研发投入、董事海外背景和企业全要素生产率——基于广东对外直接投资企业的经验数据

R&D investment,directors’overseas background and total factor productivity——Based on the empirical data of Guangdong’s foreign direct investment enterprises

以广东对外直接投资企业为例,基于面板门槛模型,实证研究了研发投入与企业全要素生产率的关系。结果表明:当期研发投入与企业全要素生产率呈倒“U”型的非线性关系,滞后三期的研发投入对企业全要素生产率有边际递减的正向影响。进一步研究发现,具有海外背景的董事比例对研发投入与企业全要素生产率的关系具有正向调节作用,董事具有海外工作背景比海外教育背景的调节作用更强。通过替换变量、考虑内生性和外部政策冲击等,调节作用仍然显著。但异质性分析显示:调节作用只在小规模企业、两职合一企业、非国有企业和技术密集型企业显著。这为广东对外直接投资企业引进海外高层次人才,提高企业生产效率提供了经验证据。

Taking Guangdong’s foreign direct investment enterprises as an example,based on the panel threshold model,this paper empirically studies the relationship between R&D investment and enterprise total factor productivity.The results show that the current R&D investment and the firm’s total factor productivity present an inverted“U”-shaped non-linear relationship,and the three-phase lagging R&D investment has a positive and diminishing impact on the firm’s total factor productivity.Further research finds that the proportion of directors with overseas backgrounds has a positive moderating effect on the relationship between R&D investment and corporate total factor productivity,and directors with overseas work backgrounds have a stronger moderating effect than those with overseas education backgrounds.By substituting variables,considering endogenous factor and external policy shocks,the moderating effect is still significant.The analysis of the heterogeneity of the adjustment effect shows that the adjustment effect is only significant in small-scale enterprises,two-time integrated enterprises,non-state-owned enterprises and technology-intensive enterprises.The paper concludes with the empirical evidence for foreign direct investment enterprises to introduce overseas high-level talents and improve their production efficiency.