企业异质性、研发投入与经营绩效

本文根据世界银行2012年对中国25个城市1529家企业的经营环境调查数据,克服前期研究普遍存在的样本选择偏误问题,采用倾向得分匹配估计方法从微观层面分析了中国不同性质企业的研发收益率。结果表明：研发投入会显著提升企业的收益率,但受企业异质性影响,具体表现为大规模、低竞争、有出口的企业的研发收益率要高于小规模、高竞争、无出口企业。通过进一步对研发收益率提升的微观机制进行考察发现,新设备引进和质量控制可以显著提升企业收益水平,管理方式创新、员工培训、引进新产品和新特性以及生产灵活性改进对企业收益率的影响因企业性质而已,成本控制对公司的收益影响不明显。

Enterprises Heterogeneity,SR D and Operating Performance

In this paper, in order to overcome selectionSbiasSproblem which is common in formerSresearch, we use propensity score matchingSestimationSmethod analyzing the different firms" return of R D with the world bank survey dataSof 1529 enterprisesSoperating environmentSof 25 cities in ChinaSin 2012 The resultsSshow that: theSR D investmentSwillSsignificantly enhanceStheSrate of return,Sbut it is affected by firm heterogeneity. R DSwill yield more in larger scale,Slower competition,SexportSenterprises. We also find that introducing new equipments and quality controlScan significantly improve the enterprise revenue, but the impact of management innovation,Spersonnel training,Sthe introduction ofSnew products, production flexibility and cost control on revenue depends on the firm heterogeneity.