企业R&D投入的创新产出、约束条件与校正路径

Innovation output,Constraint condition and Correction path of enterprise R&D investment

企业R&D投入的创新绩效如何?为了解答该疑问,文章以2007~2015年A股上市公司为样本,实证检验了企业R&D投入与专利创新之间的关系。研究发现,企业研发投入的专利产出整体效果值得肯定,但在不同类别企业中表现出了明显的异质性差异。并进一步发现,企业自身信息不对称是抑制创新动能的重要致因,而金融生态环境的优化改善,则是扭转上述不利境况的有效路径。由此所导出的政策建议是,首先,应建立有针对性的政策传导机制,以根据企业的特殊属性进行细化引导;其次,进一步完善地区的金融生态环境,只有在经济环境、金融渠道和信息传导不断优化的保障下,依靠企业利用研发投入来提升创新能力,进而提高国家的创新层次才会具有普遍的现实意义。

What is the innovation performance of R＆D input？ In order to answer this question, this paper takes 2007-2015 years of A shares listed companies in China as samples, the paper examines the relationship between Rdd） investment and innovation of enterprise patent. The results show that the overall effect of the patent output of R＆D input is worthy of recognition, but there are obvious differences in different types of enterprises. Further study found that the enterprise＇s own information asymmetry is an important factor to curb the momentum of innovation, and the improvement of the financial ecological environment is an effective way to reverse the adverse situation. The export policy proposal is, first of all, should be established for policy transmission mechanism, according to the special attributes of the enterprise detailed guidance; secondly, to further improve the regional financial ecological environment, only in the economic environment, financial information transmission channels and the continuous optimization of the security, enterprises rely on using R＆D to promote innovation ability, and enhance the innovation level of countries will be of universal significance.