研发投入、供应链集中度对种业企业绩效的影响

Influence of R&D investment and supply chain concentration on seed enterprises’performance

基于中国2014—2019年40家种业上市公司的平衡面板数据,运用个体固定效应模型,探讨研发投入对企业绩效的影响,以及供应链集中度对二者关系的调节作用。结果表明:研发投入对当期和滞后1期的企业绩效具有显著负向影响,相关系数分别为0.054、0.022,对滞后2期和3期的企业绩效具有显著正向影响且该影响呈逐渐增加趋势,相比前1期相关系数分别增加0.036、0.011;供应链集中度在1%的显著水平上正向调节研发投入与当期企业绩效的关系。

Based on the balanced panel data of 40 listed seed companies in China from 2014 to 2019,the paper utilizes the entity fixed effect model to explore the impact of R&D investment on the enterprise performance and the moderating effect of supply chain concentration on the relationship between the two.The results show that R&D investment has a significant negative effect on the enterprise performance in the current year and the lag period 1,and the correlation coefficients are 0.054 and 0.022 respectively.It has a significant positive influence on the lag period 2 and 3,and the impact tends to increase,gradually,with the correlation coefficients increasing by 0.036 and 0.011 respectively compared with that in the previous period;supply chain concentration positively moderates the relationship between R&D investment and current enterprise performance at the significant level of 1%.