自主研发对智慧城市企业财务绩效的影响——异质门槛效应的视角  

The Impact of Independent R&D on Financial Performance of Smart-city Enterprises——From the Perspective of Heterogeneous Threshold Effect

作　　者：韩先锋[1] HAN Xian-feng(School of Economics&Management,Northwest University,Xi'an 710127,China)

机构地区：[1]西北大学经济管理学院,陕西西安710127

出　　处：《华东经济管理》2018年第2期154-161,共8页East China Economic Management

基　　金：国家自然科学基金项目(71703121)

摘　　要：文章基于上市企业的面板数据,实证研究了自主研发对智慧城市企业财务绩效影响的异质门槛效应。研究表明:自主研发总体上抑制了企业财务绩效,且这种影响表现出负向倒"N"形曲线关系;新常态下,自主研发对企业财务绩效的负面效应开始弱化,但"鱼与熊掌不可兼得"的矛盾依然存在;自主研发对企业财务绩效的影响具有显著的异质性特征,即在股权集中度和金融支持门槛条件下均呈倒"N"形特征,在企业规模门槛条件下表现为倒"W"形特征,在资本密度门槛约束下呈现倒"U"特征,在运营能力门槛约束下具有"U"形特征,在资本结构门槛条件下表现为负向倒"U"形特征;政府若能在加大研发补贴力度的同时,引导企业保持适度的股权集中度、资本密度以及较高的运营能力和资本结构水平,则会在一定程度上破解自主研发与企业财务绩效之间负向关联的难题。Based on the panel data of listed companies,this paper empirically studies the heterogeneous threshold effect of the impact of independent R&D on financial performance of smart-city enterprises.The study shows that:The independent R&D has generally restrained corporate financial performance,and this type of impact presents a negative inverted“N”curve relationship;Under a new normal,the negative impact of independent R&D on corporate financial performance has being weakened,but the contradiction of‘You cannot have it both ways’still exists;There is an obvious heterogeneity characteristic when independent R&D input affects the corporate financial performance.Under the threshold of ownership concentration and financial support,the impact is characterized by an inverted“N”type.Under the threshold of corporate scale,it is characterized by an inverted“W”type.Under the threshold of capital density,it presents an inverted“U”feature.Under the threshold of operating capability,it is characterized by a“U”type.Under the threshold of capital structure,it shows a negative inverted“U”feature;When increasing R&D subsidies,the government can simultaneously direct enterprises to keep an appropriate degree of ownership concentration and capital density,and the higher operating capability and capital structure level,then the negative correlation between independent R&D input and corporate financial performance can be tackled to a certain extent.

关 键 词：自主研发 智慧城市企业 财务绩效 门槛效应 

分 类 号：F272.5[经济管理—企业管理] F273.1[经济管理—国民经济]