企业异质性、市场竞争与研发投入——来自中国A股上市公司的经验证据

Firm Heterogeneity,Market Competition and R&D Investment:Empirical Evidence from China's A-share Listed Companies

在国家创新驱动发展战略背景下,企业通过创新获取异质性资源,进而抢占较好的竞争位置,是其在日益激烈的市场竞争中维持自身生存与发展的必由之路。以2010—2015年中国A股上市公司为研究对象,探讨了市场竞争对企业研发投入的影响。研究发现,市场竞争与企业研发投入显著正相关。进一步研究发现,企业异质性对这一关系具有调节作用,市场竞争对企业研发投入的促进作用因企业产权性质和决策权配置的不同而存在差异。研究结果表明,相比国有企业,市场竞争对非国有企业研发投入的促进作用更显著;相比决策权分散企业,市场竞争对决策权集中企业的促进作用更显著。研究结论对于激励企业创新、推进创新驱动发展战略具有一定的启示。

In the background of innovation driven development strategy,enterprises obtain heterogeneous resources through innovation,and then seize a competitive advantage. It is an inevitable course to maintain the survival and development in the increasingly fierce competition in the market. Using the data of China＇s A-share listed companies from 2010 to 2015,this paper studies the effect of market competition on RD investment. The study finds that the market competition has a significantly positive effect on RD investment. Further research shows that the firm heterogeneity has a regulating effect on the relationship of market competition and RD investment. The promotion effect of market competition on RD investment varies due to the difference in the nature of property rights and the allocation of decision-making rights. The research results show that market competition＇s stimulation to innovation on state-owned enterprises and enterprises with separation of decision-making rights and decision-supervision rights is less significant than non-state-owned enterprises and enterprises with concentration of decision-making rights and decision-supervision rights respectively. The research conclusions are enlightening to encouraging enterprise innovation and promoting innovation driven development strategy.