技术创新与新材料企业成长的实证研究

Empirical Study on the Relationship between Technological Innovation and the Growth of New Materials Firms

以我国A股2007—2012年间新材料上市公司为样本,实证研究了技术创新与企业成长之间的关系,研究结果发现:滞后一期的研发投入对新材料企业成长具有显著的正向影响;当期研发投入对企业成长具有负向影响;PE支持有利于新材料企业的成长。此外,企业规模与新材料企业成长存在正相关关系,而企业年龄与新材料企业成长呈现负相关,估计结果具有稳健性。

We investigate the relationship between technological innovation and growth of firms using a large sample of public lis- ted new materials firms from year 2007 to 2012. Our results suggest that： （1） the onephase-lagged R＆D has significant impact on growth of firms, （2） the current R＆D has negative impact on growth of firms, （ 3 ） PE-backed firms have faster growth rate. We also found evidence that the size of new materials firms has a positive impact on the growth. Older firms have lower expected growth rate. Such findings are robust to various econometric methods.