上市公司研发投入粘性研究--基于研发战略角度  

Research on R&D Investment Stickiness of Listed Companies:From the Perspective of R&D Strategy

作　　者：干胜道 方园 刘佳敏[1] GAN Shengdao;FANG Yuan;LIU Jiamin(School of Business,Sichuan University,Chengdu 610065,China;School of Business Administration,Hunan University,Changsha 410082,China)

机构地区：[1]四川大学商学院,四川成都610065 [2]湖南大学工商管理学院,湖南长沙410082

出　　处：《华东经济管理》2022年第12期110-119,共10页East China Economic Management

基　　金：国家社会科学基金项目“上市公司员工收入与资本回报财务公平测度研究”(13BJY015)。

摘　　要：我国上市企业的研发投入额逐年递增,但在加大研发投入的同时应该兼顾成本效益原则,探究研发投入背后的成本费用性态,对提高企业资金利用效率具有现实意义。文章以2007—2019年上市企业数据为样本,通过ABJ模型建立回归方程,测量我国上市企业研发投入粘性程度,并从企业研发战略角度探讨粘性现象的主要影响因素。实证结果显示:我国上市企业普遍存在较强的研发投入粘性现象;行业内市场竞争程度与企业的研发投入粘性现象负相关,而市场地位会加剧研发投入粘性,CEO继任事件会降低企业当期研发投入粘性程度,但此效应在之后一期消失。深入了解研发投入粘性现象及其影响因素,有助于企业依据现有资源和经营目标及时调整研发战略。The amount of R&D investment of listed companies in China is increasing year by year,but the principle of cost-benefit should be taken into account when increasing R&D investment.Exploring the cost behavior behind R&D in⁃vestment is of practical significance to improve the efficiency of capital utilization of companies.Taking the data of listed companies from 2007 to 2019 as samples,this paper establishes the regression equation through ABJ model,measures the stickiness of R&D investment of listed companies in China,and discusses the main influencing factors of stickiness from the perspective of corporate R&D strategy.The empirical results show that China′s listed companies generally have strong R&D investment stickiness;the degree of market competition in the industry is negatively related to the stickiness of R&D investment of companies,while the market position will aggravate the stickiness of R&D investment.CEO succes⁃sion events will reduce the stickiness of R&D investment of companies in the current period,but this effect will disappear in the later period.An in-depth understanding of R&D investment stickiness and its influencing factors will help compa⁃nies adjust their R&D strategies in a timely manner based on existing resources and business objectives.

关 键 词：研发投入粘性 市场竞争 市场地位 CEO继任 

分 类 号：F273.1[经济管理—企业管理] F275[经济管理—国民经济] F832.51