科创企业研发投入对企业成长的双门槛效应研究

基于科创板上市公司2017-2019年面板数据,采用面板门槛模型,实证检验研发强度与企业成长的非线性关系.研究发现,研发强度与当期企业成长呈"倒V形"的非线性关系,最优研发强度应不超过4.42％;研发投入对企业成长的影响存在滞后效应,且只有当研发强度超过6.83％时才能促进下一期企业成长,二者呈"U形"的非线性关系;最优研发强度对当期企业成长的促进作用比对下一期更大.成果可辅助科创企业理性权衡短期风险与长期收益,实现最优研发强度.

An Approach to Double Threshold Effects of Sci-Tech Innovation Enterprises Growth from Its R&D Investment

Under the circumstances of profound shifts unseen in a century and a "dual circulation" development pattern in the post-epidemic era, R&D and innovation performance of sci-tech innovation enterprises should be paid more attention from academic and business circles both.Based on the panel data of the STAR market listed companies from 2017 to 2019, the fixed-effect panel threshold model is constructed to test empirically the nonlinear relationship between R&D intensity and enterprise growth in the current and first lag phase. The results show that: (1) there is an inverted V-shaped nonlinear relationship between R&D intensity and current enterprise growth, and the optimal R&D intensity is or less than 4.42%; (2) there is an lag-effect on enterprise growth from R&D and innovation input,and only when R&D intensity more than 6.83%, R&D input promote enterprise growth in the next phase,and exists U-shaped nonlinear relationship between R&D intensity and enterprise growth in the first lag phase; (3) in the optimal R&D intensity span respectively,the promoted performance of R&D input on the current enterprise growth is better than the next phase. Results of this paper can directly assist sci-tech innovation enterprises to define the optimal range of R&D investment, rationally balance short-term risks and long-term benefits, and finally reach the optimal R&D intensity.