企业研发支出的影响因素研究——基于非正式制度和产权保护的视角

Informal Institution,Property Rights Protection and R&D Investment Expenditure of Enterprises

全面提升企业技术创新能力是我国经济转向高质量发展阶段的战略要求。由于技术创新具有典型的外部性和溢出效应,企业对技术创新的投资存在很大的不确定性,企业研发费用支出决策受到诸多外部制度环境因素的影响。本文以沪深两市A股上市公司作为研究对象,从非正式制度(社会信任)和正式制度(产权保护)的视角,考察影响企业研发费用支出的因素。研究发现,企业研发费用支出受到二者的显著影响,正式制度或非正式制度越完善的地区,企业的研发费用支出水平越高。同时,非正式制度与正式制度对企业研发支出的影响存在替代效应,当正式制度不完善时,完善的非正式制度可以弥补这种不足,保持较高的研发支出水平。

IChina's economy has changed from high-speed growth to high-quality development stage,which require enterprises improve technology innovation capacity by enlarging R&D investment expenditure.Because of spillover effect of technology innovation,R&D investment expenditure of enterprises is influenced by several external institutional factors.Based on the data of listed companies in China,this paper empirically analyzes the effects of informal and formal institutions on R&D investment expenditure.The research shows:the effect of informal and formal institutions on R&D investment expenditure is highly and positively relative,which means enterprises would like to pay more R&D investment expenditure in the areas of perfect informal and formal institutions.In addition,there exists substitution effect of informal and formal institution,which means informal institutions will contribute more to R&D investment expenditure when formal institutions are insufficient.