科创企业研发投入对企业成长的双门槛效应研究  

An Approach to Double Threshold Effects of Sci-Tech Innovation Enterprises Growth from Its R&D Investment

作　　者：王楠[1] 赵毅 丛继坤[1] 孙佰清 Wang Nan;Zhao Yi;Cong Jikun;Sun Baiqing(School of Economics and Management,Hebei University of Technology,Tianjin 300401,China;China Venture Capital Research Center,Fudan University,Shanghai 200433,China;School of Economics and Management,Harbin Institute of Technology,Harbin 150001,China)

机构地区：[1]河北工业大学经济管理学院,天津300401 [2]复旦大学中国风险投资研究中心,上海200433 [3]哈尔滨工业大学经济与管理学院,黑龙江哈尔滨150001

出　　处：《科技管理研究》2021年第11期131-138,共8页Science and Technology Management Research

基　　金：国家重点研发计划资助项目“哈长城市群综合科技服务平台研发与应用示范”(2017YFB1401801);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”(71532004);工业和信息化部重大项目“创新生态系统视角下航空航天产业军民科技协同创新发展路径研究”(GXZY2005);国家广电总局部级社会科学研究项目“网络视听生态治理体系和实施路径研究”(GDT2007);河北省创新能力提升计划项目“创新生态系统视角下河北军民科技协同创新机制研究”(205576144D);河北省军民科技协同创新发展研究课题“河北省军民科技协同创新生态系统研究”(HB20JMRH012)。

摘　　要：基于科创板上市公司2017—2019年面板数据,采用面板门槛模型,实证检验研发强度与企业成长的非线性关系。研究发现,研发强度与当期企业成长呈"倒V形"的非线性关系,最优研发强度应不超过4.42%;研发投入对企业成长的影响存在滞后效应,且只有当研发强度超过6.83%时才能促进下一期企业成长,二者呈"U形"的非线性关系;最优研发强度对当期企业成长的促进作用比对下一期更大。成果可辅助科创企业理性权衡短期风险与长期收益,实现最优研发强度。Based on the panel data of listed companies on the STAR Market from 2017 to 2019,the nonlinear relationship between R&D intensity and enterprise growth is empirically tested by using the panel threshold model.The results show that:(1)there is an"inverted V-shaped"nonlinear relationship between R&D intensity and current enterprise growth,and the optimal R&D intensity should not exceed 4.42%;(2)R&D input has a lag effect on enterprise growth,and only when the R&D intensity exceeds 6.83%can it promote the enterprise growth of the next year,which shows a"U-shaped"nonlinear relationship;(3)The optimal R&D intensity has a greater promoting effect on the growth of the current period than that of the next period.The results can help sci-tech innovation enterprises rationally balance short-term risks and long-term benefits to achieve the optimal R&D intensity.

关 键 词：科创板 研发投入 研发强度 企业成长 面板门槛模型 

分 类 号：F272.3[经济管理—企业管理]