内生性约束下研发投入、研发效率与企业绩效——中国高技术产业细分行业的样本

R&D Investment,R&D Efficiency and Enterprise Performance under the Restriction of Endogenous——The Sample of High-tech Segment Industries of China

基于动态内生性的视角,运用系统GMM估计考察了研发投入、研发效率与企业绩效之间的关系。研究发现:研发投入与研发效率有显著的正相关,但研发存量资本投入和研发人员投入存在明显不足;研发效率处于较低水平,但对企业绩效的贡献已经显现;在研发投入、研发效率与企业绩效框架中,研发效率处于中介变量的地位,企业的研发投入改善了研发效率,从而进一步提升了企业的绩效,而企业的绩效又对研发投入存在明显的反馈效应。

The paper takes the system GMM estimate to inspect the relationship between the RD input,RD efficiency and enterprise performance from dynamic endogenous perspective.The study finds：RD efficiency has significant positive correlation with RD input,but the stock capital investment and RD investment still have obvious disadvantages;RD efficiency is still low,while its contribution to the enterprise performance appears;RD efficiency is the intermediary variable in the framework of the RD input,RD efficiency and enterprise performance,and enterprise＇s investment improves RD efficiency,so as to further improve the performance of the enterprise,which has obvious feedback effect to the RD investment.