研发投入对企业绩效的影响--基于Meta分析方法的研究

The Impact of R&D Investment on Enterprise Performance-A Research Based on Meta-analysis

研发活动能增强企业对知识的吸收。借助积累的知识经验,企业可以实现产品差异化,提高产品附加价值,吸引更多的消费者,但同时也会带来更高的成本。在实践中研发活动究竟对企业绩效产生怎样的影响,这一问题在学界尚未达成共识。本文以67篇相互独立的中英文实证文献为研究样本进行Meta分析,结果表明:研发投入对企业绩效有显著的正向作用;行业类型、区域经济水平、绩效类型以及样本量对二者关系有显著的调节作用。其中,相较于发展中国家,发达国家的研发投入对企业绩效的正向作用更强。此外,本文实证发现滞后性对二者关系没有明显的调节作用,这说明研发投入对企业绩效的滞后作用并非存在于所有行业中,而是存在于特定行业中,并且研发投入对企业长期和短期绩效均有促进作用。本文基于对现有研究成果的定量分析,尽可能呈现了研发投入对企业绩效作用的全貌,得到了相对可靠的结论,对后续研究的深化有启发作用,同时对企业研发活动具有一定指导意义。

R&D activities can enhance the absorption of knowledge by enterprises.With the accumulated knowledge and experience,enterprises can achieve product differentiation,increase the added value of products and attract more consumers.However,the increase in added value also brings higher costs.There has been no consensus on the question of what impact R&D activities has on enterprise performance in practice.Therefore,this paper makes a Meta-analysis with a sample of 67 independent empirical literature in English and Chinese.The results show that R&D investment has a significant positive effect on performance.Industry type,regional economic level,performance type,and sample size have moderating effect on the above relationship.Compared with that of developing countries,the positive effect of R&D investment on performance is stronger in developed countries.In addition,the paper finds no significant moderating effect of lags on the relationship,suggesting that the lagged effect of R&D investment on enterprise performance does not exist in all industries but in specific industries,and R&D investment contributes to both long-term and short-term enterprise performance.This paper presents the full picture of the relationship between R&D investment and enterprise performance as much as possible,and obtains relatively reliable conclusions,which are inspiring for the deepening of the subsequent research and also have some guiding significance for enterprise R&D activities.