创新失败如何影响企业的新增研发投入?

How does Innovation Failure Affect the R&D Expenditure?

失败是创新过程中的客观现象,可能影响后续的决策行为。本文从中国情景出发,以绩效反馈理论和前景理论为基础,假设失败后管理者会表现出“损失厌恶”的行为特征,运用A股上市公司2007—2017年的数据对创新失败如何影响新增研发投入进行了研究。回归结果表明,企业上期创新失败率与当期新增研发投入显著正相关,政府补助强化了二者的正相关关系。进一步研究发现,创新失败后企业专利申请数量增加,但申请专利的未授权比率上升,进一步佐证了论文的研究假设。本文为行为经济学在创新管理领域的应用提供了经验证据。

Failure is an objective phenomenon in the process of innovation,and it will affect the decision-making behavior.We assume that the managers of firms will exhibit the loss aversion characteristic after innovation failure,based on the performance feedback theory and the prospect theory.This paper uses a sample consisting of listed firms from 2007 to 2017 to empirically test the impact of innovation failure on R&D expenditures.We find that innovation failure ratio is positively associated with R&D expenditures,and the government subsidies strengthen the relationship between innovation failure and R&D expenditures.We also find that after the failure of innovation,the number of patent applications increases and the unauthorized ratio of new patent applications increases.This finding further supports the research hypothesis of the paper.These results provide empirical evidence for the application of behavioral economics in innovation management.