中国企业研发投资效率估算与异质性分析——兼议管理者过度自信促进研发还是引发过度研发  

An Analysis on Estimating the Efficiency and Heterogeneity of R&D Investment in Chinese Firms: A Discussion on Whether Managers’ Overconfidence Promotes R&D or Triggers Excessive R&D

作　　者：刘靖宇 Liu Jingyu

机构地区：[1]长沙师范学院经济管理学院

出　　处：《宏观经济研究》2022年第6期112-125,160,共15页Macroeconomics

基　　金：湖南省哲学社会科学基金一般项目(21YBA255);长沙师范学院工商管理重点学科建设项目的资助。

摘　　要：本文采用异质性双边随机边界模型,使用沪深两市2007—2019年上市企业数据,定量研究融资制约和代理冲突对企业研发投资效率的影响。研究发现:(1)融资制约和代理冲突对企业研发投资有重要影响,在研发投资无法获得解释的随机扰动项中,两者效应合计占比高达83.374%;(2)融资制约平均将研发投资压低50.841%,代理冲突平均将研发投资推高38.916%,两者综合净效应平均将研发投资压低11.925%;(3)当融资制约异质性趋于强化企业融资能力时,企业受融资制约较小,研发投资效率更高;(4)当代理冲突异质性倾向缓解代理冲突时,企业过度研发投资受到制约,研发投资效率更高;(5)管理者过度自信无助于缓解融资制约,但会加剧企业研发投资过度,导致研发投资效率发生损失。研究结论不仅有助于深化业界对研发投资决定要素的系统化认识,还可为企业优化研发投资效率的路径选择提供更为可靠的经验证据。This paper employs a heterogeneous two-tier stochastic frontier model to quantitatively investigate the effects of financing constraints and agency conflicts on the efficiency of corporate R&D investment using data from listed firms in Shanghai and Shenzhen from 2007-2019. It is found that(1) financing constraints and agency conflicts have significant effects on firms’ R&D investment, and the combined effect of the two accounts for as much as 83.374% of the random disturbance terms for which R&D investment cannot be explained;(2) financing constraints depress R&D investment by 50.841% on average, agency conflicts push up R&D investment by 38.916% on average, and the combined net effect of the two depresses R&D investment by 11.925%;(3) when financing constraint heterogeneity tends to strengthen the firm’s financing ability, the firm is less constrained by financing and more efficient in R&D investment;(4) when agency conflict heterogeneity tends to alleviate agency conflict, the firm’s excessive R&D investment is constrained and more efficient in R&D investment;(5) managers’ overconfidence does not help to alleviate financing constraints, but can exacerbate firms’ overinvestment in R&D, resulting in a loss of R&D investment efficiency. The findings of the study not only help deepen the systematic understanding of the determinants of R&D investment in the industry, but also provide more reliable empirical evidence for firms to choose the path to optimize the efficiency of R&D investment.

关 键 词：融资制约 代理冲突 研发投资效率 异质性双边随机边界模型 

分 类 号：F275[经济管理—企业管理] F273.1[经济管理—国民经济]