研发投入、政府补贴与国际化绩效——基于“走出去”制造业企业经验证据
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摘要
采用2006—2017年"走出去"的中国制造业上市公司数据,实证考察研发投入对企业国际化绩效的边际效应;并进一步讨论政府补贴对这种边际效应的"杠杆作用"。研究表明:(1)企业研发投入能够显著提升国际化绩效,且这一作用在非国有企业、中部企业以及风险承担水平更高的企业中表现尤为明显,考虑内生性问题后,该结论仍具有稳健性;(2)政府补贴并未与研发投入形成较好的协同效应,相反,还会削弱研发投入对企业国际化绩效的促进作用,且这一作用突出体现在非国有企业、中部企业以及风险承担水平更高的企业中。
This paper uses the "going out" data of listed companies in China's manufacturing industry from 2006 to 2017, empirically examines the marginal effect of R&D investment on the internationalization performance of manufacturing enterprises; Furtherly, this paper discusses the heterogeneous "leverage effect" of government subsidies on this marginal effect. The research shows that:(1) R&D investment can significantly improve the international performance of manufacturing enterprises, and this effect is particularly significant in non-state-owned enterprises, central enterprises and enterprises with higher risk-taking levels. After considering the endogenous problem, this conclusion is still robust;(2) The government subsidies do not form a good synergy with R&D investment. On the contrary, government subsidies will even weaken the positive effect of R&D investment on the international performance of enterprises, and this role is prominently reflected among non-state-owned enterprises, central enterprises and enterprises with higher risk-taking levels.
This paper uses the "going out" data of listed companies in China's manufacturing industry from 2006 to 2017, empirically examines the marginal effect of R&D investment on the internationalization performance of manufacturing enterprises; Furtherly, this paper discusses the heterogeneous "leverage effect" of government subsidies on this marginal effect. The research shows that:(1) R&D investment can significantly improve the international performance of manufacturing enterprises, and this effect is particularly significant in non-state-owned enterprises, central enterprises and enterprises with higher risk-taking levels. After considering the endogenous problem, this conclusion is still robust;(2) The government subsidies do not form a good synergy with R&D investment. On the contrary, government subsidies will even weaken the positive effect of R&D investment on the international performance of enterprises, and this role is prominently reflected among non-state-owned enterprises, central enterprises and enterprises with higher risk-taking levels.
引文
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[20]邓翔,路征.“新新贸易理论”的思想脉络及其发展[J].财经科学,2010(2):41-48.
[21]刘和旺,郑世林,王宇锋.所有制类型、技术创新与企业绩效[J].中国软科学,2015(3):28-40.
[22]HILARY G,HUI K W.Does religion matter in corporate decision making in America?[J].Social Science Electronic Publishing,2010,93(3):455-473.
[23]沈坤荣,马俊.中国经济增长的“俱乐部收敛”特征及其成因研究[J].经济研究,2002(1):33-39,94-95.
[24]朱斌,李路路.政府补助与民营企业研发投入[J].社会,2014,34(4):165-186.
[25]高艳慧,万迪昉,蔡地.政府研发补贴具有信号传递作用吗?:基于我国高技术产业面板数据的分析[J].科学学与科学技术管理,2012,33(1):5-11.
[26]毛其淋,许家云.政府补贴、异质性与企业风险承担[J].经济学(季刊),2016,15(4):1533-1562.
[27]胡旭阳.民营企业家的政治身份与民营企业的融资便利:以浙江省民营百强企业为例[J].管理世界,2006(5):107-113,141.
[28]邵敏,包群.政府补贴与企业生产率:基于我国工业企业的经验分析[J].中国工业经济,2012(7):70-82.
[29]李小荣,张瑞君.股权激励影响风险承担:代理成本还是风险规避?[J].会计研究,2014(1):57-63,95.
[30]虞义华,赵奇锋,鞠晓生.发明家高管与企业创新[J].中国工业经济,2018(3) :136-154.
[31]余泳泽,张少辉.城市房价、限购政策与技术创新[J].中国工业经济,2017(6):98-116.
[32]白俊红,卞元超.要素市场扭曲与中国创新生产的效率损失[J].中国工业经济,2016(11):39-55.
[2]陈超,赵武阳,潘晶晶.研发投入、融资能力与公司业绩:来自中国工业企业的大样本证据[J].研究与发展管理,2014,26(3):1-11.
