制造业创新研发对企业绩效的影响研究——基于湖北上市公司的实证分析

Research on the Impact of Manufacturing Innovation and R&D on Enterprise Performance:Empirical Analysis Based on the Listed Companies in Hubei

中国经济转型升级的关键在于制造业企业的创新突破,创新与企业盈利目标的一致性很大程度上决定了企业创新的积极性。以湖北62家制造业上市公司2016—2019年的创新研发投入与财务绩效为例,使用双固定效应模型,运用逐步回归方法,对制造业企业研发投入与财务绩效关系进行系统研究。结果显示:湖北制造业上市公司的研发费用投入力度与企业营业利润率和总资产收益率呈负相关关系,研发人员投入力度与企业营业利润率和总资产收益率呈显著正相关;研发费用投入对财务绩效的影响力度大于研发人员投入的影响;研发费用投入和研发人员投入对企业营业利润率的影响力度大于对总资产收益率的影响力度。基于此,提出研发费用与研发人员投入合理规划建议。

The key to China's economic transformation and upgrading lies in the innovation and breakthrough of manufacturing enterprises,and the consistency between innovation and enterprise profit largely determines the enthusiasm of enterprises for innovation.Taking the R&D input and financial performance of 62 listed manufacturing companies in Hubei Province from 2016 to 2019 as an example,this paper systematically studies the relationship between R&D input and financial performance of manufacturing enterprises by using the double fixed effect model and the stepwise regression method.The results show that the R&D investment intensity of listed manufacturing companies in Hubei Province is negatively correlated with the operating profit margin and the return on total assets,and the R&D personnel investment intensity is significantly positively correlated with the operating profit margin and the return on total assets.The impact of R&D expenditure on financial performance is greater than that of R&D personnel investment.The impact of R&D expenditure and R&D personnel investment on the operating profit margin of enterprises is greater than that on the return on total assets.Based on this,the reasonable planning of R&D expenditure and R&D personnel input is proposed.