研发战略联盟对企业经营业绩的影响研究——来自创业板市场的经验证据

The Impact of R&D Alliances on Firm Performance:Evidence from the ChiNext Market

在创新驱动发展战略的指引下,近年来企业之间的研发战略联盟日趋增多。本文以创业板公司为研究对象,分析了研发战略联盟对企业经营业绩的影响及其作用机理。运用"匹配法和双重差分法"研究发现,企业缔结研发战略联盟对盈利能力具有显著的提升作用。在反映盈利能力的多项指标方面,缔结研发战略联盟的企业都强于未缔结研发战略联盟的企业。进一步研究发现,企业缔结研发战略联盟能够显著减少经营业绩风险,在反映盈利风险的多项指标方面,缔结研发战略联盟的企业都弱于未缔结研发战略联盟的企业。这为我们深入认识研发战略联盟对企业经营业绩的影响提供了理论基础和经验证据,并为企业着力提升竞争优势提供了决策依据和政策建议。

Under the guidance of the national strategy of innovation-driven development,there have been a number of R&D alliances among Chinese companies in recent years.Taking the ChiNext-listed companies that are active in R&D alliances as our research objects,we analyzed the mechanism of R&D alliances and its impact on firm performance.Our results show that R&D alliances have a positive effect on profitability by using propensity score matching method and difference-in-differences regressions.Companies that have R&D alliances are better than companies that have not in the respect of multiple measures that reflect profitability.Moreover,R&D alliances can significantly reduce the risk of performance.Companies that have R&D alliances are better than companies that have not in terms of multiple measures that reflect risk.This paper provides theory and empirical evidence for our insight into economic consequences of R&D alliances in Chinese companies.In addition,it also provides meaningful policy implications for Chinese firms to enhance competitive advantage.