企业创新投入与企业绩效的相关性——基于信息技术业和制造业上市公司数据

The Correlation of Enterprise Innovation Investment and Performance:Based on Listed Companies' Data of IT Industry and Manufacturing Industry

不同行业以及创新投入的不同内容(产品创新投入和工艺创新投入)对于企业绩效的影响是有差异的,且存在滞后性。文章以两个技术水平不同的行业——信息技术业和制造业的企业为研究样本,选取2010—2014年的工艺创新投入、产品创新投入和企业绩效的相关面板数据并分别进行相关性分析。研究表明:第一,信息技术业产品创新投入与企业当期绩效存在显著关系,而工艺创新投入与当期企业绩效关系不显著;相反,在制造业中,产品创新投入与企业当期绩效不存在显著关系,而工艺创新投入对企业当期绩效存在显著正向影响。第二,信息技术业的产品创新投入对企业绩效的影响存在滞后性,滞后期为三年。制造业的工艺创新投入对企业绩效的影响存在滞后性,滞后期为2年。上述研究结果进一步验证了"A-U"模型。

Different industries and innovation investment （product innovation investment and process innovation investment） have different effects on corporate performance with various latencies. In this paper, the data between 2010 to 2014 of listed companies of two different industries, i.e. manufacturing and IT industries, is used to analyze the effect of research and development invest- ment on their performance, including product innovation investment and process innovation investment. It is found that product innovation investment rather than process innovation investment has significant effect on present year performance of IT industry, whereas process innovation investment instead of product innovation investment has significant effect on present year performance of manufacturing industry. There is a three-year lag on the effect of product innovation investment on IT industry performance, whereas a two-year lag exists on the effect of process innovation investment on manufacturing enterprise performance. Thus the a- bove results further validate the ＂A-U＂ model.