不同阶段研发投资对企业绩效的动态效应研究:基于中国上市公司的面板数据分析

研发投资是提高企业绩效的重要途径,不同阶段的的研发投资对于企业绩效的改善存在着差异化作用。本文构建了不同阶段研发投资对企业绩效影响效应的理论模型,并以我国103家上市公司2010-2016年的相关数据为样本,从动态效应的实证分析阶段和开发阶段两个阶段的投资强度对企业绩效影响的异同,结果发现:研究阶段和开发阶段的投资对企业绩效影响均具有正向的积极影响作用,开发阶段的投资在当期对企业绩效的影响较强但不可持续,研究阶段的投资具有滞后效应并且对企业绩效的提升有比较长远的影响。因此过多关注开发阶段的投资并不能有效提高企业绩效,企业应加大研究阶段的投资,以更好地实现其在提高企业绩效中的长效作用。

Dynamic impact of R&D investment on firm performance in different stage:Based on the panel data analysis Chinese listed companies

R&D investment can bring opportunities for the development of enterprises and create practical benefits so that firm performance can be greatly improved and developed.According to the differences in research objectives,the expenditures of R&D investment can be divided into research stage expenditures,and development stage expenditures.Different stages of R&D investment have different influences on the improvement of firm performance,while the academic community mainly focuses on the analysis of the impact of total R&D expenditures on firm performance,and there are rare studies about the different influences of R&D investment structure on the firm performance.Thus,it can not provide a basis for the company's capital allocation decisions at different stages of R&D.This paper starts with the Cobb Douglas production function and regards the R&D investment of a company as a technical factor.Based on this,it constructs the theoretical model of the impact of R&D investment on firm performance in different stages,and then empirically studies the different dynamic impacts of the research stage and development stage on firm performance using the data of 103 listed companies in China from 2010 to 2016.The results show that the investment in the research stage has a lag effect and during the lag period.Moreover,the bias effect of investment intensity on firm performance during the research stage is greater than the development stage.The investment in the development stage has the most significant impact on the current firm performance,but the lag effect on firm performance is not obvious.The extended meaning of the above conclusions is that both the investment in the research stage and development stage have a positive impact on the improvement of the firm performance.However,the investment in the development stage has an unsustainable effect on the improvement of the firm performance,while the investment in the research stage has a long-term impact on the improvement of firm performance.In the current technological innovation system with enterprises as the main body,due to the long period and high-risk characteristics of the research stage,enterprises generally prefer to invest in the development stage.However,in the long run,investment in the research stage will be more conducive to the company's long-term development and progress.Therefore,combining empirical research results,this paper proposes the following policy recommendations:First,Chinese enterprises should pay more attention to investment in the research stage,focus on the improvement of the long-term development potential,and ensure the promotion of R&D investment on firm performance from two aspects:"increasing flow"and"adjusting structure."Second,the government's financial department should play its advantages in allocating funds during the research stage to ensure that the role of the government subsidy policy focuses on the research stage.Thus,the government can reasonably and actively guide the development of the company's activities in the research stage to achieve the improvement of product quality and innovation atmosphere,ensure the sustainability of China's innovation activities,and promote China's transformation from a manufacturing country to a quality country.The theoretical contribution of this article mainly reflects in two aspects.Firstly,different from the existing research,which only explores the relationship between R&D expenditures and firm performance from the total dimension,this paper investigates the effect of financial support both in the research stage and development stage on firm performance from the structural dimension.The findings of this study can help deepen the understanding of the R&D process and its effects.Secondly,different from the existing practice which mainly studies the effect of R&D expenditure on firm performance from a static perspective,this paper considers the continuous and cumulative features of R&D activities and uses a dynamic panel data model to explore the dynamic impact of financial support in research and development stages on firm performance.This paper has greatly improved the explanatory power of the impact between R&D expenditure and firm performance.