R&D投资能够提升企业生产效率吗?——基于区域人才政策工具变量的分析  

Does R&D Investment Improve the Firm Productivity? Based on the Instrumental Variable Analysis of Talent Introduction Policy

作　　者：钟覃琳[1] 廖冠民[2] 陆正飞[1] Qinlin Zhong Guanmin Liao and Zhengfei Lu(Guanghua School of Management, Peking University, Beijing 100871, China School of Accountancy, Central University of Finance and Economics, Beijing 100081, China)

机构地区：[1]北京大学光华管理学院,北京100871 [2]中央财经大学会计学院,北京100081

出　　处：《会计与经济研究》2016年第5期3-16,共14页Accounting and Economics Research

基　　金：国家自然科学基金重点项目(71132004)

摘　　要：考察R&D投资是否以及如何影响企业生产效率。以1999-2012年A股上市公司为样本,利用中国各地区相继出台的人才引进政策为工具变量进行实证检验。研究发现,平均而言,R&D投资有助于提升企业的全要素生产率,并且当企业为非国有企业或者处于知识产权保护较好地区时,R&D投资对企业生产效率的提升效应更为明显。研究表明,R&D投资的效果依赖于内部创新效率与外部知识产权保护。研究拓展了R&D投资影响企业生产效率的相关文献,也对政府制定人才引进与创新政策具有一定的指导意义。This paper explores whether and how R＆D investment affects firm productivity. Employing A - stock listed companies from 1999 to 2012 as research sample and using the staggered policy of talent introduction as the instrumental variable, we empirically find that, in general, R＆D investment does improve the total factor productivity of enterprises. In addition, we find the positive effect is stronger when a firm is not state-owned or located in regions with good intellectual property protection. Our study indicates that the value creation of innovation depends on the combination of internal innovation efficiency and external intellectual property protection. This paper not only extends the relevant literature about the impact of R＆D investment on firm productivity, but also offers the government a guidance to formulate policy to attract talents and promote innovations.

关 键 词：R&D投资 生产效率 区域人才政策 

分 类 号：F275.6[经济管理—企业管理]