生命周期视角下研发投入强度对企业盈利能力的影响

The Impact of R&D Investment Intensity on Corporate Profitability from the Perspective of Life Cycle

本文从企业生命周期视角对非金融类上市公司进行分类,使用2012年—2019年A股非金融类上市公司面板数据,运用固定效应模型实证检验全样本企业和分组样本企业研发投入强度与企业盈利能力之间的关系。全样本回归分析表明,研发投入强度与企业盈利能力存在正相关关系。分组样本回归分析表明:处于初创期和成熟期的企业,研发投入强度和企业盈利能力间未表现出显著的相关性,企业需综合考虑内外部环境因素进行研发活动决策;处于成长期的企业,较高的研发投入强度有助于企业创新技术和产品,增强竞争力,提高盈利能力;处于衰退期的企业投入研发资源可能会分散企业精力,不利于尽快销售面临淘汰的产品以减少损失,导致企业利润进一步下降。

Using 2012-2019 a-share non-financial listed companies panel data,using fixed effect model empirically the relationship between R&D intensity and corporate profitability,on this basis,from the perspective of enterprise life cycle of non-financial listed companies are classified,discussed at different life stages of enterprise R&D intensity affect corporate profitability.It is found that there is a positive correlation between R&D investment intensity and corporate profitability.For enterprises in the initial and mature stages,there is no correlation between R&D investment intensity and profitability,and enterprises need to comprehensively consider internal and external environmental factors to make decisions for R&D activities.For enterprises in the growth stage,higher R&D investment intensity can help enterprises to provide new technologies and new products,enhance their competitiveness and promote the improvement of their profitability.In the recession period of enterprise investment in research and development resources will disperse enterprise energy,is not conducive to the elimination of products as soon as possible to sell,reduce losses,resulting in further decline in corporate profits.