高新技术企业研发投入的收益-风险退耦研究

Research on the Decoupling of Benefit from Risk in High-tech Enterprises' R&D Investment

依据中国367家高新技术上市公司2007—2014年间的面板数据,建立动态面板Sys_GMM模型,得到企业研发强度与企业收益、风险之间的函数关系式,进而计算出企业研发投入的收益—风险耦合区间和积极退耦、消极退耦区间.研究发现,中国高新技术企业研发投入的收益与风险并不匹配,落入耦合区间的样本企业仅占1.86%.有94.79%的样本企业落入收益—风险积极退耦区间,对于绝大多数中国高新技术企业来说,研发投入是以较小风险博取较大收益的趋利行为.实证结果显示,12.68%可被看作企业研发投入强度的上限.当企业研发强度超过12.68%后,创新活动将进入以较大的风险代价获取较小收益增长的收益—风险消极退耦阶段.研究结论有助于政府主管部门更客观地评价企业研发活动的价值、更全面地掌握企业研发收益的风险代价、更精准地实施企业风险预警,并为企业管理实践摆脱"高收益—高风险"与"低收益—低风险"的两难困境提供启发,为企业确立最佳的研发投入水平提供借鉴.

Based on the panel data of 367 high-tech enterprises in China from 2007 to 2014, it built the dynamic sys- tem GMM estimation model and got the function relation between benefit, risk and R＆D intensity. Then it worked out the positive decoupling interval, negative decoupling interval and coupling interval of enterprises＇ R＆D activities. The results show that benefit and risk in Chinese high-tech enterprises＇ R＆D activities do not match. Only 1.86% of the to- tal study sample realize coupling, and 94.79% of the total study sample realize positive decoupling. So R＆D invest- ments are profitable to most of Chiese high-tech enterprises, which can gain more interest at less risk. Empirical results show that 12.58% is the upper limit of R＆D intensity. If R＆D intensity exceeds 12.58% ,the enterprises will fall into negative decoupling interval of gaining less benefit at the cost of larger risk. The result is helpful to the government to assess the value of R＆D activities more objectively, to understand the risk cost of R＆D benefits more comprehensively, and to implement enterprise risk early-warning more precisely. At the same time, it can provide decision reference for managers to solve the dilemma between ＂high benefit -- high risk＂ and ＂low benefit -- low risk＂, and help to deter- mine optimal R＆D investment level as well.