中国上市公司研发支出的非线性调整研究
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摘要
本文以2011-2016年中国上市公司为研究对象,建立了企业研发支出与主营业务收入之间关系的计量经济模型.研究发现研发支出调整与主营业务收入变动之间存在非线性关系,证实了研发支出存在粘性特征:当主营业务收入上升1%时,研发支出增加0.634%;而主营业务收入下降1%时,研发支出减少0.401%.进一步研究发现,当主营业务收入连续两年下降时,研发支出粘性会降低;研发支出粘性也会随着宏观经济增长幅度、劳动密集程度增加而增大;与民营企业相比较,国有企业的研发支出粘性更大.研发支出粘性的研究有助于揭示企业管理层研发支出调整"黑箱".
This article establishes the correlation model of R&D expenditure and operating revenue by using the sample of Chinese listed companies between 2011 and 2016. We find that the relationship between R&D adjustment and revenue is asymmetric, that is, R&D expenditure increases more when revenue rises than R&D expenditure decreases when revenue falls by an equivalent amount. The outcome shows that R&D expenditure increases on an average of 0.634% per 1% increase in revenue but decreases only 0.401%per 1% decrease in revenue. Furthermore, this paper examines that R&D expenditure stickiness is less pronounced when revenue declines in the preceding period, but rises when macroeconomic grows and the degree of employee intensity increases. In addition, the stickiness of R&D expenditure is higher in stateowned enterprises compared with private-owned enterprises. Research on R&D expenditure stickiness can help uncover the "black box" of managers' adjustment in R&D expenditures.
This article establishes the correlation model of R&D expenditure and operating revenue by using the sample of Chinese listed companies between 2011 and 2016. We find that the relationship between R&D adjustment and revenue is asymmetric, that is, R&D expenditure increases more when revenue rises than R&D expenditure decreases when revenue falls by an equivalent amount. The outcome shows that R&D expenditure increases on an average of 0.634% per 1% increase in revenue but decreases only 0.401%per 1% decrease in revenue. Furthermore, this paper examines that R&D expenditure stickiness is less pronounced when revenue declines in the preceding period, but rises when macroeconomic grows and the degree of employee intensity increases. In addition, the stickiness of R&D expenditure is higher in stateowned enterprises compared with private-owned enterprises. Research on R&D expenditure stickiness can help uncover the "black box" of managers' adjustment in R&D expenditures.
引文
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[3]文武,程惠芳,汤临佳.经济周期对我国研发强度的非对称影响[J].科学学研究,2015, 33(9):1357-1364.Wen W, Cheng H F, Tang L J. The asymmetric impact of business cycle to R&D intensity of China[J]. Studies in Science of Science, 2015, 33(9):1357-1364.
[4]谢乔昕.货币政策冲击对企业R&D投入的影响研究[J].科学学研究,2017, 35(1):93-100.Xie Q X. A study on the impact of monetary policy on the enterprise R&D expenditure[J]. Studies in Science of Science, 2017, 35(1):93-100.
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[10]Dierynck B, Landsman W R, Renders A. Do managerial incentives drive cost behavior? Evidence about the role of the zero earnings benchmark for labor cost behavior in private Belgian firms[J]. The Accounting Review, 2012,87(4):1219-1246.
[11]刘媛媛,刘斌.劳动保护、成本粘性与企业应对[J].经济研究,2014(5):63-76.Liu Y Y, Liu B. Employment protection legislation, cost stickiness, and corporate response[J]. Economic Research Journal, 2014(5):63-76.
[12]Gonzalez X, Pazo C. Do public subsidies stimulate private R&D spending?[J]. Research Policy, 2008, 37(3):371-389.
[13]刘鑫,薛有志. CEO继任、业绩偏离度和公司研发投入——基于战略变革方向的视角[J].南开管理评论,2015, 18(3):34-47.Liu X, Xue Y Z. CEO succession, the deviation of firm performance and R&D investment:A research on the perspective of orientation of strategic change[J]. Nankai Business Review, 2015, 18(3):34-47.
[14]Manez J A, Rochina Barrachina M E, Sanchis A, et al. The role of sunk costs in the decision to invest in R&D[J].The Journal of Industrial Economics, 2009, 57(4):712-735.
[15]Wang R Q, Wang F J, Xu L Y, et al. R&D expenditures, ultimate ownership and future performance:Evidence from China[J]. Journal of Business Research, 2017, 71:47-54.
[16]梁彤缨,雷鹏,陈修德.管理层激励对企业研发效率的影响研究——来自中国工业上市公司的经验证据[J].管理评论,2015, 27(5):145-156.Liang T Y, Lei P, Chen X D. Research on the evaluation criteria for generating pattern of PLA's ability to prevent and control of infectious diseases[J]. Management Review, 2015, 27(5):145-156.
