校企关系与企业R&D投入研究——来自高校上市公司的经验数据

The Relationship of Industrial-University and R&D Investment——Based on the Empirical Data of University-Owned Listed Companies of China

校企关系被看作是企业与高校交换创新资源的重要纽带,备受国内外学者关注,但其对企业的影响尚未得到一致结论,校企关系是否促进企业技术创新能力提升、降低企业创新投入成本有待进一步研究。以我国2009—2014年高校上市公司为研究样本,建立回归方程模型,研究了高校和企业间关系对公司R&D投入的影响。实证研究表明,我国高校上市公司中不同属性的校企关系对企业研发投入的影响不同。其中,以高校持股比例为指征的校企关系与公司研发投入呈正相关关系,高校股权可以促进企业研发投入;以高校股东分红比例和高校从业经历高管比例为指征的校企关系与研发投入呈负相关关系,以政府补助为指征的校企关系对高校控股上市公司和非控股上市公司研发投入的影响不同。

The university-industry relationship is increasingly perceived as a vehicle to enhance innovation through knowl- edge exchange. This is evident by a significant increase in studies that investigate the topic from different perspectives. However, this body of view still lacks efficient comprehensive view. Dose the university-industry relationship can improve the innovation capability of company？ To address this gap, taking university-owned listed companies of China from 2009 to 2014 as the point, the paper studies the relationship between the relationship of industrial-university and R^D investment. The results show that the university＇s shareholding ratio has a significant positive impact on R^D investment, the propor- tion of shareholders＂ dividends and the proportion of work experience in university employees in university-owned listed companies of China has a negative impact on R^D investment, and the government support has a different impact on dif- ferent university-owned listed companies. It concludes by considering the structural relationships that may explain the result and by identifying policy implications.