研发对企业利润的影响及出口扩大效应

The Impact on Enterprise Profits of R&D and Export Expansion Effect

利用异质企业模型并引入研发作为影响企业生产率的异质因素,研究发现在一定的范围内企业增加研发投入能够带来利润的提高,并且企业选择出口或者增加出口交易量能够扩大研发对企业利润的促进作用,即出口具有扩大效应。根据2005-2007年《中国工业企业数据库》实证检验发现:(1)企业研发规模与利润规模呈显著的正相关性,从而研发对企业利润可能具有促进作用;(2)如果保持生产率不变,企业研发规模对利润规模的偏效应大约降低1/3,从而生产率是企业研发影响利润的一个重要途径;(3)企业选择出口尽管能够扩大研发对利润的促进作用,但是证据较弱;(4)具有强烈的证据显示企业增加出口能够扩大研发对利润的促进作用。总之,研发对企业利润可能具有积极的促进作用,并且企业出口很可能会扩大这种促进作用。

The impact of R＆D on corporate profit is an important research topic because R＆D investment can have strong impact on corporate profit. Based on the heterogeneous enterprise model, this paper makes three propositions. Firstly, the impact of R＆D on technology accords with the features of increasing concave function. Increasing R＆D investment can improve corporate profit. However, increasing R＆D investment could reduce corporate profit because of increasing investment cost. Secondly, increasing R＆D investment can enhance the probability of gaining profit in the export market for an enterprise. Entering the export market can improve corporate profit. Export can strengthen the positive influence of R＆D on corporate profit. Thirdly, increasing R＆D investment gives an enterprise the opportunity of gaining more profit by selling more products in the export market. Therefore, the increase of an enterprise＇s exporting trade volume can enhance the impact of R＆D on corporate profit. Based on ＂Chinese industrial enterprise database＂ during the 2005-2007, our analysis results show that there is a significant positive correlation between enterprise R＆D scale and profit scale, and R＆D may have a role in promoting enterprise profit. In addition, if productivity remains the same, the partial effect of enterprise R＆D scale on profit scale is about one-third lower. Thus, productivity is an important way for an enterprise to invest in R＆D activities to make profit. Although export can improve profit via R＆D facilitation, strong evidence does not exist. Lastly, increasing export can help increase the impact of R＆D facilitation on profit. In summary, R＆D may have a positive role in promoting enterprise profit, and enterprise export is likely to expand this role in promoting. The enterprise managers should set up the belief that R＆D can increase corporate profit and should also pay attention to the expansion effect of the impact of R＆D on corporate profit. The enterprises should use the increasing profit from R＆D to continue to operate and compete in the long term in an invincible position.