均值回归理论下研发强度的价值驱动效应机制研究——基于机制检验与异质性分析  

Research on the Value Driving Effect of Research and Development Intensity under Mean Regression Theory-Based on Mechanism Test and Heterogeneity Test

作　　者：陈晨[1] 姚芊[1] CHEN Chen;YAO Qian(School of Management,Shanghai University of Engineering Science,Shanghai 201620,China)

机构地区：[1]上海工程技术大学管理学院,上海201620

出　　处：《成都工业学院学报》2025年第2期64-72,83,共10页Journal of Chengdu Technological University

摘　　要：基于2010-2022年中国A股非金融类上市企业数据,实证分析研发强度的价值驱动效应。结果表明:企业研发强度与企业价值之间总体呈现“U型”关系;企业研发强度通过研发产出间接影响企业价值;国有企业的研发强度与企业价值的“U型”关系更为显著;市场竞争力强的企业研发强度与企业价值的“U型”关系更为显著。上述研究结论的启示是:企业应当结合产权属性和市场竞争程度审慎进行研发投入,避免研发投入的过度或不足,并且在研发投入时注重研发的效率性,提高研发产出,以此最大化地提升企业的价值。The value driving effect of research and development(R&D)intensity was empirically analyzed in this paper based on the data of China's A-share non-financial listed enterprises from 2010 to 2022.The results show that there is a“U-shaped”relationship between R&D intensity and enterprise value.R&D intensity indirectly affects enterprise value through R&D output.The“U-shaped”relationship between R&D intensity and enterprise value of state-owned enterprises is more significant.For enterprises with strong market competition,the“U-shaped”relationship between R&D intensity and enterprise value is more significant.The implication of the above research conclusions is that enterprises should make prudent R&D investment in combination with property rights attributes and the degree of market competition to avoid over-investment or under-investment in R&D,and pay attention to the efficiency of R&D investment and improve R&D output,so as to maximize the value of enterprises.

关 键 词：均值回归 研发强度 企业价值 非线性关系 研发产出 

分 类 号：F425[经济管理—产业经济]