R&D经费支出结构对企业绩效的影响效应研究:基于中国上市公司的面板数据分析
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摘要
基于现有研究缺乏从R&D经费支出结构对企业绩效的影响效应进行研究的缺陷,本文将企业R&D过程划分为研究阶段和开发阶段,进而构建了R&D经费支出结构对企业绩效影响的计量分析模型,在此基础上利用2011-2015年中国198家上市公司的面板数据,实证分析了R&D经费支出结构对企业绩效的影响效应。结果表明,企业R&D经费中研究阶段和开发阶段的支出均积极促进了企业绩效的增长,但研究阶段的资金支出对企业绩效的促进程度相对更大。为推动企业经济绩效可持续增长,企业在增加R&D经费支出的同时,应优化R&D经费支出结构,加大研究阶段的投入力度,从而实现R&D经费的最优配置。
With the continuous development and progress of the world, and intensified global competition, firms have realized that R&D expenditure plays a vital role in enhancing firm performance. However, the existing studies focus on the impact of the total R&D expenditure on firm performance and regard the R&D expenditure as a single and homogeneous activity. In fact, firms' R&D activities include the research stage and the development stage in the complete chain, and the expenditure support at the research stage and development stage will be quite different in the economic nature and economic consequence.Therefore, only studying the effect of total R&D expenditure on firm performance cannot provide the basis for the firms to allocate funds in different stages of R&D.This paper divides the R&D expenditure into the expenditure at research stage and at development stage, and constructs a production function model which can estimate the structural effect of R&D expenditure by extending Mankiw, Romer and Weil's model(1992), and then empirically studies the effects of R&D expenditure structure on firm performance using the data of 198 listed companies in China from 2011 to 2015.The results show that firm performance has a growth rate of 0.15%-0.8% with every 1% increase on material capital, and the firm performance has a growth rate of 0.65%-1.35% when R&D expenditure at development stage increases every 1%. The elastic value of the effect of R&D expenditure at the development stage on firm performance is higher than the material capital, the expenditure at the development stage has a high effect on promoting firm performance. The proportion of the expenditure at research stage in the expenditure at development stage is increased by 1%; the firm performance will increase by 0.57%-0.71%, which means that the effect of the expenditure at research stage on firm performance is higher than the expenditure at the development stage. The main reason is that firms mainly focus on the basic research and applied research at the research stage, and the output is mainly original innovation which can be easy to form core technology. While firms mainly focus on the product development of technology at the development stage, these technologies will be mainly from the external introduction if the expenditure is not enough at the research stage. Thus, the expenditure at the research stage is more conducive to the long-term sustainable development of firm performance.Based on the above conclusions, we can get the following implications. Currently, China's firms still focus on the expenditure at the development stage,while the expenditure at the research stage is relatively insufficient. The result of this configuration is very unfavorable to the cultivation of independent innovation ability in the long run. In order to stimulate the growth of firm performance, the government should encourage firms to increase their expenditure at the research stage by means of tax incentives and financial subsidies. On the other hand, the firms couldn't ignore the support expenditure at the research stage when they improve R&D expenditure continuously. Under the limited financial conditions, the expenditure at the research stage and development stage should be arranged reasonably to achieve the optimal allocation of R&D expenditure.The theoretical contribution of this paper is mainly embodied in two aspects. First, this paper differs from the existing research that explores only the relationship between R&D expenditure and performance, and studies the effect of expenditure support at the research stage and development stage on firm performance from the structural dimension, and helps deepen the understanding of firms' R&D process and its effect. Second, this paper overcomes the shortcomings of the lack of theoretical basis for constructing econometric analysis model in existing research on the influence of R&D expenditure on the firm performance, and constructs a production function model which can estimate the structural effect of R&D expenditure by extending Mankiw, Romer and Weil's model(1992), and greatly improves the explanatory power of the relationship between R&D expenditure and firm performance.
With the continuous development and progress of the world, and intensified global competition, firms have realized that R&D expenditure plays a vital role in enhancing firm performance. However, the existing studies focus on the impact of the total R&D expenditure on firm performance and regard the R&D expenditure as a single and homogeneous activity. In fact, firms' R&D activities include the research stage and the development stage in the complete chain, and the expenditure support at the research stage and development stage will be quite different in the economic nature and economic consequence.Therefore, only studying the effect of total R&D expenditure on firm performance cannot provide the basis for the firms to allocate funds in different stages of R&D.This paper divides the R&D expenditure into the expenditure at research stage and at development stage, and constructs a production function model which can estimate the structural effect of R&D expenditure by extending Mankiw, Romer and Weil's model(1992), and then empirically studies the effects of R&D expenditure structure on firm performance using the data of 198 listed companies in China from 2011 to 2015.The results show that firm performance has a growth rate of 0.15%-0.8% with every 1% increase on material capital, and the firm performance has a growth rate of 0.65%-1.35% when R&D expenditure at development stage increases every 1%. The elastic value of the effect of R&D expenditure at the development stage on firm performance is higher than the material capital, the expenditure at the development stage has a high effect on promoting firm performance. The proportion of the expenditure at research stage in the expenditure at development stage is increased by 1%; the firm performance will increase by 0.57%-0.71%, which means that the effect of the expenditure at research stage on firm performance is higher than the expenditure at the development stage. The main reason is that firms mainly focus on the basic research and applied research at the research stage, and the output is mainly original innovation which can be easy to form core technology. While firms mainly focus on the product development of technology at the development stage, these technologies will be mainly from the external introduction if the expenditure is not enough at the research stage. Thus, the expenditure at the research stage is more conducive to the long-term sustainable development of firm performance.Based on the above conclusions, we can get the following implications. Currently, China's firms still focus on the expenditure at the development stage,while the expenditure at the research stage is relatively insufficient. The result of this configuration is very unfavorable to the cultivation of independent innovation ability in the long run. In order to stimulate the growth of firm performance, the government should encourage firms to increase their expenditure at the research stage by means of tax incentives and financial subsidies. On the other hand, the firms couldn't ignore the support expenditure at the research stage when they improve R&D expenditure continuously. Under the limited financial conditions, the expenditure at the research stage and development stage should be arranged reasonably to achieve the optimal allocation of R&D expenditure.The theoretical contribution of this paper is mainly embodied in two aspects. First, this paper differs from the existing research that explores only the relationship between R&D expenditure and performance, and studies the effect of expenditure support at the research stage and development stage on firm performance from the structural dimension, and helps deepen the understanding of firms' R&D process and its effect. Second, this paper overcomes the shortcomings of the lack of theoretical basis for constructing econometric analysis model in existing research on the influence of R&D expenditure on the firm performance, and constructs a production function model which can estimate the structural effect of R&D expenditure by extending Mankiw, Romer and Weil's model(1992), and greatly improves the explanatory power of the relationship between R&D expenditure and firm performance.
