摘要
本文以2007-2018年我国新三板企业和上市公司数据为样本,研究新三板转板上市对企业可持续增长的影响.在此基础上分析了研发支出费用化强度和研发支出资本化强度的中介效应,并采用倾向匹配得分方法(PSM)克服样本的选择性偏误.研究结果表明:新三板转板上市公司,更好地利用多层次资本市场进行自我成长,对企业可持续增长存在积极影响;研发投入整体上产生了价值增值效应,转板可以通过增加研发投入,进一步驱动企业的可持续增长;但研发支出费用化强度与研发支出资本化强度产生了差异化中介效应.研发支出费用化强度发挥了价值增值效应,在转板影响企业可持续增长的路径上发挥了正向的中介作用,而研发支出资本化强度则产生了价值折损效应,在转板影响企业可持续增长的传导链条上产生了部分的遮掩效应.
This paper studies the effect of listing changes of NEEQ on the sustainable growth of enterprises by using the data of NEEQ enterprises and listed companies in China from 2007 to 2018.On this basis,the mediating effect of R&D Investment intensity is analyzed,and the Propensity Score Matching(PSM)is used to overcome the sample selectivity bias.The results show that listing change has a significant effect on sustainable growth of firms.R&D Investment has a value-added effect and the listing change further contributes sustainable growth of firms by increasing R&D Investment.However,Expenditure and Capitalization of R&D Investment have differentiated effects.The Expenditure of R&D Investment plays a value-added effect and a positive mediating effect on the influence of listing change on enterprise sustainable growth.But,the Capitalization of R&D Investment has a value impairment effect and a partial masking effect on the influence of listing change on enterprise sustainable growth.
作者
杨松令
石倩倩
刘亭立
张雄
YANG Song-ling;SHI Qian-qian;LIU Ting-li;ZHANG Xiong(School of Economics and Management,Beijing University of Technology,Beijing 100124,China)
出处
《数理统计与管理》
CSSCI
北大核心
2021年第3期450-462,共13页
Journal of Applied Statistics and Management
基金
国家社科基金(18BGL090)资助.
