研发投入与企业绩效:基于内生性视角的行业异质性研究

R&D Investment and Corporate Performance:A Study Based on Endogeneity and Industry Heterogeneity

选取2013-2017年创业板上市公司为研究样本,运用联立方程模型的3SLS估计法对研发投入与企业绩效的内生关系进行了分析,并深入研究了不同行业间二者关系的差异。结果表明:前期研发投入显著正向影响企业绩效,表现为明显滞后效应,当期企业绩效则会减少企业研发投入;分行业看,技术密集型企业中,滞后二期研发投入显著正向影响企业绩效,当期绩效提高却不利于研发投入的增加。资本密集型行业中,滞后一期研发投入对企业绩效有显著正向影响,当期绩效的增加同样不利于研发活动的开展。劳动密集型行业中,当期研发投入显著提高企业绩效,当期绩效提高显著促进研发投入,行业间差异明显。

This paper selected the listed companies of GEM in 2013-2017 as the research sample,analyzes the endogenous relationship between R&D investment and corporate performance by using the 3 SLS estimation method of simultaneous equation model,and studies the difference among industries deeply. The results show that the early R&D investment has a significant positive effect on the corporate performance,showing a significant lag effect;the current corporate performance will reduce the R&D investment of the enterprise.In the industry-specific view,in the technology-intensive enterprises,the lag II R&D investment will significantly and positively affect the corporate performance,the current performance improvement is not conducive to the increase in R&D investment. In capital-intensive industries,the lag I R&D investment has a significant positive impact on corporate performance,and the increase in current performance is also not conducive to R&D activities. In labor-intensive industries,current R&D investment significantly improves corporate performance,and current performance significantly promotes R&D investment,there are significant differences among industries.