多元化对企业创新投资模式的影响——基于R&D异质性的实证研究

The Impact of Diversity on Firms' Innovation Investment Model——A empirical research on R&D heterogeneity

基于R&D异质性视角,把R&D投资分为探索式创新投资和常规式创新投资,选取149家国内医药制造业上市公司2007-2013年的数据,研究多元化战略对企业创新投资模式的影响。实证研究的结果表明:专一化经营的医药企业重视R&D投入的研究阶段支出,进行探索式创新投资(R>0,D=0;R>0,D>0);多元化经营的医药企业偏好常规式创新投资(R=0,D>0),不愿把过多的资金投放入高风险、回报周期长的R&D研究阶段。研究结果可以为医药企业高管选择创新投资模式、政府对企业创新的金融支持政策制定提供决策参考。

Based on. the heterogeneity of R＆D perspective, this paper divides into the R＆D investment exploratory innovation, investment and con-ventional type innovation.. This paper selects 149 domestic pharmaceutical manufacturing listed companies during 2007 - 2013,study the effect of diversification, strategy on. the enterprise innovation, investment model. The empirical results show that the specific operation, of the pharmaceutical enterprise attaches great importance to the research stages of R＆D expenditure, to explore innovation, investment （R 〉 0, D = 0; R 〉 0,D 〉 0） ; Diversification, of pharmaceutical enterprise preference conventional type innovation, investment （R = 0, D 〉 0） , are reluctant to put too much money into the high risk and long return, cycle research stage. In. this paper, the research results can. be decision-making reference for pharmaceuti-cal company executives to choose innovation, investment model, and for the government financial support policy for enterprise innovation..