市场竞争、选择性偏差与企业研发收益率

Market competition,selection bias and return to R&D

根据世界银行2012年对中国25个城市1542家企业的经营环境调查数据,研究了市场竞争对企业研发收益率的影响。基于研发产出存在异质性的假设,本文运用Roy模型对企业的研发能力偏差进行了纠正,并计算出每家企业潜在的研发收益率和无研发收益率,以及因企业特征而异的研发收益率。研究发现,不同竞争环境下的企业研发收益率存在显著差别,低竞争环境下企业的平均研发收益率要高于高竞争环境,企业会根据自身的"比较优势"选择是否进行研发。

In this paper,we examine the influence of market competition on the return of RD investment with the world bank survey data of 1542 enterprises in China. Based on the hypothesis of the heterogeneity of RD effect,we use Roy model calculating the potential output of enterprise RD,as well as the effect of RD based on the characteristics of the enterprise. We found that the enterprise RD yields are significantly different under different competition environment. The yields of RD is higher in less competitive environment. Enterprises choose whether or not to carry out R D according to their own comparative advantage.