R&D投入能促进企业创新质量的提升吗?——基于风险投资的调节作用
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摘要
以2009-2016年我国569家创业板上市公司为样本,使用其2009-2017年的非平衡面板数据,研究风险投资、R&D投入对企业创新质量的影响,企业价值可以看作是创新质量的经济价值体现。结果发现:风险投资参与对企业创新质量有显著促进作用;当期R&D投入对企业创新质量没有正向作用,甚至出现负向作用,即增加R&D投入并没有显著增加企业创新质量的经济价值,反而过多的R&D投入会降低企业创新质量; R&D投入的促进作用存在滞后期。实证结果表明风险投资特征对R&D投入与企业创新质量之间的关系有显著调节作用,国有背景的风险投资可以加强R&D投入对企业创新质量的影响。
Taking 569 GEM listed companies in China from 2009 to 2016 as samples and using their unbalanced panel data from 2009 to 2017,this paper studies the impact of venture capital and R&D investment on innovation quality of enterprises. Enterprise value can be regarded as the economic value of innovation quality. The results show that venture capital participation has a significant and positive effect on innovation quality of enterprises. Current R&D investment shows no positive effect on innovation quality of enterprises,and even negative effects at some point. In other words,increasing R&D investment does not significantly increase the economic value of enterprise innovation quality,but rather,excessive R&D investment reduces the quality of enterprise innovation. There is a lag in the promoting effect of R&D investment. Further research shows that the characteristics of venture capital have significant moderating effects on the relationship between R&D investment and enterprise innovation quality,among which venture capital with state-owned background can strengthen the impact of R&D investment on enterprise innovation quality.
Taking 569 GEM listed companies in China from 2009 to 2016 as samples and using their unbalanced panel data from 2009 to 2017,this paper studies the impact of venture capital and R&D investment on innovation quality of enterprises. Enterprise value can be regarded as the economic value of innovation quality. The results show that venture capital participation has a significant and positive effect on innovation quality of enterprises. Current R&D investment shows no positive effect on innovation quality of enterprises,and even negative effects at some point. In other words,increasing R&D investment does not significantly increase the economic value of enterprise innovation quality,but rather,excessive R&D investment reduces the quality of enterprise innovation. There is a lag in the promoting effect of R&D investment. Further research shows that the characteristics of venture capital have significant moderating effects on the relationship between R&D investment and enterprise innovation quality,among which venture capital with state-owned background can strengthen the impact of R&D investment on enterprise innovation quality.
引文
陈海声,卢丹.2011.研发投入与企业价值的相关性研究[J].软科学(2):20-23.
胡晓明,秦轶.2017.技术创新与品牌价值的实证分析[J].广西财经学院学报(6):54-62.
胡志强,彭博.2016.风险投资在研发转化中调节作用的实证分析[J].统计与决策(11):165-167.
金永红,蒋宇思,奚玉芹.2016.风险投资参与、创新投入与企业价值增值[J].科研管理(9):59-67.
靳文辉,关佳.2019.金融科技风险的行政许可规制[J].河南财经政法大学学报(1):64-74.
李江雁,何文龙,铁民.2016.企业创新能力对企业价值的影响---基于中国移动互联网上市公司的实证研究[J].经济与管理研究(4):109-118.
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鲁桐,党印.2014.公司治理与技术创新:分行业比较[J].经济研究(6):115-128.
乔桂明,屠立峰.2016.风险资本对公司价值增值的作用机理及认可度[J].财经问题研究(8):117-122.
石美娟,童卫华.2009.机构投资者提升公司价值吗?---来自后股改时期的经验证据[J].金融研究(10):150-161.
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杨胜刚,张一帆.2017.风险投资对企业创新的影响---基于中小板和创业板的研究[J].经济经纬(2):147-152.
赵玮,温军.2015.风险投资介入是否可以提高战略性新兴产业的绩效?[J].产业经济研究(2):79-89.
朱翰墨,杨忠.2018.德鲁克的创新思想及其包容性[J].理论学刊(5):72-77.
BOOTH G,JUNTTILAB J,KALLUNKI P,et al.2006.How does the financial environment affect the stock market valuation of R&D spending[J].Journal of Financial Intermediation,15(2):197-214.
BRANDER J.DU Q,THOMAS H.2015.The effects of government-sponsored venture capital:International evidence[J].Review of Finance,19(2):571-618.
HSU P,XUAN T,YAN X.2014.Financial development and innovation:Cross-country evidence[J].Journal of Financial Economics,112(1):116-135.
GUO D,JIANG K.2013.Venture capital investment and the performance of entrepreneurial firms:Evidence from China[J].Journal of Corporate Finance,22(1):375-395.
TIAN,X,UDELLl,G,XIAO Y.2016.Disciplining delegated monitors:When venture capitalists fail to prevent fraud by their IPOfirms[J].Journal of Accounting and Economics,61(2):526-544.
胡晓明,秦轶.2017.技术创新与品牌价值的实证分析[J].广西财经学院学报(6):54-62.
胡志强,彭博.2016.风险投资在研发转化中调节作用的实证分析[J].统计与决策(11):165-167.
金永红,蒋宇思,奚玉芹.2016.风险投资参与、创新投入与企业价值增值[J].科研管理(9):59-67.
靳文辉,关佳.2019.金融科技风险的行政许可规制[J].河南财经政法大学学报(1):64-74.
李江雁,何文龙,铁民.2016.企业创新能力对企业价值的影响---基于中国移动互联网上市公司的实证研究[J].经济与管理研究(4):109-118.
林慧婷,王茂林.2014.管理者过度自信、创新投入与企业价值[J].经济管理(11):94-102.
鲁桐,党印.2014.公司治理与技术创新:分行业比较[J].经济研究(6):115-128.
乔桂明,屠立峰.2016.风险资本对公司价值增值的作用机理及认可度[J].财经问题研究(8):117-122.
石美娟,童卫华.2009.机构投资者提升公司价值吗?---来自后股改时期的经验证据[J].金融研究(10):150-161.
温军,冯根福.2018.风险投资与企业创新:“增值”与“攫取”的权衡视角[J].经济研究(2):185-199.
武咸云,陈艳,李秀兰,等.2017.战略性新兴产业研发投入、政府补助与企业价值[J].科研管理(9):30-34.
杨胜刚,张一帆.2017.风险投资对企业创新的影响---基于中小板和创业板的研究[J].经济经纬(2):147-152.
赵玮,温军.2015.风险投资介入是否可以提高战略性新兴产业的绩效?[J].产业经济研究(2):79-89.
朱翰墨,杨忠.2018.德鲁克的创新思想及其包容性[J].理论学刊(5):72-77.
BOOTH G,JUNTTILAB J,KALLUNKI P,et al.2006.How does the financial environment affect the stock market valuation of R&D spending[J].Journal of Financial Intermediation,15(2):197-214.
BRANDER J.DU Q,THOMAS H.2015.The effects of government-sponsored venture capital:International evidence[J].Review of Finance,19(2):571-618.
HSU P,XUAN T,YAN X.2014.Financial development and innovation:Cross-country evidence[J].Journal of Financial Economics,112(1):116-135.
GUO D,JIANG K.2013.Venture capital investment and the performance of entrepreneurial firms:Evidence from China[J].Journal of Corporate Finance,22(1):375-395.
TIAN,X,UDELLl,G,XIAO Y.2016.Disciplining delegated monitors:When venture capitalists fail to prevent fraud by their IPOfirms[J].Journal of Accounting and Economics,61(2):526-544.