研发投入、技术积累与高新技术企业市场绩效

R&D investment,technology accumulation and high-tech enterprise market performance

选取2000-2017年获得国家高新技术企业认定的1470家企业面板数据,建立多元回归分析模型,研究研发投入、技术积累与高新技术企业市场绩效之间的关系机理,以及该效应在企业是否在高新区内注册、是否公开上市存在的差异。结果表明:研发投入对高新技术企业市场绩效有显著正向影响,企业内部研发投入相比较财政研发投入能产生更好的市场绩效。高新区内注册的高新技术企业由于拥有独特制度优势,导致研发投入向市场绩效的转化效率更高,但财政经费资助的影响效应相比高新区外的影响较弱。拥有上市融资资格的高新技术企业由于受到融资约束较少,使得研发投入对创新绩效的正向影响效果相比未上市而言更加显著。本文的研究结论可为现阶段高新技术企业政策创新提供参考和借鉴。

Select the panel data of 1470 companies recognized by the national high-tech enterprises from 2000 to 2017,establish a multi-regression analysis model to research the relationship between R&D investment,technology accumulation and innovation performance of high-tech enterprises,and the difference of the effect in the aspect that.whether registered in the high-tech zone or not and listed publicly or not.The results show that R&D investment has a significant positive impact on the innovation performance of high-tech enterprises.The internal R&D investment of the enterprise can produce better market performance than the financial R&D investment.The unique institutional advantages of high-tech enterprises registered in the high-tech zone can improve the efficiency of transformation from R&D investment to market performance,but the impact of financial funding is weaker than that outside the high-tech zone.High-tech enterprises with listed financing qualifications are less constrained by financing,making the positive impact of R&D investment on innovation performance more significant than unlisted.The conclusions of this paper can provide reference for the policy innovation of high-tech enterprises at this stage.