论文部分内容阅读
企业特征会对R&D投入与其成长的关系产生影响。本文选取我国中小板2009-2013年期间制造业企业为样本,建立非平衡动态面板数据模型,运用系统GMM进行实证分析,深入研究R&D投入与企业成长的关系。结果表明:企业外部融资不足会导致企业难以利用有利的成长机会,影响企业R&D投入与其成长的正向促进关系。有持续性专利申请的企业,R&D投入对成长的促进作用更明显,因此企业R&D活动的效率对其成长有着重要作用,企业不仅要加大R&D投入,更应注重对R&D投入的管理。不同行业性质的企业,R&D投入与成长的关系存在差异,相比于非高新技术企业,高新技术企业的R&D投入更能促进其成长。本文帮助政府和企业决策者进一步深入理解R&D投入与其成长的行为特征,为企业更好地开展R&D活动进而推动其成长提供参考。
Enterprise characteristics have an impact on the relationship between R & D investment and its growth. This paper selects manufacturing enterprises in China’s small and medium-sized board during 2009-2013 as a sample, establishes an unbalanced dynamic panel data model, and uses the system GMM for empirical analysis to deeply study the relationship between R & D investment and business growth. The result shows that the lack of external financing can lead to the difficulty of utilizing the favorable growth opportunities and the positive promotion of the R & D investment and its growth. Therefore, the efficiency of R & D activities of enterprises plays an important role in its growth. Enterprises should not only increase R & D investment, but also pay more attention to the management of R & D investment. There are differences between R & D investment and growth in enterprises of different industries. Compared with non-high-tech enterprises, the R & D investment of high-tech enterprises can promote their growth. This paper helps government and corporate decision-makers to further understand the R & D investment and the behavioral characteristics of their growth, and provide a reference for enterprises to better carry out R & D activities and promote their growth.