高科技企业研发投入同群效应研究——环境不确定性、知识产权保护的调节作用

Peer Effect of High-tech Enterprises’ R&D Investment ——Adjustment of Environmental Uncertainty and Intellectual Property Protection

探讨高科技企业研发投入的同群效应,特别是企业面临的市场环境不确定性,以及体现制度环境的知识产权保护对高科技企业研发投入同群效应的影响。实证分析沪深A股2009—2017年高科技上市公司数据,结果表明:①高科技企业研发投入存在显著的同群效应;②环境不确定性显著负向调节高科技企业研发投入的同群效应,即环境不确定性弱化了企业研发投入的行业趋同;③知识产权保护显著正向调节高科技企业研发投入的同群效应,即知识产权保护强化了企业研发投入的行业趋同。结论丰富了企业研发投入同群效应研究成果,为考察企业所处外部市场与制度环境对企业研发投入同群效应的影响提供了新视角。

This paper explores the cluster effect of R&D investment of high-tech enterprises,especially the impact of market environment uncertainty and intellectual property protection reflecting institutional environment on the cluster effect of R&D investment of high-tech enterprises.Empirical analysis of the data of high-tech listed companies in Shanghai and Shenzhen A shares from 2009 to 2017 shows that:①R&D investment of high-tech enterprises has significant clustering effect;②environmental uncertainty significantly negatively regulates the clustering effect of R&D investment of high-tech enterprises,that is,environmental uncertainty weakens the industry convergence of R&D investment of enterprises;③intellectual property protection significantly positively regulates the cluster effect of R&D investment of high-tech enterprises,that is,intellectual property protection strengthens the industry convergence of R&D investment of enterprises.This paper enriches the research results of the same-group effect of R&D investment,and provides a new perspective for investigating the impact of external market and institutional environment on the same-group effect of R&D investment.