政府补助对企业研发投入与绩效的影响——基于生物医药制造业的实证研究

以中国生物医药制造业上市公司为样本,采用2012—2015年数据实证分析政府补助的规模与连续性对研发投入和企业绩效的影响,以研究政府研发补助政策的有效性。研究发现,企业研发投入与绩效显著正相关,政府补助可以促进企业加大研发投入,而政府补助的规模对于研发投入与企业绩效存在负向调节作用,政府补贴的连续性对研发投入与企业绩效存在正向调节作用。基于研究结论,提出了调整企业研发补助形式等建议。     

融资约束背景下的企业研发投入与新产品开发绩效 ——基于40万工业企业数据库的面板模型分析

以往研究对于企业研发投入强度与新产品开发绩效之间的互动关系存在着正向影响与负向影响的不同结论。其原因之一在于未考虑融资约束等情境因素的影响。本文研究了从融资约束的视角研究了企业研发投入强度与新产品开发绩效之间的影响关系,基于构建面板回归模型的方法和中国工业企业数据,本文的实证结果表明,（1）进一步验证了研发投入强度与新产品开发绩效之间的正向关系的存在;（2）研发投入强度与新产品开发绩效存在着非线性倒U型关系,（3）检验了融资约束存在的调节效应,内部融资约束与外部融资约束对于上述关系的影响不同。上述结果可以为企业、政府和金融机构共同促进形成新产品研究提供理论与政策指引。     

融资约束背景下的企业研发投入与新产品开发绩效——基于中国工业企业数据库的面板模型分析

以往研究对于企业研发投入强度与新产品开发绩效之间的互动关系存在着正向影响与负向影响的不同结论,原因之一在于未考虑融资约束等情境因素的影响。从融资约束的视角研究企业研发投入强度与新产品开发绩效之间的影响关系,基于构建面板回归模型的方法和中国工业企业数据,实证结果表明:(1)进一步验证了研发投入强度与新产品开发绩效之间的正向关系的存在;(2)研发投入强度与新产品开发绩效存在着非线性倒U型关系;(3)检验了融资约束存在的调节效应,内部融资约束与外部融资约束对于上述关系的影响不同。研究结果可以为企业、政府和金融机构共同促进形成新产品研究提供理论与政策指引。     

高新技术企业的资本结构与经营绩效关系——基于不同研发强度的视角

基于2012—2018年我国涉及6个行业的上市高新技术企业数据,研究不同研发强度下企业资本结构与经营绩效之间的关系。研究结果表明:企业资本结构与经营绩效之间存在双门槛效应,门槛值分别为2.500和9.280;在低水平和高水平的研发强度下,企业资产负债率对于经营绩效的负向效应较低,而在中等水平的研发强度下负向效应较高,且3个区间的负向效应均远低于不存在研发投入变量时的负向影响水平。研究一方面说明企业研发投入存在最优区间,另一方面说明研发投入确实有助于削弱企业资产负债率对经营绩效的负向影响。此外在其他因素的研究中也发现,企业的规模和盈利能力等因素也对经营绩效存在非线性的作用,因此企业应定期检测这些指标,确保其保持在最优范围内,以全面提升绩效。     

不同研发强度下高新技术企业资本结构与经营绩效的关系研究

本研究基于2012～2018年涉及六个行业的高新技术企业上市公司数据研究不同研发强度下企业资本结构与经营绩效之间的关系，研究结果表明两者之间存在双门槛效应，门槛值分别为2.500和9.280。在低水平和高水平的研发强度下企业资产负债率对于经营绩效的负向影响较低，而中等水平下两者的负向效应较高。且三个区间的负向效应均远低于不存在研发投入变量时的负向影响水平。因而一方面说明企业研发投入存在最优区间，另一方面说明研发投入确实有助于削弱企业资产负债率对经营绩效的负向影响。在其他因素的研究中也发现，企业规模、盈利能力等因素也对企业经营绩效存在非线性的作用，企业应定期检测这些指标以确保其保持在最优范围内，全面提升企业绩效。     

