研发投入跳跃对企业绩效的非线性影响研究--基于企业金融化门槛效应的实证分析  

Nonlinear Effect of R&D Spending Leap on Firm Performance:An Empirical Research on the Threshold Effect of Enterprise Financialization

作　　者：张瑶 马凤[1] 万绍荣 Zhang Yao;Ma Feng;Wan Shaorong(School of Economics&Management,Anhui Agricultural University,Hefei 230036,China)

机构地区：[1]安徽农业大学经济管理学院,安徽合肥230036

出　　处：《石家庄铁道大学学报（社会科学版）》2023年第2期9-19,共11页Journal of Shijiazhuang Tiedao University（Social Science Edition）

基　　金：国家自然科学基金“基于引用模式分析的学术影响力研究”(61702009);安徽省社科规划办项目“基于引用模式分析的学术影响力变化规律研究”(AHSKQ2016D80);安徽省高校人文社会科学研究重点项目“大数据环境下电子商务专业人才培养模式研究”(K2016A0308)。

摘　　要：研发投入跳跃是企业正确把握产品生命周期,实现研发策略转换,稳固竞争优势的重要环节,但企业金融化一定程度上干扰了原有的研发环节。本文基于2011—2020年中国沪深A股上市非金融企业面板数据,采用固定效应面板门槛模型,分析企业不同金融化程度下,研发投入跳跃与企业经营绩效、价值绩效的非线性关系;并探究研发回报率和研发产出弹性的非线性变化规律。结果表明:①研发投入跳跃与企业价值绩效之间存在企业金融化的双门槛效应,二者呈现以企业金融化为44.11%为分段点的近V字形关系。②研发回报率、研发产出弹性存在企业金融化的门槛效应,当企业金融化处于0%~6%(±1%)的区间内,研发回报率与研发产出弹性均为正,较为适合进行研发投入;当企业金融化程度逐步加深,研发回报率会出现下降—增加—下降的波动。最后结合分析结果,对企业金融化趋势下的企业经营与政府监管提出了相应的建议。R&D spending leap is an important link for an enterprise to correctly grasp the product life cycle,realize the transformation of R&D strategy,and stabilize its competitive advantage.But the financialization of enterprises disturbs the original R&D spending leap.Based on the panel data of Shanghai and Shenzhen A-share listed companies from 2011 to 2020,this paper empirically studied the nonlinear relationship between R&D spending leap and business performance and value performance under different degrees of enterprise financialization by using fixed effect panel threshold model.It also revealed the non-linear changes of R&D return rate and R&D output elasticity under different levels of enterprise financialization.The results show that:①There is a double threshold effect between R&D spending leap and enterprise value performance,and the relationship between them is a nonlinear V-shaped image with the segmentation point of enterprise financialization equal to 44.11%.②There are threshold effects between R&D return rate and R&D output elasticity and enterprise financialization respectively,when the enterprise financialization is between 0%and 6%(±1%).The R&D return rate and R&D output elasticity are both positive,which is more suitable for R&D investment.When the degree of enterprise financialization gradually deepens,the R&D rate of return will fluctuate from decrease to increase to decrease.Finally,combined with the analysis results,the paper puts forward some suggestions on the enterprise management and government supervision under the trend of enterprise financialization.

关 键 词：研发投入跳跃 企业金融化 企业绩效 研发回报 面板门槛模型 

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