研发投入对企业利润的作用机制——基于面板门限的非线性关系分析

Mechanism of R&D Investment on Corporate Profits: A Nonlinear Relationship Analysis Based on Threshold Panel Data Model

基于我国29个省市规模以上工业企业数据,采用面板数据模型、面板门槛回归模型实证研究R&D资金投入与R&D人员投入对企业利润的作用特征及两者的协调效应。研究结果表明,R&D资金投入与R&D人员投入具有协调作用机制,只有研发资金与人员协同的企业才能实现超额利润。R&D资金投入存在最佳规模,中等规模下资金投入对企业利润的弹性系数最大。R&D人员投入水平较高时,R&D资金投入对企业利润的弹性系数较大。由于我国R&D人员投入水平整体偏低,且高素质研发人员较为匮乏,人员投入对企业利润的影响并不显著。

Based on the data of industrial enterprises above designated size in 29 provinces,the paper carries out an empirical research to study the effect of RD capital investment and RD personnel input on corporate profit and their coordination effect. The result shows that： synergistic effect between capital investment and personnel input is significant,only collaborate RD funds and personnel can enterprises achieve excess profits. There is a best scale of RD capital investment,coefficient of elasticity of corporate profits is the biggest with the medium size. When the RD personnel input is higher,the coefficient of elasticity that RD capital investment makes contribution to the corporate profits becomes much bigger. The contribution to corporate profits from RD personnel input is not significant because of lower input and lack of high-quality personnel.