩效积极影响的重要抓手在于，兼顾研发投入能力和管理能力并重、鼓励企业做大做强、保持适中的资本结构和较高的资本密度水平。Abstract:Based on the related data of listed companies in China's smart cities from 2011 to 2015, by means of panel threshold regression technique, this paper makes an empirical study of R&D investment's heterogeneous threshold effect on firm performance. The results show that:(1)R&D investment has an obvious nonlinear inverted U-type influence on firm performance, and only modest R&D input could promote firm performance, while if the investment is excessive, it could generate an inhibitory effect;(2) Constrained by enterprise scale, R&D input's effect on firm performance is featured by nonlinear U-style. Thus, it can be seen that only when the enterprise scale goes above a certain threshold, R&D investment can advance firm achievement;(3)Under the threshold of capital structure and the threshold of capital density, R&D input has a significant inverted N-type and nonlinear N-style effect on firm performance. At the same time, the optimal capital structure and capital intensity level range could be identified;(4) Under the ‘New Norm’, to further activate R&D input's positive effect on firm performance, we must grasp these key points-to pay equal attention to both R&D and management capability, to further strengthen and expand enterprise development, and to keep the modest capital structure and higher capital density level.
-
Key words:
- R&D investment intensity/
- firm performance/
- threshold effect
-
[1] 孙维峰,黄祖辉. 广告支出、研发支出与企业绩效[J]. 科研管理,2013,34(2):44-51. [2] 齐秀辉,王维,武志勇. 高管激励调节下研发投入与企业绩效关系研究[J]. 科技进步与对策,2016,33(15):76-82. [3] 仇云杰,魏炜. 研发投入对企业绩效的影响——基于倾向得分匹配法的研究[J]. 当代财经,2016(3):96-106. [4] 李四海,邹萍. 企业研发绩效粘性研究——来自高新技术上市公司的经验证据[J]. 科研管理,2016,37(2):37-46. [5] 郭斌. 规模、R&D与绩效:对我国软件产业的实证分析[J]. 科研管理,2006,27(1):122-125. [6] 陈建丽,孟令杰,王琴. 上市公司研发投入与企业绩效的非线性关系[J]. 中国科技论坛,2015(5):67-73. [7] 刘振. CEO年薪报酬、研发投资强度与公司财务绩效[J]. 科研管理,2014,35(12):129-136. [8] 蒋卫平,刘黛蒂. 研发投入、冗余资源与企业绩效的关系研究[J]. 财经理论与实践,2016,37(4):57-62. [9] LIN B,LEE Y,HUNG S. R&D intensity and commercialization orientation effects on financial performance[J]. Journal of Business Research,2006(59):679-685. [10] 黄怡,郑小丹,翁梅金. 福建省上市企业研发投入对绩效影响探析[J]. 福建论坛(人文社会科学版),2015(9):183-187. [11] 陈牧,邹增明,刘瑞. 技术创新能力生命周期与研发投入对企业绩效的影响[J]. 科技进步与对策,2015,32(12):72-78. [12] HARTMANN G C,MYERS M B,ROSENBLOOM R S. Planning your firm's R&D investment[J]. Research Technology Management,2006,49(2):25-36. [13] 李静,彭飞,毛德凤. 研发投入对企业全要素生产率的溢出效应[J]. 经济评论,2013(3):77-86. [14] 马艳艳,张晓蕾,逯雅雯. 研发支出、广告支出与企业经济绩效——基于中国不同制造业子行业的实证研究[J]. 大连理工大学学报(社会科学版),2015,36(4):30-34. [15] 韩先锋,董明放. 研发投入强度与战略性新兴产业绩效[J]. 统计研究,2016,33(1):45-53. [16] HANSEN B E. Threshold effect in non-dynamic panels:estimation,testing,and inference[J]. Journal of Econometrics,1999,93(2):345-368. [17] HANSEN B E. Sample splitting and threshold estimation[J]. Econometrica,2000,68(3):575-603. [18] 孙兆斌. 股权集中、股权制衡与上市公司的技术效率[J]. 管理世界,2006(7):115-124. [19] MAKRI M,LANE P J,GOMEZ-MEJIA L R. CEO incentives,innovation,and performance in technology-intensive firms:a reconciliation of outcome and behavior-based incentives schemes[J]. Strategic Management Journal,2006(27):1057-1080. [20] 任保全,王亮亮. 战略性新兴产业高端化了吗?[J]. 数量经济技术经济研究,2014(3):38-55. [21] 沈艺峰,肖珉,林涛. 投资者保护与上市公司资本结构[J]. 经济研究,2009(7):131-142. -
点击查看大图
计量
- 文章访问数:704
- HTML全文浏览量:3
- PDF下载量:451
- 被引次数:0
下载:
