中国上市公司海外研发投资:发展现状与影响因素

Overseas R&D Investment of Chinese Listed Companies:Development Status and Influencing Factors

文章通过匹配商务部《境外投资企业(机构)名录》与国泰安《中国上市公司数据库》,考察中国上市公司海外研发投资情况。总体来看,进行海外研发投资的中国上市公司数量及其在海外设立研发机构的数量逐年增加,主要分布在装备制造业领域,其中计算机、通信和其他电子设备制造业和电气机械及器材制造业研发投资最多。东部地区上市公司海外研发投资最活跃。私营上市公司海外研发投资金额和强度最高而中外合资上市公司海外研发资本化程度最高,多数海外研发投资集中在少数上市公司。与此同时,中国在海外发展中国家(地区)设立研发机构的数量也在稳步增加。实证显示,第一,上市公司海外研发经验、利润率和资本密集度对其海外研发投资有显著正向影响,年龄和行业集中度对其海外研发投资有显著负向影响,上市公司规模对其海外研发投资金额(强度)有显著正向(负向)影响;第二,内(外)部资源对非国有或国有控股(国有或国有控股)上市公司海外研发投资的激励强于国有或国有控股(非国有或国有控股)上市公司;第三,外部资源中,相比非市场机制的财政支持,市场机制的银行贷款对海外研发投资的激励作用明显较强,该结论对不同所有制上市公司具有稳健性。

By manually matching the Ministry of Commerce’s"directory of overseas investment enterprises"and CSMAR"database of listed companies",we investigate the overseas R&D investment of Chinese listed companies.Overall,the number of Chinese listed companies and their overseas R&D institutions are increasing year by year,mainly distributed in the equipment manufacturing industries,among which the R&D investment in computer,communication and other electronic equipment manufacturing industries and Electrical machinery and equipment manufacturing industry is the largest,accounting for 26.17%of all industries.The overseas R&D investment activities of listed Companies in the eastern region are the most proactive,with establishing 465 overseas R&D institutions accounted for 78.28%of the total number of overseas R&D institutions established in the same period in China.The total amount and intensity of overseas R&D investment of private listed companies are the highest,while the capitalization degree(efficiency)of overseas R&D of Sino foreign joint venture listed companies is the highest.Most of the overseas R&D investment is concentrated in a few listed companies.The average annual R&D investment of the top 10 enterprises accounts54.84%of the total overseas R&D investment.The host countries of overseas R&D investment are more concentrated in the United States and a few other developed countries.At the same time,the number of R&D institutions in overseas developing countries/regions is also increasing steadily,from 202 in 2007 to 337 in 2019.The empirical results show that firstly,the overseas R&D experience,profit margin and capital intensity of listed companies have a significant positive impact on their overseas R&D investment;age and industry concentration have a significant negative impact on their overseas R&D investment;the scale of listed companies has a significant positive/negative impact on the total amount/intensity of their overseas R&D investment.Secondly,the influence of internal resources on the overseas R&D investment of the non-state-owned or state-owned holds stronger than that of the state-owned enterprises,and vice versa for the influences of external resources.Thirdly,in the external resources,compared with the fiscal support as non-market mechanism,the bank loan as market mechanism has a stronger incentive effect on the overseas R&D investment,which has a robust effect for different ownerships of listed companies.