上市公司研发投入与企业绩效的非线性关系

Nonlinear Link between R&D Investment and Performance of Listed Companies

以计算机、通信和其他电子设备制造业上市公司2009—2013年数据为研究样本,采用面板门限回归模型对研发强度和企业绩效的关系进行研究。研究结果表明:研发强度对当期企业绩效有显著负向影响。研发强度对企业绩效的影响存在一期滞后,并且存在双门限效应。同时,企业规模与企业绩效呈显著正相关关系,资产负债率与企业绩效存在显著负相关关系,市场营销强度对企业绩效的促进作用并不显著。

By using the data of listed companies in computer, communication and other electronic equipment manufacturing industry between 2009-2013, the paper analyzed the relationship between the R＆D intensity and the firm performance based on the panel threshold model. The results illustrate that R＆D intensity has a significant negative effect on firm performance in the current period; R＆D investment has a lag effect, and there are two threshold effects. When R＆D intensity is lower than the first threshold value O. 93%, its influence on firm performance is significantly positive; when it is between O. 93% and 4. 77%, its influence is still significantly positive, but the coefficient decreases; there will be a negative impact on firm performance when R＆D intensity exceeds the second threshold of 4.77%. At the same time, there is a significant positive correlation between firm size and firm performance; the rate of assets and liabilities has significant negative effect to firm performance, and the effect of marketing intensity on firm performance is not significant.