中国企业研发投资创造成长机会的实证研究

An Empirical Study on R&D Investment Generating Growth Opportunities of Chinese Enterprises

企业从研发投资中获取成长机会的能力在一定程度上依赖于企业规模、财务杠杆和产业集中度。研究表明,企业规模和产业集中度在研发投资创造成长机会的过程中能够发挥积极作用,而财务杠杆则存在消极作用。企业规模和财务杠杆的互动效应对研发投资创造成长机会的影响具有复杂性。在负债率较低的条件下,大公司的研发投资将带来更多的成长机会;而在负债率较高的条件下,小公司更能从其研发投资中获取价值。产业集中度分别与公司规模、财务杠杆的互动效应对研发投资创造成长机会的影响不太重要。

This paper provides new insights into the interaction effects that size, leverage and concentration have on the effectiveness of R＆D investment in generating growth opportunities. While the direct effects of these factors are significant, the size- leverage interaction reveals further important insights. Large firms＇ advantages over small firms disappear as their leverage increases. Small firms with high leverage reap the greatest growth opportunities. Concentration does not play any significant role as a moderating variable when it interacts with size and financial leverage.