研发投资强度与上市年龄——基于企业生命周期视角  

R&D Intensity and the Listing Age——Based on the corporate life cycle theory

作　　者：万伟[1] 徐伟[1] 王桂琴[2] 

机构地区：[1]重庆理工大学会计学院,重庆410054 [2]清华大学经济管理学院,北京100084

出　　处：《科技和产业》2017年第12期112-122,共11页Science Technology and Industry

基　　金：重庆市社科联博士项目基金(2014BS033);重庆理工大学科研启动基金(20140034)

摘　　要：基于中国A股上市公司的研发数据,在企业生命周期视角下,采用混合数据OLS回归检验研发投资强度与上市年龄之间的非线性关系特征。全样本回归结果显示,上市年龄对研发投资强度有显著的负向影响。进一步,年轻企业的研发投资强度呈现"倒U型"特征,出现"创新衰退"效应,新兴行业更加明显;中老龄(老化)企业的研发投资强度呈现"正U型"特征,出现"转型"效应,传统行业和中小型企业的"转型"效应更为显著。Based on Chinese A-share listing firms＇ RD sample and the OLS regression of pooled data,the nonlinear relationship between RD investment intensity and firm＇s listing age is empirically examined in the perspective of corporate life cycle.The result of full sample regression shows that the listing age has a significant negative impact on RD intensity.The results of sub sample regression indicate that young firms＇ RD intensity has characteristics of ＂inverted U-shaped＂,called the innovation recession effect,which is more obvious in the emerging industries.The aging firms＇ RD intensity is ＂ U-shaped＂,called the transformation effect,which is more significant in traditional industries and small and medium enterprises.

关 键 词：上市年龄 研发投资强度 企业生命周期 年轻企业 老化企业 

分 类 号：F270[经济管理—企业管理]