[17]苏屹,陈凤妍.企业家地方政治关联对技术创新绩效影响研究[J]·系统工程理论与实践,2017, 37(2):365-378.Su Y, Chen F Y. Effect of entrepreneur's political connections on technological innovation performance[J]. Systems Engineering—Theory&Practice, 2017, 37(2):365-378.
[18]Kama I, Weiss D. Do earnings targets and managerial incentives affect sticky costs?[J]. Journal of Accounting Research, 2013, 51(1):201-224.
[19]Roychowdhury S. Earnings management through real activities manipulation[J]. Journal of Accounting and Economics, 2006, 42(3):335-370.
[20]马永强,张泽南.金融危机冲击、管理者盈余动机与成本费用粘性研究[J]·南开管理评论,2013, 16(6):70-80.Ma Y Q, Zhang Z N. A study on financial crisis shocks, managerial earnings incentive and cost and expense stickiness[J]. Nankai Business Review, 2013, 16(6):70-80.
[21]张伟,仲伟俊,梅姝娥.创新回报不确定性下的新技术采纳研究[J].系统工程理论与实践,2018,38(2):390-400.Zhang W, Zhong W J, Mei S E. Study on new technology adoption under uncertainty of innovation returns[J].Systems Engineering—Theory&Practice, 2018, 38(2):390-400.
[22]Schoar A, Zuo L. Shaped by booms and busts:How the economy impacts CEO careers and management styles[J].Review of Financial Studies, 2017, 30(5):1425-1456.
[23]Ibrahim A E A. Economic growth and cost stickiness:Evidence from Egypt[J]. Journal of Financial Reporting and Accounting, 2015, 13(1):119-140.
[24]余东华,水冰.信息技术驱动下的价值链嵌入与制造业转型升级研究[J].财贸研究,2017(8):53-62.Yu D H, Shui B. GVC embedding and manufacturing industry transformation and upgrading driven by information technology[J]. Finance and Trade Research, 2017(8):53-62.
[25]李丹蒙,王俊秋,张裕恒.关系网络、产权性质与研发投入[J].科研管理,2017, 38(8):75-82.Li D M, Wang J Q, Zhang Y H. Relationship networks, ownership type and R&D expenditures[J]. Science Research Management,2017, 38(8):75-82.
[26]李彬,郑雯,马晨.税收征管对企业研发投入的影响——抑制还是激励?[J].经济管理,2017, 39(4):20-36.Li B, Zheng W, Ma C. Is the influence of tax enforcement on enterprises'research and development investment inhibitive or stimulative[J]. Business Management Journal, 2017, 39(4):20-36.
[27]Du F, Tang G, Young S M. Influence activities and favoritism in subjective performance evaluation:Evidence from Chinese state-owned enterprises[J]. The Accounting Review, 2012, 87(5):1555-1588.
[28]Kato T, Long C. Executive compensation, firm performance, and corporate governance in China:Evidence from firms listed in the Shanghai and Shenzhen Stock Exchanges[J]. Economic Development and Cultural Change,2006, 54(4):945-983.
[29]毛洪涛,邓博夫.产权性质、真实和应计盈余管理与股权资本成本——来自A股上市公司的经验证据[J].财务研究,2015(3):37-49.Mao H T, Deng B F. The nature of property right, real versus accrual earnings management and cost of equity capital[J]. Finance Research, 2015(3):37-49.
[30]Hu A G Z, Zhang P, Zhao L. China as number one? Evidence from China's most recent patenting surge[J].Journal of Development Economics, 2017, 124:107-119.
[31]胡华夏,洪荭,肖露璐,等.税收优惠与研发投入——产权性质调节与成本粘性的中介作用[J].科研管理,2017, 38(6):135-143.Hu H X, Hong H, Xiao L L, et al. Tax preference and R&D investment:Moderation of property right nature and the mediating role of cost stickiness[J]. Science Research Management, 2017, 38(6):135-143.
[32]江伟,胡玉明,吕喆.应计盈余管理影响企业的成本粘性吗[J].南开管理评论,2015, 18(2):83-91.Jiang W, Hu Y M, Lii Z. Does accrual-based earnings management affect firm cost stickiness[J]. Nankai Business Review, 2015, 18(2):83-91.
[33]Lennox C S, Francis J R, Wang Z. Selection models in accounting research[J]. The Accounting Review, 2011,87(2):589-616.
