不同制造子行业研发投入对盈利能力影响的差异研究

Research on the Influence of R&D Investment on Profitability inDifferent Manufacturing Sub-industries

以5个制造业子行业上市企业2013—2018年的数据为样本,运用Hansen的面板门槛回归模型,研究不同子行业研发投入与盈利能力间关系的差异。结果表明,不同子行业研发投入与盈利能力之间的关系存在明显差异,一些行业当期研发强度与主营业务利润率正相关,另一些则呈“倒U型”非线性关系;不同子行业研发投入产生绩效的滞后性也存在差异,一些行业研发投入当期即产生积极影响,另一些适量研发投入需经一年时间转化才会对盈利能力起到促进作用。

This paper studies the relationship between R&D investment and profitability by using Hansen s panel threshold regression model with the data of listed enterprises in five manufacturing sub-industries from 2013 to 2018.The results show that the correlativity of R&D investment and profitability differs significantly in different industries.For example,R&D intensity is positively correlated with main operations profit rate in chemical raw material and chemical manufacturing industry while in computer,communications and other electronic equipment industry,they have a non-linear inverted U-shape relationship,indicating the existence of an appropriate range of R&D investment.Besides,different lag effects of R&D investment on performance are revealed in different sub-industries.For instance,R&D investment of chemical raw material and chemical manufacturing industry has an instant positive effect on profitability in the same year,while in pharmaceutical industry and equipment industry,moderate investment can promote profitability after a one-year lag.