CEO年薪报酬、研发投资强度与公司财务绩效

本文以中国A股上市公司为样本,运用联立方程组模型和三阶段最小二乘法,研究了CEO年薪报酬、研发投资强度与公司财务绩效之间的互动关系。研究发现:(1)高新技术企业的CEO年薪报酬与研发投资强度之间存在显著的正向互动关系;虽然非高新技术企业的CEO年薪报酬与研发投资强度之间存在负向互动关系,但关系不显著;(2)高新技术企业的研发投资强度对公司当期和上期财务绩效分别具有显著的负向和正向影响关系;当期和上期财务绩效对公司研发投资强度分别具有显著的负向和正向影响关系;而非高新技术企业的研发投资强度与公司财务绩效的互动关系相反,并且关系不显著;(3)高新技术企业的CEO当期年薪报酬与公司当期财务绩效之间存在显著的正向互动关系;虽然非高新技术企业CEO的当期年薪报酬与公司当期财务绩效之间存在正向互动关系,但关系较弱。本文研究结果不仅丰富了现有相关研究文献,而且在优化CEO年薪报酬契约,矫正公司研发投资不足和提高公司可持续盈利能力等方面,为高新技术企业提供理论支持和决策参考。     

企业研发投入的影响因素——基于我国制造企业调查数据的研究

利用我国制造企业2005年的调查数据,研究相关因素对企业研发支出及研发强度的影响.研究发现,地区经济发展水平(所在省份人均CDP)及是否有外商投资企业与研发支出的绝对值和强度之间均呈显著的正向关系;企业规模与研发强度之间存在显著正向关系,但与研发支出之间只呈不显著的正向关系;出口导向与研发支出间呈不显著的正向关系,与研发强度之间则呈显著负向关系;亏损企业的研发支出显著低于盈利企业,但其研发强度却高于盈利企业;没有发现财务杠杆与研发活动之间存在显著关系.     

研发投入规模与企业绩效——基于中国高新技术企业的半参数回归分析

以中国2009年~2012年在深交所上市的672家高新技术企业为研究样本,采用半参数回归模型对研发强度和企业绩效的关系进行研究。研究发现:研发强度对企业绩效的正向影响存在两期滞后,并且研发强度存在适度区间,过低和过高的研发强度均与滞后期企业绩效负相关。同时,企业规模、市场营销强度均与企业绩效呈显著正相关关系,资产负债率与企业绩效存在显著负相关关系。     

政府补贴对软件企业创新绩效的影响研究

政府补贴是企业研发和创新最直接的外部资源支持,软件产业是发展数字经济的先导产业,如何进行政府补贴能更好地推进软件企业发展值得思考。基于资源基础理论,以软件产业上市公司为研究对象,采用面板固定效应负二项回归,从政府补贴规模、政府顺补贴（即企业盈利时补贴）、政府逆补贴（即企业亏损时补贴）几个角度,探究了政府补贴对企业研发投入和创新绩效关系的调节作用。结果表明：企业研发投入对企业创新绩效有促进作用;政府补贴规模正向调节研发投入与创新绩效之间的关系;政府顺补贴强化了研发投入对创新绩效的正向影响,而政府逆补贴对研发投入和创新绩效之间的关系是负向影响。研究结论对政府补贴政策制定和企业创新实践提供参考和启示。     

上市公司研发投入与企业绩效的非线性关系

以计算机、通信和其他电子设备制造业上市公司2009—2013年数据为研究样本,采用面板门限回归模型对研发强度和企业绩效的关系进行研究。研究结果表明:研发强度对当期企业绩效有显著负向影响。研发强度对企业绩效的影响存在一期滞后,并且存在双门限效应。同时,企业规模与企业绩效呈显著正相关关系,资产负债率与企业绩效存在显著负相关关系,市场营销强度对企业绩效的促进作用并不显著。     

企业R&D支出的内部影响因素研究——基于中国电子信息百强企业之实证

本文归纳和分析了可能对企业R&D支出产生影响的10种内部因素,并提出相应假设。基于2000 2003年中国电子信息行业百强企业的统计数据,文章验证了企业规模、盈利能力、出口导向三种因素对企业R&D支出的实际影响。本文分析结果表明:企业规模、盈利能力都与企业R&D支出正相关;而出口导向则与企业R&D投入负相关。     