[34]Ye K T. Independent director cash compensation and earnings management[J]. Journal of Accounting and Public Policy, 2014, 33(4):391-400.
[35]吴祖光,万迪昉,王文虎.税收优惠方式对研发投入激励效果的实验研究[J].系统工程理论与实践,2017, 37(12):3025-3039.Wu Z G, Wan D F, Wang W H. Experimental research on the incentive effective of different tax preference policy for R&D investment[J]. Systems Engineering—Theory&Practice, 2017, 37(12):3025-3039.
[2]李春涛,宋敏.中国制造业企业的创新活动:所有制和CEO激励的作用[J].经济研究,2010, 45(5):55-67.Li C T, Song M. Innovation activities in Chinese manufacturing firms:The roles of firm ownership and CEO incentives[J]. Economic Research Journal, 2010, 45(5):55-67.
[3]文武,程惠芳,汤临佳.经济周期对我国研发强度的非对称影响[J].科学学研究,2015, 33(9):1357-1364.Wen W, Cheng H F, Tang L J. The asymmetric impact of business cycle to R&D intensity of China[J]. Studies in Science of Science, 2015, 33(9):1357-1364.
[4]谢乔昕.货币政策冲击对企业R&D投入的影响研究[J].科学学研究,2017, 35(1):93-100.Xie Q X. A study on the impact of monetary policy on the enterprise R&D expenditure[J]. Studies in Science of Science, 2017, 35(1):93-100.
[5]Noreen E, Soderstrom N. The accuracy of proportional cost models:Evidence from hospital service departments[J]. Review of Accounting Studies, 1997, 2(1):89-114.
[6]Anderson M C, Banker R D, Janakiraman S N. Are selling, general, and administrative costs"sticky"?[J]. Journal of Accounting Research, 2003, 41(1):47-63.
[7]孙铮,刘浩.中国上市公司费用“粘性”行为研究[J].经济研究,2004(12):26-34.Sun Z, Liu H. The expense"stickiness"behavior of Chinese listed companies[J]. Economic Research Journal,2004(12):26-34.
[8]孔玉生,朱乃平,孔庆根.成本粘性研究:来自中国上市公司的经验证据[J].会计研究,2007(11):58-65.Kong Y S, Zhu N P, Kong Q G. Study in cost stickiness:Evidence from China[J]. Accounting Research, 2007(11):58-65.
[9]方军雄.我国上市公司高管的薪酬存在粘性吗?[J].经济研究,2009(3):110-124.Fang J X. Is top management compensation of Chinese public companies sticky?[J]. Economic Research Journal,2009(3):110-124.
[10]Dierynck B, Landsman W R, Renders A. Do managerial incentives drive cost behavior? Evidence about the role of the zero earnings benchmark for labor cost behavior in private Belgian firms[J]. The Accounting Review, 2012,87(4):1219-1246.
[11]刘媛媛,刘斌.劳动保护、成本粘性与企业应对[J].经济研究,2014(5):63-76.Liu Y Y, Liu B. Employment protection legislation, cost stickiness, and corporate response[J]. Economic Research Journal, 2014(5):63-76.
[12]Gonzalez X, Pazo C. Do public subsidies stimulate private R&D spending?[J]. Research Policy, 2008, 37(3):371-389.
[13]刘鑫,薛有志. CEO继任、业绩偏离度和公司研发投入——基于战略变革方向的视角[J].南开管理评论,2015, 18(3):34-47.Liu X, Xue Y Z. CEO succession, the deviation of firm performance and R&D investment:A research on the perspective of orientation of strategic change[J]. Nankai Business Review, 2015, 18(3):34-47.
[14]Manez J A, Rochina Barrachina M E, Sanchis A, et al. The role of sunk costs in the decision to invest in R&D[J].The Journal of Industrial Economics, 2009, 57(4):712-735.
[15]Wang R Q, Wang F J, Xu L Y, et al. R&D expenditures, ultimate ownership and future performance:Evidence from China[J]. Journal of Business Research, 2017, 71:47-54.
[16]梁彤缨,雷鹏,陈修德.管理层激励对企业研发效率的影响研究——来自中国工业上市公司的经验证据[J].管理评论,2015, 27(5):145-156.Liang T Y, Lei P, Chen X D. Research on the evaluation criteria for generating pattern of PLA's ability to prevent and control of infectious diseases[J]. Management Review, 2015, 27(5):145-156.
[17]苏屹,陈凤妍.企业家地方政治关联对技术创新绩效影响研究[J]·系统工程理论与实践,2017, 37(2):365-378.Su Y, Chen F Y. Effect of entrepreneur's political connections on technological innovation performance[J]. Systems Engineering—Theory&Practice, 2017, 37(2):365-378.