引文
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[4]Ehie I C,Olibe K.The effect of R&D investment on firm value;an examination of US manufacturing and service industries[J].International Journal of Production Economics,2010,128(1):127-135.
[5]Sharma C.R&D and firm performance:evidence from the Indian pharmaceutic industry[J].Journal of the Asia Pacific;Economy,2012,17(2):332-342.
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[7]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.
[8]杜勇,鄢波,陈建英.研发投入对高新技术企业经营绩效的影响研究[J].科技进步与对策,2014,31(2):87-92.
[9]李健英,高燕.R&D投入与企业经营绩效的关系[J].科技与经济,2015,28(5):71-75.
[10]Rafiq S,Salim R,Smyth R.The moderating role of firm age in the relationship between R&D expenditure and financial performance:Evidence from Chinese and US mining firm[J]Economic Modelling,2015,56(1):122-132.
[11]Afonso O.R&D intensity,economics growth and firm-size growth:theory and practice[J].Applied Economics,2016,48(32):1-21.
[12]余长林.人力资本投资结构及其经济增长效应[J].数量经济技术经济研究,2006(12):117-125.
[13]Mankiw N G,Romer D,Weil D N.A contribution tothe Empirics of Economic Growth[J].Quarterly Journal of Economics,1992,107(2):407-437.
[14]张军,吴桂英,张吉鹏.中国省际物资资本存量估算[J].经济研究,2004(10):35-44.
[15]任元明,王怀业,陈赞迪.企业R&D两阶段融资约束差异及R&D资金分阶段配置研究[J].科技进步与对策,2014,31(3):92-97.
[16]周伟,肖海莲.企业R&D资金约束差异与投资结构选择[J].科学学与科学技术管理,2012,33(7):109-117.
[2]Walelin K.Productivity growth and R&D expenditure in UKmanufacturing firms[J].Research Policy,2001(30):1079-1090.
[3]梁莱歆,张永榜.我国高新技术企业R&D投入与绩效现状调查分析[J].研究与发展管理,2006,18(1):47-51.
[4]Ehie I C,Olibe K.The effect of R&D investment on firm value;an examination of US manufacturing and service industries[J].International Journal of Production Economics,2010,128(1):127-135.
[5]Sharma C.R&D and firm performance:evidence from the Indian pharmaceutic industry[J].Journal of the Asia Pacific;Economy,2012,17(2):332-342.
[6]廖中举.R&D投入、技术创新能力与企业财务绩效间关系的实证分析[J].技术经济,2013,32(1):19-23.
[7]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.
[8]杜勇,鄢波,陈建英.研发投入对高新技术企业经营绩效的影响研究[J].科技进步与对策,2014,31(2):87-92.
[9]李健英,高燕.R&D投入与企业经营绩效的关系[J].科技与经济,2015,28(5):71-75.
[10]Rafiq S,Salim R,Smyth R.The moderating role of firm age in the relationship between R&D expenditure and financial performance:Evidence from Chinese and US mining firm[J]Economic Modelling,2015,56(1):122-132.
[11]Afonso O.R&D intensity,economics growth and firm-size growth:theory and practice[J].Applied Economics,2016,48(32):1-21.
[12]余长林.人力资本投资结构及其经济增长效应[J].数量经济技术经济研究,2006(12):117-125.
[13]Mankiw N G,Romer D,Weil D N.A contribution tothe Empirics of Economic Growth[J].Quarterly Journal of Economics,1992,107(2):407-437.
[14]张军,吴桂英,张吉鹏.中国省际物资资本存量估算[J].经济研究,2004(10):35-44.
[15]任元明,王怀业,陈赞迪.企业R&D两阶段融资约束差异及R&D资金分阶段配置研究[J].科技进步与对策,2014,31(3):92-97.
[16]周伟,肖海莲.企业R&D资金约束差异与投资结构选择[J].科学学与科学技术管理,2012,33(7):109-117.