研发溢出、吸收效应与经营绩效--基于创业板上市企业的经验证据

R&D Spillover, Absorption Effect and Operating Performance --Empirical Evidence Based on the GEM Listed Companies

基于2009~2017年创业板上市企业的样本数据,运用随机前沿分析模型定量分析微观企业研发溢出的吸收效应,且通过统计分组和回归分析方法对研发溢出的吸收效应与经营绩效之间的内在联系及其影响因素进行探讨。研究表明,研发溢出存在显著的吸收效应,促进了企业产出水平的增长,且研发溢出吸收效应在不同企业之间存在明显的异质性特征。相比于低研发溢出吸收效应组,高研发溢出吸收效应组的企业可以取得更高的(超额)股票收益与经营业绩。企业的发展前景、品牌形象与管理层激励对研发溢出的吸收效应具有显著的正面作用。

Based on the sample data of GEM listed Companies from 2009 to 2017, this paper uses the stochastic frontier analysis model to quantitatively analyze the absorption effect of R&D spillover of micro-enterprises, and discusses the internal relationship between the absorption effect of R&D spillover and operating performance, and the influencing factors of absorption effect of R&D spillover through the grouping and regression analysis. Result shows that R&D spillover has a significant absorption effect, which promotes the growth of the output level of enterprises, and the absorption effect of R&D spillover has obvious heterogeneous characteristics among different enterprises. Compared with the low R&D spillover absorption effect group, enterprises in the high R&D spillover absorption effect group can achieve higher original and excess stock returns and operating performances. Further research also indicates that the development prospects, brand images, and management incentives of enterprises have a significant positive effect on the absorption effect of R&D spillover.