区域特征与R&D支出——基于珠三角、长三角和环渤海的比较证据

Characteristics of Regions and R＆D Expenditure： Comparative Evidences Based on China＇s Three Main Economic Regions

本文以2007～2010年中国沪深两市披露了研发支出的269家公司共1082个观察数据为样本，从宏观和微观角度揭示了企业在进行研发投入时，区域性的宏观因素如何影响企业微观层面的因素对企业研发决策的影响。实证结果表明：区域性宏观因素如市场化进程和教育环境能在不同程度上对企业R＆D的支出产生正向的影响，市场化进程越快、教育环境越好的地区，企业的R＆D支出越多，并且区域性的宏观因素还能对企业微观层面的因素与企业R＆D支出的关系产生影响，如市场化进程能够降低企业的产权性质对企业R＆D支出的影响，教育环境则能强化企业董事长的受教育程度对企业R＆D支出的影响。此外，关于珠三角地区、长三角地区和环渤海地区间的比较证据也支持了上述结论。

This study adopts 1082 observations between 2007 and 2010 of 269 A-share listed firms to figure out how the regional macro-factors affect the influences of the micro-factors inside the company on the company＇s R＆D policy when companies making their R＆D decisions. The results reveal that regional macro-factors like marketization process and educational environment have positive effects on enterprises R＆D expenditure in varying degrees. Companies in regions with faster marketization process and/or better educational environments appear to have higher R＆D expenditure than those in regions did not so good in these two aspects Moreover, regional macro-factors have impact on the relationship between micro-factors within a company and its R＆D expenditure, namely marketization process＇s negative effect on property-right-divergence and educational environment＇s positive effect on chairman＇s educational level in this study. Lastly, the comparative evidence based on the three main economic regions of China offers support to the conclusions listed above