科创企业研发投入对企业绩效的非线性影响——基于固定效应面板门槛模型的实证研究  

The Non-linear Effect of R&D Input on Enterprise Performance in Sci-Tech Innovation Enterprises——An Empirical Research Based on the Fixed-Effect Panel Threshold Model

作　　者：赵毅[1,2] 王楠 张陆洋[1] Zhao Yi;Wang Nan;Zhang Luyang(China Venture Capital Research Center,Fudan University,Shanghai 200433,China;School of Economics and Management,Hebei University of Technology,Tianjin 300401,China)

机构地区：[1]复旦大学中国风险投资研究中心,上海200433 [2]河北工业大学经济管理学院,天津300401

出　　处：《工业技术经济》2021年第1期48-58,共11页Journal of Industrial Technological Economics

基　　金：国家自然科学基金重点项目“基于新型金融科技风险分析与监管科技创新研究”(项目编号:71850013);国家自然科学基金重点项目“网络大数据环境下的金融创新及其风险分析理论研究”(项目编号:71532004);河北省科协调研课题“基于‘区块链+农村电商’的河北省乡村振兴产业发展研究”(项目编号:HBKX2020C07)。

摘　　要：在中美贸易摩擦的压力和后疫情时代“双循环发展”的新格局下,科创企业研发投入有效性问题备受关注。本文基于科创板上市公司2017~2019年面板数据,建立了固定效应面板门槛模型,实证检验了研发强度与企业绩效在不同研发强度和产出规模下的非线性关系,并揭示了研发回报率和研发产出弹性在不同研发强度下的非线性变化规律。研究表明:(1)研发强度与企业绩效呈“倒V形”关系,最优研发强度为2.42%~4.11%;(2)只有当产出规模达到一定水平,研发投入才能促进企业绩效;(3)使研发回报率和研发产出弹性最大的最优研发强度分别为2.42%~4.42%(或2.42%~4.11%)和2.42%~4.59%。研究结果可直接辅助科创企业界定研发投入的最优区间,理性权衡短期风险与长期收益,并最终达成最优的研发强度。Under the pressure of trade friction between China and the U.S.,and in the post-epidemic era,sci-tech innovation enterprises shoulder the heavy responsibility of R&D and innovation,and should pay more attention to the effectiveness of R&D input.Based on the panel data from 2017 to 2019 of the STAR market listed companies,this paper constructs fixed-effect panel threshold model,empirically tests the nonlinear relationship between R&D intensity and enterprise performance in different R&D intensity and enterprise scale,and reveals the nonlinear change rule of R&D return rate and R&D-output elasticity.The results show that:(1)there is an inverted V-shaped nonlinear relationship between R&D intensity and enterprise performance,and the optimal R&D intensity is 2.42%~4.11%;(2)only when output scale reaches a certain level can R&D input promote enterprise performance;(3)under low R&D intensity,R&D return rate is the highest,and the optimal R&D intensity is 2.42%~4.42%or 2.42%~4.11%;(4)under low R&D intensity,R&D-output elasticity is the highest,and the optimal R&D intensity is 2.42%~4.59%.The results of this paper can directly assist sci-tech innovation enterprises to define the optimal range of R&D investment,rationally balance short-term risks and long-term benefits,and finally reach the optimal R&D intensity.

关 键 词：科创板 研发投入 研发回报 企业绩效 面板门槛模型 研发强度 

分 类 号：F272.3[经济管理—企业管理] F273.1[经济管理—国民经济]