研发投入对企业绩效影响的门槛效应:以广东省为例

Threshold Effect of R&D Investment on Enterprise Performance——A Case Study on Guangdong A-share Listed Companies

一般认为,研发投入会对企业绩效产生影响,但并不是简单的促进或抑制作用,而与企业研发投入强度有关。文章基于广东省2015—2020年A股上市企业的面板数据,运用门槛模型对R&D投入与企业绩效之间的非线性关系进行实证分析。结果表明,无论是基于全样本还是民营上市企业样本,R&D投入对企业绩效均存在显著的三重门槛效应,R&D投入对企业绩效的影响在不同门槛区间内存在方向、系数值上的明显差异。同时,企业规模、企业营运能力以及资本结构等控制变量均对企业绩效具有显著影响,股权集中度在全样本回归中不具有显著性。因此,政府整体上仍应鼓励企业加强R&D投入,具体方式包括直接补贴和间接税收优惠,对R&D投入位于低水平的民营企业而言,应侧重从降低企业研发成本的角度给予支持。

It is generally believed that R&D investment will have an impact on corporate performance, but it is related to the intensity of enterprise R&D investment rather than simply promoting or inhibiting it. This paper is based on the panel data of A-share listed companies in Guangdong Province from 2015 to 2020, and uses the threshold model to make an empirical analysis on the nonlinear relationship between R&D investment and corporate performance. The results show that R&D investment has a significant triple threshold effect on firm performance,whether based on full sample or private enterprise sample, that the impact of R&D investment on enterprise performance has obvious difference in direction and coefficient value in different threshold interval, and that at the same time, enterprise size, operating capacity and capital structure and other control variables have a significant impact on enterprise performance, ownership concentration not significant in the full sample regression. Therefore, on the whole, the government should encourage enterprises to strengthen R&D investment, including direct subsidies and indirect tax incentives;for private enterprises whose R&D investment is at a low level, support should be given from the perspective of reducing R&D costs.