研发支出对公司增长影响的实证研究——来自中国上市公司的经验证据

Empirical Research on the Impact of R&D Expenditure on Corporate Growth——Empirical Evidence from Chinese Listed Corporation

理论分析表明,整体上看研发支出有助于促进公司增长;但由于研发活动高度的不确定性,企业采取研发活动并不能保证获得增长。基于2009年～2011年中国制造业上市公司数据的实证研究发现,研发支出与公司增长正相关,但统计上不显著。进一步分析表明,研发支出与公司增长之间的关系受公司规模和研发投入强度的影响。研发支出对公司增长的促进作用显著不同于广告支出。稳健性检验表明,这些结论不受样本选择的影响。

Theoretical analysis shows that, on the whole, R＆D expenditure contributes to the promotion of corporate growth; but because of the high uncertainty of R＆D activities, enterprises do not guarantee the access to growth by taking R＆D activities. Based on the analysis on the data of China manufacturing listing Corporations in 2009-2011, empirical study finds that the relationship between R＆D expenditure and corporate growth is positive, but not significant. Further analysis shows that the relationship between R＆D expenditure and corporate growth is influenced by corporate scale and R＆D intensity. The promoting effect of research and development expenditure on corporate growth is obviously different from the advertising expenditure. The robust test shows that these conclusions are not affected by the choice of sample selection.