中国上市公司研发支出的非线性调整研究

Asymmetric adjustment of R&D expenditure in Chinese listed companies

本文以2011—2016年中国上市公司为研究对象,建立了企业研发支出与主营业务收入之间关系的计量经济模型.研究发现研发支出调整与主营业务收入变动之间存在非线性关系,证实了研发支出存在粘性特征:当主营业务收入上升1%时,研发支出增加0.634%;而主营业务收入下降1%时,研发支出减少0.401%.进一步研究发现,当主营业务收入连续两年下降时,研发支出粘性会降低;研发支出粘性也会随着宏观经济增长幅度、劳动密集程度增加而增大;与民营企业相比较,国有企业的研发支出粘性更大.研发支出粘性的研究有助于揭示企业管理层研发支出调整“黑箱”.

This article establishes the correlation model of R&D expenditure and operating revenue by using the sample of Chinese listed companies between 2011 and 2016. We find that the relationship between R&D adjustment and revenue is asymmetric, that is, R&D expenditure increases more when revenue rises than R&D expenditure decreases when revenue falls by an equivalent amount. The outcome shows that R&D expenditure increases on an average of 0.634% per 1% increase in revenue but decreases only 0.401% per 1% decrease in revenue. Furthermore, this paper examines that R&D expenditure stickiness is less pronounced when revenue declines in the preceding period, but rises when macroeconomic grows and the degree of employee intensity increases. In addition, the stickiness of R&D expenditure is higher in state-owned enterprises compared with private-owned enterprises. Research on R&D expenditure stickiness can help uncover the "black box" of managers' adjustment in R&D expenditures.