[18]Kama I, Weiss D. Do earnings targets and managerial incentives affect sticky costs?[J]. Journal of Accounting Research, 2013, 51(1):201-224.
[19]Roychowdhury S. Earnings management through real activities manipulation[J]. Journal of Accounting and Economics, 2006, 42(3):335-370.
[20]马永强,张泽南.金融危机冲击、管理者盈余动机与成本费用粘性研究[J]·南开管理评论,2013, 16(6):70-80.Ma Y Q, Zhang Z N. A study on financial crisis shocks, managerial earnings incentive and cost and expense stickiness[J]. Nankai Business Review, 2013, 16(6):70-80.
[21]张伟,仲伟俊,梅姝娥.创新回报不确定性下的新技术采纳研究[J].系统工程理论与实践,2018,38(2):390-400.Zhang W, Zhong W J, Mei S E. Study on new technology adoption under uncertainty of innovation returns[J].Systems Engineering—Theory&Practice, 2018, 38(2):390-400.
[22]Schoar A, Zuo L. Shaped by booms and busts:How the economy impacts CEO careers and management styles[J].Review of Financial Studies, 2017, 30(5):1425-1456.
[23]Ibrahim A E A. Economic growth and cost stickiness:Evidence from Egypt[J]. Journal of Financial Reporting and Accounting, 2015, 13(1):119-140.
[24]余东华,水冰.信息技术驱动下的价值链嵌入与制造业转型升级研究[J].财贸研究,2017(8):53-62.Yu D H, Shui B. GVC embedding and manufacturing industry transformation and upgrading driven by information technology[J]. Finance and Trade Research, 2017(8):53-62.
[25]李丹蒙,王俊秋,张裕恒.关系网络、产权性质与研发投入[J].科研管理,2017, 38(8):75-82.Li D M, Wang J Q, Zhang Y H. Relationship networks, ownership type and R&D expenditures[J]. Science Research Management,2017, 38(8):75-82.
[26]李彬,郑雯,马晨.税收征管对企业研发投入的影响——抑制还是激励?[J].经济管理,2017, 39(4):20-36.Li B, Zheng W, Ma C. Is the influence of tax enforcement on enterprises'research and development investment inhibitive or stimulative[J]. Business Management Journal, 2017, 39(4):20-36.
[27]Du F, Tang G, Young S M. Influence activities and favoritism in subjective performance evaluation:Evidence from Chinese state-owned enterprises[J]. The Accounting Review, 2012, 87(5):1555-1588.
[28]Kato T, Long C. Executive compensation, firm performance, and corporate governance in China:Evidence from firms listed in the Shanghai and Shenzhen Stock Exchanges[J]. Economic Development and Cultural Change,2006, 54(4):945-983.
[29]毛洪涛,邓博夫.产权性质、真实和应计盈余管理与股权资本成本——来自A股上市公司的经验证据[J].财务研究,2015(3):37-49.Mao H T, Deng B F. The nature of property right, real versus accrual earnings management and cost of equity capital[J]. Finance Research, 2015(3):37-49.
[30]Hu A G Z, Zhang P, Zhao L. China as number one? Evidence from China's most recent patenting surge[J].Journal of Development Economics, 2017, 124:107-119.
[31]胡华夏,洪荭,肖露璐,等.税收优惠与研发投入——产权性质调节与成本粘性的中介作用[J].科研管理,2017, 38(6):135-143.Hu H X, Hong H, Xiao L L, et al. Tax preference and R&D investment:Moderation of property right nature and the mediating role of cost stickiness[J]. Science Research Management, 2017, 38(6):135-143.
[32]江伟,胡玉明,吕喆.应计盈余管理影响企业的成本粘性吗[J].南开管理评论,2015, 18(2):83-91.Jiang W, Hu Y M, Lii Z. Does accrual-based earnings management affect firm cost stickiness[J]. Nankai Business Review, 2015, 18(2):83-91.
[33]Lennox C S, Francis J R, Wang Z. Selection models in accounting research[J]. The Accounting Review, 2011,87(2):589-616.
[34]Ye K T. Independent director cash compensation and earnings management[J]. Journal of Accounting and Public Policy, 2014, 33(4):391-400.
[35]吴祖光,万迪昉,王文虎.税收优惠方式对研发投入激励效果的实验研究[J].系统工程理论与实践,2017, 37(12):3025-3039.Wu Z G, Wan D F, Wang W H. Experimental research on the incentive effective of different tax preference policy for R&D investment[J]. Systems Engineering—Theory&Practice, 2017, 37(12):3025-3039.