行业差异、R&D投入与A股上市企业创新绩效——基于CDM模型的实证分析

本文基于CDM三阶段创新模型,采用2017年A股上市企业的截面数据,实证检验了A股上市企业的R&D投入、创新产出与企业创新绩效之间的关系,并比较了制造业与非制造业企业创新过程的不同。结果表明:企业规模和政府补助对制造业企业起到的正向作用大于非制造业企业。然而,在企业创新产出中,制造业企业规模的影响却不如非制造业企业。企业创新产出对非制造业企业成长性绩效有显著负作用,研发人员投入强度对两种企业的成长性绩效都具有积极作用。因此,制造业企业不但要关注政府补助和企业规模,也要注重研发人才的培养。而非制造业企业在扩大企业规模的同时更应着眼于企业的未来成长。

Based on the three-stage innovation model of CDM,this paper empirically tests the relationship among R&D input,innovation output and enterprise innovation performance with the cross-sectional data of enterprises from Shanghai Stock Market and Shenzhen Stock Market in 2017,and compares the differences in the process of enterprise innovation between manufacturing enterprises and non-manufacturing enterprises.The results show that the two factors of enterprise scale and government subsidy have more positive effects on manufacturing enterprises than those on non-manufacturing enterprises.However,the influence of manufacturing enterprise scale is inferior to that of non-manufacturing enterprises in enterprise innovation output process.The innovation output of enterprises has a significant negative effect on the growth performance of non-manufacturing enterprises,and the research and development personnel input has a positive effect on the growth performance of both enterprises.Therefore,manufacturing enterprises should not only pay attention to government subsidies and enterprise scale,but also pay attention to the cultivation of R&D talents,while non-manufacturing enterprises should focus on their future growth.