企业R&D投入行为的Heckman两阶段分析——基于中国工业企业面板数据的实证研究

Heckman Two-stage Analysis of Enterprises' R&D Investment Behavior: an Empirical Study Based on the Chinese Industrial Enterprises Panel Data

文章从企业规模、市场及竞争环境因素、企业财务资源、企业产权制度、行业特征等方面对企业R&D投入进行理论分析,采用中国工业企业数据库提供的制造业60万个观测样本数据,利用Heckman两阶段分析法,对企业R&D投入行为进行实证研究。研究结果表明:企业规模、企业财务资源实力、企业集聚度和产业市场集中度等因素与R&D投入选择和R&D投入程度均存在显著的正相关关系,企业杠杆与R&D投入选择和R&D投入程度存在显著负相关关系。在此基础上提出了相应的政策建议,并对未来的研究方向进行展望。

This article theoretically analyzes the enterprises＇ R＆D investment behavior in terms of enterprises＇ size, market and competition environment factors, financial resources strength, property relations and industry characteristics etc. Then it empirically studies enterprises＇ R＆D investment behavior based on the Chinese industrial manufacturing enterprises database including 600,000 observed sample data, using the Heekman model. The result shows that the enterprises＇ size, financial resources strength, business concentration and degree of industry market concentration etc. have significant positive correlation with both R＆D investment selection and its amount, but their leverage has significant negative correlation with R＆D investment selection and its amount. Therefore it puts forward the corresponding policy recommendations and points out the future research direction.