异质环境下研发费用投入的价值效应差异分析——基于倾向得分匹配法(PSM)的分析

An Analysis on Different Value Effects of R&D Investment in Heterogeneous Environment——Based on Propensity Score Matching(PSM)

创新与战略管理理论、国家多种重要文件或会议表明研发费用投入预期能够使主体更具竞争力,对于宏观经济、中观行业和微观企业具有重要意义,然而现实主体在异质环境下研发费用投入的价值效应存在较大差异。文章解释研发投入的价值效应差异时的基本思路为,首先严格区分短期业绩和长期价值,并嵌入异质产权和市场化进程等制度环境分类探讨,再用倾向得分匹配法(PSM)对多行业的数据进行分析。运用最近邻匹配、半径匹配、核匹配等三种匹配方式发现:研发费用投入的短期业绩更小,而长期价值更大;相比于国有企业,在非国有企业中研发费用投入的长期价值更大;相比于中央控制国企,非中央控制国企的研发费用投入的长期价值效应更明显,同时其短期业绩下滑不明显,提供证据支持适当引入竞争机制有助于强化动力;相比于市场化程度低的地区,市场化程度高地区的企业研发费用投入的短期业绩下降不明显,其长期价值更大,提供证据支持了Stiglitz(2015)理论阐述研发技术创新需要付出高额的代价,相对落后地区,学习可以作为替代机制。剖析了研发的价值效应差异,提出差异化引入激励或竞争机制及权衡短期业绩和长期价值等。

Innovation and strategic management theory,a series of national important documents or conferences show that R&D investment is expected to make the subject more competitive,which is of great significance to macro-economy,meso-industry and micro-enterprise.However,in reality,the subject has different value effects of R&D investment in heterogeneous environ.ment.In this paper,the basic idea of explaining different value effects of R&D investment is to distinguish the short-term per.formance and the long-term value strictly,and to discuss the classification of institutional environment such as heterogeneous property rights and marketization process,and then to analyze the multi-industry data by PSM.The paper applies three match.ing methods:nearest neighbor matching,radius matching and core matching,to find that:The short-term performance of R&D investment is smaller,but the long-term value is greater;Compared with state-owned enterprises,the long-term value of R&D investment in non-state-owned enterprises is greater;Compared to the central state-owned enterprises,the long-term value ef.fect of R&D investment of non central state-owned enterprises is more obvious,and the short-term performance decline is not obvious,which provides evidence that the appropriate introduction of competition mechanism is conducive to strengthen power;Compared with the areas with low marketization,the short-term performance decline of corporate R&D investment in the areas with high marketization is not significant,and its long-term value is greater,which provides evidence to support Stiglitz's(2015)theory that R&D technology innovation needs to pay a high price.And learning can be used as an alternative mechanism in rela.tively backward areas.The paper analyzes the differences of value effect of R&D,and proposes the differentiated introduction of incentive or competition mechanism and the trade-off between short-term performance and long-term value.