[3]QUO B,WANG Q Z,SHOU Y Y.Firm size,R&D,and performance:an empirical analysis on software industry in China[J].Science Research Management,2006,2(1):613-616.
[4]贾明琪,张宇璐.软件信息业研发投入、研发费用加计扣除与企业绩效实证研发[J].科技进步与对策,2017,34(18):51-58.
[5]戴小勇,成力为.研发投入强度对企业绩效影响的门槛效应研究[J].科学学研究,2013,31(11):1708-1716,1735.
[6]张洁.企业研发投入、资源特征与创新绩效关系研究:组织“行为-特征”匹配视角[J].科技进步与对策,2018,35(2):82-89.
[7]LIN B W,LEE Y,HUNG S C.R&D intensity and commercialization orientation effects on financial performance[J].Journal of Business Research,2006,59(6):679-685.
[8]CZARNITZKI D,HUSSINGER K.The link between R&D subsidies,R&D spending and technological performance[Z].Mannheim:Centre for European Economic Research,2004 .
[9]江静.公共政策对企业创新支持的绩效:基于直接补贴与税收优惠的比较分析[J].科研管理,2011,32(4):1-8,50.
[10]曹阳,易其其.政府补助对企业研发投入与绩效的影响:基于生物医药制造业的实证研究[J].科技管理研究,2018,38(1):40-46.
[11]G?RG H,STROBL E.The effect of R&D subsidies on private R&D[J].Economica,2007,74(294):215-234.
[12]周海涛,张振刚.政府研发资助方式对企业创新投入与创新绩效的影响研究[J].管理学报,2015,12(12):1797.
[13]崔凡,邓兴华.异质性企业贸易理论的发展综述[J].世界经济,2014,37(6):138-160.
[14]邓力群.我国R&D投入对TFP贡献的实证分析[J].南京社会科学,2011(4):152-156.
[15]戴魁早.中国高技术产业的R&D投入与生产率增长:基于行业层面和Malmquist指数的实证检验[J].山西财经大学学报,2011,33(3):63-71.
[16]孔东民,庞立让.研发投入对生产率提升的滞后效应:来自工业企业的微观证据[J].产业经济研究,2014(6):69-80,90.
[17]程郁,陈雪.创新驱动的经济增长:高新区全要素生产率增长的分解[J].中国软科学,2013(11):26-39.
[18]MELITZ M J.The impact of trade on intra-industry reallocations and aggregate industry productivity[J].Econometrica,2003,71(6):1695-1725.
[19]邱斌,闫志俊.异质性出口固定成本、生产率与企业出口决策[J].经济研究,2015(9):142-155.
[20]邓翔,路征.“新新贸易理论”的思想脉络及其发展[J].财经科学,2010(2):41-48.
[21]刘和旺,郑世林,王宇锋.所有制类型、技术创新与企业绩效[J].中国软科学,2015(3):28-40.
[22]HILARY G,HUI K W.Does religion matter in corporate decision making in America?[J].Social Science Electronic Publishing,2010,93(3):455-473.
[23]沈坤荣,马俊.中国经济增长的“俱乐部收敛”特征及其成因研究[J].经济研究,2002(1):33-39,94-95.
[24]朱斌,李路路.政府补助与民营企业研发投入[J].社会,2014,34(4):165-186.
[25]高艳慧,万迪昉,蔡地.政府研发补贴具有信号传递作用吗?:基于我国高技术产业面板数据的分析[J].科学学与科学技术管理,2012,33(1):5-11.
[26]毛其淋,许家云.政府补贴、异质性与企业风险承担[J].经济学(季刊),2016,15(4):1533-1562.
[27]胡旭阳.民营企业家的政治身份与民营企业的融资便利:以浙江省民营百强企业为例[J].管理世界,2006(5):107-113,141.
[28]邵敏,包群.政府补贴与企业生产率:基于我国工业企业的经验分析[J].中国工业经济,2012(7):70-82.
[29]李小荣,张瑞君.股权激励影响风险承担:代理成本还是风险规避?[J].会计研究,2014(1):57-63,95.
[30]虞义华,赵奇锋,鞠晓生.发明家高管与企业创新[J].中国工业经济,2018(3) :136-154.
[31]余泳泽,张少辉.城市房价、限购政策与技术创新[J].中国工业经济,2017(6):98-116.
[32]白俊红,卞元超.要素市场扭曲与中国创新生产的效率损失[J].中国工业经济,2016(11):39-55.