行业追随者研发模仿与企业经营绩效的实证分析

针对研发模仿投资行为对于企业经营绩效的利弊问题,基于中国2008～2018年沪深A股上市公司数据,探讨行业追随者研发模仿对其自身经营绩效的影响,验证管理层能力和环境不确定性在二者关系中的调节作用。研究认为,研发模仿可以显著提高追随企业经营绩效, 这一结果在民营企业和小规模企业中更显著; 管理层能力的提高加强了研发模仿对企业经营绩效的促进作用,这一调节效应在大小规模企业中均显著,但在分产权性质样本中,管理层能力的调节作用仅在民营企业中显著,在国有企业中不显著; 环境不确定性越高,越抑制研发模仿对企业经营绩效的促进作用,这一调节效应仅在民营企业中显著,在国有企业中不显著。研究表明,政府要认识到企业选择研发模仿战略的合理性,通过引导领导型企业的研发方向、利用宏观调控维护环境稳定性; 企业要在研发决策时注重提升自主决策能力和管理层能力; 模仿企业要选取市场竞争力更强的标杆企业进行模仿,科学合理地制定应对措施保证研发模仿效果。

Empirical analysis on industry followers' R&D imitation and corporate performance

On account of the advantages and disadvantages of R&D imitation investment behaviors on the corporate performance, and based on the data of A-share listed companies in the Shanghai and Shenzhen stock markets from 2008 to 2018, this paper discusses the influence of R&D imitation of industry followers on their own business performance. Meanwhile, it verifies the moderating role of managerial ability and the uncertainty of external environment in the relationship between them. The results show that: ①R&D imitation can dramatically improve the corporate performance of the follower, which is more significant among private enterprises and small-scale enterprises. ②The improved managerial ability strengthens the promotion effect of R&D imitation on corporate performance. This moderating effect is significant among both large and small-scale enterprises, but not in state-owned enterprises when the sample is divided by property rights. ③The environmental uncertainty weakens the promotion effect of R&D imitation on corporate performance. This moderating effect is significant among private enterprises and small-scale enterprises, but not in state-owned enterprises and large-scale enterprises. The government must realize the enterprises' rationality in choosing the R&D imitation strategy, and maintain the stability of the external environment by guiding the R&D direction of the industry leading enterprises and utilizing the macro control measures; enterprises should focus on improving independent decision-making abilities and managerial abilities in their R&D decision-making; and the imitating enterprises should choose the benchmarking enterprises with higher market competitiveness as role models, and formulate scientific and reasonable countermeasures to ensure the effect of R&D imitation.