市场化进程与上市公司R&D投资:基于产权特征视角

Marketization process and R&D investment:Based on the property right characteristic

基于市场化进程驱动企业R&D投资的理论阐释,本文实证考察了市场化程度对不同产权企业R&D投资的影响。研究结果表明:(1)整体而言,市场化程度不仅与企业R&D投资强度正相关,而且市场化程度与行业竞争的共同作用对R&D投资的影响程度更为显著;(2)央企和民企的R&D投资对市场化程度的敏感性较高,分别为地方国资委所控企业的2.6倍和2.3倍,为地方企业集团公司的2倍和1.8倍;(3)与地方国资委直接控制的公司相比,相同的市场化程度对企业集团R&D投资的促进效果更为明显;(4)只有在市场化进程达到一定程度后,R&D投资的价值效应才可能因市场环境的实质性改善而逐步彰显;而地方政府基于短期利益的干预,很可能削弱了市场化进程对R&D投资价值的边际贡献。上述研究结论为进一步完善企业R&D投资的市场驱动机制和产权约束条件提供了理论和经验依据。

Based on the theory of R＆D investment derived from the by marketization process in enterprises, how does the marketization process affect on the R＆D investment of enterprises with different property right characteristics is empirically studied. The results show that： （ 1 ） on the whole, the marketization process is positively correlated to the enterprise＇ s R＆D investment, but the combined function of marketization process and industry competition affects on the enterprise＇ s R＆D investment signifi- candy ; （2） R＆D investment in private companies and central enterprises are more sensitive to the marketization degree, and these type of enterprises are 2.6 and 2.3 times as sensible as the companies controlled by the local government respectively, and are 2 and 1.8 times as sensible as the listed companies controlled by the local enterprise group respectively; （ 3 ） comparing with the companies which are directly controlled by the local government, the effect that the marketization process facilitates the R＆D investment of enterprise group is more obvious; （4） only if the marketization process reaches certain degree, the value effect R＆D investment could manifest because of the substantial improvement of the market environment; however, with a shortterm goal, the intervene from the local government could probably impair the marginal contribution of marketization process to the enterprise＇ s R＆D investment value. The conclusions provide the evidence for making further improvement market driving mechanism of R＆D investment for the enterprises, and for improving property fight constraint conditions of R＆D investment.