研发驱动下国有企业高质量发展因素组态分析

Configuration Analysis of High-quality Development Factors of State-owned Enterprises Driven by R&D

文章的研究目的是寻找国有企业研发投入与企业绩效相互促进的组态条件,帮助国有企业更好地进入研发创新驱动的高质量发展轨道。文章以制造业上市公司为研究对象,选取2021年中国沪深股市653家国有企业,采用模糊集定性比较分析(fsQCA)方法,分析国有企业研发投入与企业绩效相互促进的组态条件。研究发现,较低的负债比率、较高的独立董事占比和较高的政府补助,可兼顾短期盈利性绩效和长期市值绩效,有助于国有企业高研发投入和高企业绩效的相互促进。因此,国有企业可通过降低资产负债率,提高独立董事占比,积极争取政府补助,更好实现高研发投入与高企业绩效相互促进的高质量发展。

The purpose of this paper is to find the configuration conditions for the mutual promotion between R&D investment and enterprise performance of state-owned enterprises,and to help state-owned enterprises better enter the high-quality development track driven by R&D innovation.Taking manufacturing listed companies as the research object,this paper selects 653 state-owned enterprises in China Shanghai and Shenzhen stock markets in 2021,and uses the method of fuzzy set qualitative comparative analysis(fsQCA)to analyze the configuration conditions of mutual promotion between R&D investment and enterprise performance of state-owned enterprises.It is found that low debt ratio,high proportion of independent directors and high government subsidy can give consideration to short-term profitability and long-term market value performance,which is helpful for the mutual promotion of high R&D investment and high enterprise performance of state-owned enterprises.Therefore,state-owned enterprises can reduce the asset-liability ratio,increase the proportion of independent directors,and actively seek government subsidies to achieve high-quality development with high R&D investment and high corporate performance.