Determinants of industry-academy linkages and, their impact on firm performance: The case of Korea as a latecomer in knowledge industrialization

This paper utilizes the Korea Innovation Survey data to identify the determinants of industry-university and industry-government research institute (IUG) cooperation, and its impact on firm performance. First, we find that among the determinants of IUG cooperation, traditional firm characteristic variables of size and R&D intensity are not significant, while participation in national R&D project turns out be most significant and robust in both cooperation modes. This is in contrast to the results from the cases in European countries and reflects the significance of government policies in promoting IUG cooperation in latecomer economies. Second, with regard to the impact of IUG cooperation, we conspicuously find no significant impact on the innovation probability of firms when we control the possible endogeneity, such that already innovative firms would participate more at such cooperation modes. This implies that the IUG cooperation cannot guarantee the success of a firm in technological innovation. Rather, it may have an influence on the selection or direction of the research projects of a firm. When we limited the analysis to innovative firms, we do find a positive impact of the IUG cooperation on patents generated from new product innovation but find none in terms of volume of sales or labor productivity. These results seem to reflect the still transitional nature of the national innovation system (NIS) and knowledge industrialization in Korea.     

The interaction of R&D intensity and firm age: Empirical evidence from technology-based growth companies in the German “Neuer Markt”

This study examines the technology strategies of 88 technology-based growth companies that went public on the German “Neuer Markt” between 1997 and 2002. The regression analyses show significant positive effects of R&D on growth but negative effects on profitability. The data suggests that firm age is a moderating factor influencing whether technology investments lead to higher growth or profitability in the life cycle of technology-based growth companies. In our sample, higher R&D intensity led to increased sales growth but lower return on sales, but the growth effect was negative and the impact on profitability positive. These results support the significance of company life cycle theories for formulating technology strategies, which suggests that different stages in the development of technology-based firms call for specific levels of R&D intensity to sustain growth and profitability.     

The R&D performance through time of young, high-technology firms : Methodology and an illustration

This paper summarizes the pilot stage of a microeconomic study of the innovation performance through time of young, high-technology Israeli firms. It reports some results for a successful firm designing, producing and selling electronic instruments and systems. The paper begins by surveying some of the difficulties surrounding the collection and organization of data on R&D projects. One of them concerns the definition of the ‘Unit for Analysis’ - the R&D project. Three criteria are suggested for dividing the stream for innovative activities into R&D projects, and these are applied to group the tens of products, accessories and systems included in the analysis into nine projects. The paper subsequently defines a measure of “direct” project performance or profitability estimate - discounted operating profits per unit of fixed costs - and provides estimates based on R&D and sales data for the products of each project. The final sections analyze the variation of project profitability through time. The increasing profitability observed across generations of a product class is attributed to the adaptability of the firm to changes in the environment, particularly to the availability of new technology which requires the swift design and sale of more complex products. The qualitative history of the various projects suggests that this adaptability is due, to a large extent, to the skills, infrastructure and reputation of the firm accumulated from prior projects, i.e. that the “indirect” profitability of the latter is high. Some estimates of the indirect profitability of early projects are presented. A comparison of the spin-off mechanisms observed in the firm analyzed with those observed in firms of other industries is also undertaken.     

Cooperative R&D and firm performance

We analyse the impact of R&D cooperation on firm performance differentiating between four types of R&D partners (competitors, suppliers, customers, and universities and research institutes), and considering two performance measures: labour productivity and productivity in innovative (new to the market) sales. Using data on a large sample of Dutch innovating firms in two waves of the Community Innovation Survey (1996, 1998), we examine the impact of R&D cooperation in 1996 on subsequent productivity growth in 1996–1998. The results confirm a major heterogeneity in the rationales and goals of R&D cooperation. Competitor and supplier cooperation focus on incremental innovations, improving the productivity performance of firms. University cooperation and again competitor cooperation are instrumental in creating innovations generating sales of products that are novel to the market, improving the growth performance of firms. Furthermore, customers and universities are important sources of knowledge for firms pursuing radical innovations, which facilitate growth in innovative sales in the absence of formal R&D cooperation.     

Under what conditions do firms benefit from the research efforts of other organizations?

