研发投入、国际化程度与制造企业价值的门槛效应分析

Analysis of the Threshold Effect of R&D Investment,Internationalization Degree and Manufacturing Enterprise Value

以2012-2018年有国外销售收入的我国制造业上市公司为样本,利用面板门槛模型,实证分析当期、滞后1期、滞后2期研发投入以及国际化程度对企业价值影响的门槛效应。研究发现:国际化程度与企业价值呈非线性正相关关系,存在单一门槛值;各期研发投入以国际化程度为门槛,对企业价值的影响呈U型关系,存在显著的双重门槛效应,且滞后1期与滞后2期研发投入的双重门槛值几近相同;控制变量中企业年龄、人力投入显著提升国际化经营企业价值,而企业规模、资产负债率负向影响企业价值。研究结论对创新驱动发展战略下引领我国制造企业加强技术创新、推进国际化进程、提升企业价值具有重要现实意义。

Taking China's manufacturing listed companies with foreign sales revenue in 2012-2018 as a sample,the paper empirically analyzes the threshold effect of R&D investment including the current period,the lagging 1 and 2 period and the degree of internationalization on the enterprise value through the panel threshold model.the study finds that there is a non-linear positive correlation between the degree of internationalization and the value of the enterprise,with a single threshold effect;the R&D investment in each period based on the threshold variable-degree of internationalization,has the U-shaped impact on the value of the firm with a significant double threshold effect.The double threshold value of the lag R&D investment of the 1st period and the 2nd period is almost the same;the enterprise age and manpower input in the control variables significantly increase the value of the international operation enterprise,while the enterprise scale and asset-liability ratio negatively affect the enterprise value.The conclusions have important practical significance for leading China's manufacturing enterprises to strengthen technological innovation,promote internationalization process and enhance corporate value under the innovation-driven development strategy.