R&D投资与企业生产率——基于中国工业企业微观数据的PSM分析

将有研发和无研发企业分别作为处理组和控制组,利用倾向得分匹配法(PSM)考察了RD行为对企业生产率的影响,发现有研发企业的生产率水平比与之相匹配的无研发企业高出21.5%,说明RD活动能够显著提升全要素生产率。进而,以连续有研发投入的企业为样本检验了RD强度与生产率的关系,得到研发强度以0.488%为临界值与企业生产率呈正U型关系的结论,约99%的工业企业没有达到门槛值的现实说明,应进一步增加RD投入强度,改善研发投资效率,加大基础研究的比重,发挥RD投资的创新效应,以促进企业生产率的提升。

R&D investment and total factor productivity: The PSM analysisbased on industrial firm-level data of China

The industrial firms are divided into the control group with R&D investment and the treatment group without R&D investment, and the propensity score method (PSM) is used to test the effect of R&D activities on productivity. The results show that the productivity of firms with R&D is 21.5% higher than those without R&D, reflecting that R&D can increase the total factor productivity. Then, the sample of industrial firms with R&D inputs in succession is used to test the relationship between R&D intensity and productivity. The conclusion is drawn that there is a U-shape relation between R&D intensity and productivity with a critical value of 0.488%. About 99% industrial firms' R&D investment is below the threshold value impeding the increasing of productivity. It indicates that the firms should increase R&D investment, improve the R&D efficiency, enhance the proportion of basic research, and develop the innovation effect of R&D investment, so as to increase the productivity.