中国企业的实质性与扭曲性研发——研发企业存在生存溢价吗?

The substantial and distorting R&D firm in China——R&D firm has survival premium?

中国研发企业的生存问题是中国创新驱动发展战略实施的关键,决定着这一战略到底能走都远。本文运用生物领域的事件史分析法追踪了2000年成立的研发企业生存状况以及是否存在生存溢价。研究发现:首先,从整体上来说,中国研发企业并不存在显著的生存溢价,如果把基于退出机制不完善而形成的僵尸企业排除在外,研发企业要比非研发企业多抑制7.25%的生存风险;其次,研发密集度与生存风险之间并非简单的线性关系,研发密集度和生存风险之间存在大致的"U"型关系;最后,实质性研发企业能够显著降低生存风险,拥有较大的生存溢价,研发行为扭曲的企业则不具有生存溢价效应,其生存寿命反而要低于非研发企业。这一结论揭示了中国研发企业总体上不具有明显生存溢价的一个重要原因是,研发行为扭曲吞噬了实质性研发企业的生存溢价。那么,中国的研发激励政策在扶持企业进行实质性研发的同时,应当建立相应机制纠正企业的研发行为。

The survival of Chinese RD firm is the key for the implementation of development strategy of Chinese innovation policy.Presently,part of RD firms appears behavior distorted,which lead to another purpose in product innovation. The fact makes the survival of Chinese RD firm are both complicated and considerable research value. The paper uses event history analysis method in the field of biological and extended Cox model to trace the living situation and survival premium. The paper finds,first,Chinese RD firm does not exist a significant survival premium,once exclude zombie firms,the survival premium can reduce 7. 25% survival risk; Second,there is not simple linear relationship between RD intensity and survival,which appears roughly ＂ U＂ shaped; Finally,substantive innovation RD firm can significantly reduce the risk of survival and has larger survival premium,however,RD behavior distorted firm has not exist survival premium effect. This conclusion reveals that an important reason of the RD firm in China generally has no obvious survival premium is research behavior distorted swallowed a survival premium of substantive innovation RD firm. Then,when China is implementing innovation incentive policies to carry out substantive innovation,they establish the corresponding mechanism to reverse the distortion of research behavior at the same time.