R&D投入对企业财务绩效的影响——基于门限回归模型

Impact of R&D Input on Firm Financial Performance:Based on Threshold Regression Mode

企业研发投入是企业技术发展的核心,更是企业财务绩效上升的动力来源,但过高的研发投入也会抑制企业现金流的灵活性。针对企业R&D和企业财务绩效之间的非线性关系,文章根据企业R&D水平确定三个投入类别的企业样本,并采用Hansen的双重门槛模型对企业财务绩效影响的门槛效应进行实证分析。研究结果表明,企业R&D投入能够有效促进企业财务绩效的增长,但属于典型的“倒U型”结构。但当R&D投入过低时,无法完全发挥技术研发的财务促进效能,而R&D投入过高时,企业研发占比过高,会抑制企业的总体财务表现,造成研发下的压力。在企业保证研发投入比例适中时,企业财务绩效能够保持最强的发展动能。

In view of the non-linear relationship between R&D and financial performance,this paper determines three input categories of enterprise samples according to the level of enterprise R&D,and uses Hansen's double threshold model to empirically analyze the threshold effect of enterprise financial performance.The results show that:R&D investment can effectively promote the growth of corporate financial performance,but it belongs to the typical"inverted U"structure.When the R&D investment is too low,the financial promotion efficiency of technology R&D cannot be fully exerted.When too high,the proportion will be too high,which will inhibit the overall financial performance of enterprises and cause pressure under R&D.When moderate,the financial performance can maintain the strongest development momentum.