研发资本、双元创新与企业绩效

R&D capital,ambidexterity innovation,and firm performance

为研究企业研发资本对企业绩效的作用机理,本文选取双元创新为中介变量,基于119家上市公司截面数据,利用多元回归分析方法深入分析研发资本对企业绩效的影响。实证结果表明:研发资本对双元创新和企业绩效均呈现促进作用,双元创新也对企业绩效产生正向影响;探索性创新在研发资本和企业绩效之间均起到了中介作用,但是对于研发人力资本维度起到完全中介作用,对研发物质资本则是部分中介作用;利用性创新在研发物质资本对企业绩效影响中起部分中介作用,但对研发人力资本维度却不存在中介作用。该研究为企业提高双元创新能力,提升绩效水平提供相关路径参考。

To study the function mechanism of the research and development capital to firm performance,this paper selects exploratory and exploitative innovation as mediator variables for analyzing the influence of the capital on firm performance by multiple regression analysis of the cross-section data of 119 listed companies.Empirical results show that the research and development capital has significant positive effects on firm performance and ambidexterity innovation,and the latter has significant positive effect on firm performance.Exploitative innovation serves a mediating role for the relationship between funding capital and firm performance.Exploratory innovation plays a full mediating role for R&D capital dimension and a partial mediating role for the funding capital dimension.Utility innovation plays a partial mediating role for the influence of R&D funding capital on the firm performance but does not plays a mediating role in the R&D intellectual capital.The research conclusions provide relevant path reference for enterprise to improve ambidexterity innovation ability and enhance the firm performance level.