研发投资:企业行为,还是行业特征?

R&D investment: enterprise behavior or industry characteristics?

研发投资是增强企业创新能力和竞争力的重要途径,我国企业研发投资面临着投入强度低和分布不均衡的问题。与现有研究不同,本文通过研发投资的行业特征分析,从企业和行业两个层面构建了企业研发投资的决定模型,以2005-2007年中国工业企业微观数据为样本,实证检验了各因素对企业R&D强度的影响,进而利用夏普里值分解法就企业研发投资差异的来源进行了探讨,得到如下结论:微观层面,生产规模、企业年龄、资产负债率与R&D强度显著负相关,企业性质对研发决策也具有显著影响;行业层面,平均研发强度、市场集中度和外部筹资环境对研发投资存在显著的正效应,新产品销售收入占比和研发集中度则具有明显的抑制作用;根据夏普利值的分解结果,行业因素对企业研发投资差异的平均贡献高达86.5%,企业因素的贡献度仅为13.5%,表明企业研发投资的差异主要源于行业特征的不同,而不是企业行为异质性的结果。

R＆D investment is the key to change economic development pattern and enhance the industrial competitiveness.While Chinese enterprise faced with both low intensity and skew distribution of firm R＆D investment.Unlike existing research,this paper is going to analysis the industry characteristics of R＆D investment,and present a decision model of enterprise R＆D investment by two fields which are enterprise and industry.We use a micro-data of Chinese manufacturing industries from 2005 to 2007 as samples to test the factors of firm R＆D intensity.Moreover,we discuss the differences of enterprise R＆D investment by Shapley value decomposition method,and get the following conclusions.At micro-level,the intensity of R＆D has significant negative correlations with production scale,firm age and asset-liability ratio,and enterprise property also effects the R＆D decisions hardly.In addition,industry level factors such as average R＆D intensity,market concentration and the environment of external financing has significant positive effects to firm R＆D investment.However,there are obvious inhibitive effects from the ratio of new products＇ sales revenue and R＆D concentration.According to the analysis of Shapley value,industry factors contributes the 86.5％ to the differences of firm R＆D investment,and enterprise factors only contributes the 13.5％.In conclusion,the differences of investment in research and development are because of the different industries characteristics,not the enterprise behavior.