R&D强度与中国医药制造业上市公司绩效的门限效应研究  

A Study of the Threshold Effect of R&D Intensity and the Performance of China'Listed Pharmaceutical Manufacturers

作　　者：段天宇 张希 胡毅 Duan Tianyu;Zhang Xi;Hu Yi(School of Economics and Management,University of Chinese Academy of Sciences,Beijing 100190;School of Economics,Beijing Technology and Business University,Beijing 100048;Key Laboratory of Big Data Mining and Knowledge Management,Chinese Academy of Sciences,Beijing 100190)

机构地区：[1]中国科学院大学经济与管理学院,北京100190 [2]北京工商大学经济学院,北京100048 [3]中国科学院大数据挖掘与知识管理重点实验室,北京100190

出　　处：《管理评论》2020年第9期142-152,共11页Management Review

基　　金：国家自然科学基金面上项目(72073124);中国科学院大数据挖掘与知识管理重点实验室开放课题资助项目。

摘　　要：随着我国人口老龄化程度不断加深,医药制造业在行业中的地位日趋重要。本文采用我国医药制造业112家上市公司2012—2018年的面板数据,通过动态面板门限模型研究医药制造业R&D强度与企业绩效之间关系。研究结果表明:医药制造业企业的R&D强度对公司绩效的影响呈非线性,当R&D强度低于和高于5.26%时,R&D强度对企业绩效的影响系数分别为4.87和0.68.研究结果为政府、企业制定相关政策和制订计划提供了决策支持和数据参考,企业在制订研发计划时,应充分考虑R&D强度的门限效应,根据目前的R&D强度所处区间,以及政策、市场、企业自身情况等因素,综合制订合适的研发计划。The aggravating trend of aging population makes pharmaceutical manufacturing increasingly important.Based on the panel data of 112 listed firms in Chinese pharmaceutical industry from 2012 to 2018,this paper uses a dynamic panel threshold model to explore the relationship between R&D intensity and firm performance in pharmaceutical industry.The results show that the impact of R&D intensity on firm performance is non-linear.When R&D intensity is lower and higher than 5.26%,the coefficients of R&D intensity on firm performance are 4.87 and 0.68 respectively.This paper provides decision support and data references for governments and firms to formulate relevant policies and plans.Fully considering the threshold effect of R&D intensity,firms should comprehensively formulate appropriate R&D plans based on the current range of R&D investment level,as well as policies,market,and their own conditions.

关 键 词：R&D强度 企业绩效 动态面板门限模型 

分 类 号：F426.72[经济管理—产业经济] F273.1