Although R&D spillovers play a key role in the battle for technological leadership, it is unclear under what conditions firms build on and benefit from the discoveries of others. The study described here empirically examines this issue. The findings indicate that, depending on technological opportunities, firm size and competitive pressure, the net impact of R&D spillovers on productivity can be either positive or negative. Specifically, we find that although spillover effects are positively associated with the technological opportunities that a firm faces, this relationship is reversed when firm size is considered. Whilst external R&D affects large self-reliant firms negatively, its impact on the productivity of smaller firms (who usually introduce incremental innovations that are characterized by a strong reliance on external technologies) is positive, and even higher than that of their own R&D. We also demonstrate that the economic payoff for firms’ own R&D is lower when they face intense competition. In cases of low-appropriability, however, spillover effects are more positive, allowing firms to increase their performance using the inventions of others.     

企业家创新成果对公司业绩的影响研究

企业家是一个公司的灵魂，其参与技术创新活动的成果会影响公司业绩。文章以企业资源视角切入，整合高层阶梯理论、动机不对称理论和企业创新研究的相关成果，对企业家创新成果的特殊性进行了理论分析。文章以企业家参与研发的专利作为企业家创新成果的代理变量，利用2011-2014年中国创业板公司企业家参与研发的专利数据进行了实证研究。研究结果表明：从创新数量来看，企业家参与研发的发明专利成果会显著提升公司业绩；从创新质量来看，发明专利成果对公司业绩的贡献大于企业家参与研发的外观设计以及实用新型成果的贡献。该结论丰富了企业家创新的相关理论，对新时代培育、激励和保护企业家精神，引导企业家创新创业具有现实意义。     

A theory of firm growth: Learning capability, knowledge threshold, and patterns of growth

This paper focuses on the dual role of R&D - knowledge generation and the technological-competence-enhancing effect of R&D - and its implication for the endogenous evolution of R&D productivity and the pattern of firm growth. In particular, based on the evolution of firm-specific R&D productivity or technological competence, this paper derives a simple R&D-based model of firm growth capable of explaining various aspects of firm growth. The model proposes three prototype patterns of firm growth, depending on both firm- and industry-specific characteristics. The former includes firm-specific technological-competence-enhancing capability and the initial level of technological knowledge, and the latter includes industry-specific R&D appropriability. Specifically, firms with low technological-competence-enhancing capability tend to follow a convergent growth pattern in which firm growth gradually declines, while firms with high technological-competence-enhancing capability tend to exhibit either a sustained or a vicious growth pattern depending on the initial size of their technological knowledge stock. An empirical analysis of unique data on firm growth and technological capability provides supportive evidence for the role of technological-competence-enhancing capability in conditioning the pattern of firm growth.     

服务贸易开放、研发投入结构错配与工业绿色全要素生产率

本文研究了服务贸易开放影响工业绿色全要素生产率的阻滞和疏通机制。结果显示：在工业全行业层面,研发投入的技术促进传导机制存在阻滞,提升研发人员和研发经费投入的匹配度可以疏通这种阻滞的机制。分行业层面,在清洁行业和低技术密集型行业,研发投入的技术促进传导机制存在阻滞,可以通过提升研发投入匹配度来疏通阻滞的机制。但是在高技术密集型行业,通过提升研发投入匹配度带来的疏通作用不大。在高度污染行业,这种传导机制并没有受阻,相对比较通畅。     

Does R&D performance decline with firm size?—A re-examination in terms of elasticity

There have been many previous studies exploring the relationship between R&D performance and firm size; however, to our knowledge, this issue has never been examined in terms of R&D output elasticity. This paper therefore sets out to re-examine the relationship of the two variables using R&D output elasticity as a measure of R&D performance. A total of 126 manufacturing firms, listed on the Taiwan Stock Exchange over the period from 1994 to 2000, are taken as the analytical sample. One practical consideration for choosing these particular firms is the relative abundance of data available for the variables for a longitudinal investigation. The estimates suggest that there is an approximating ‘U-type’ relationship between R&D productivity and firm size. This finding suggests that both large and small firms have higher R&D productivity, and even when the sample is divided into the high-tech and traditional sectors, such a finding still holds. Therefore, in contrast to the prior studies, this study shows that size offers advantage in R&D performance.