高新技术企业研发投入的阈值效应
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| Title | Threshold Effect of R&D Investment in High-tech Enterprises
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| 作者 | 杨记军 敖翔 吴敏 |
| Author | Yang Jijun,Ao Xiang and Wu Min |
| 作者单位 | 西南财经大学；成都农商银行 |
| Organization | Southwestern University of Finance and Economics; Chengdu Rural Commercial Bank |
| 作者Email | yangjijun@swufe.edu.cn；304365334@qq.com；24286610@qq.com |
| 中文关键词 | 高新技术企业 研发 阈值效应 |
| Key Words | High-tech Enterprise; R&D; Threshold Effect |
| 内容提要 | 本文以中国上市高新技术企业2008-2012年间研发数据为样本，首次在文献上发现中国高新技术企业研发投入强度具有普遍扎堆3%、且围绕3%动态调整的独特现象和“阈值效应”。这表明，中国高新技术企业普遍选择了把研发投入强度仅仅维持在刚好满足当前国家高新技术企业认定政策所规定的达标水平线上。进一步检验发现，高新技术企业这种普遍集中于3%的实际研发投入水平，大大低于和偏离了基于门槛回归模型估计出的、给企业带来边际绩效最大化的最优研发强度投入水平。研究表明，中国高新技术企业普遍缺乏研发投入的动力，研发投入行为更多在于获得高新技术企业认证资格；尽管获得高新技术企业资格可享受到大量政策优惠，但这种行为最终还是给企业带来了绩效损失，因而是非效率的。 |
| Abstract | Based on the R&D data of listed high-tech enterprises in China from 2008 to 2012, this paper for the first time finds that the R&D intensity of high-tech enterprises significantly demonstrate to aggregate around 3%, which is indicated “Threshold Effect”. This phenomenon illustrates that the R&D intensities of high-tech enterprises are eventually cut and sustained at a policy level which can just meet the current national recognition for high-tech enterprises. But the R&D intensity which can give the enterprises optimal margin performance is far higher than 3%. It shows that Chinese listed high-tech enterprises widely lack of impetus for R&D investment, and their behavior in R&D investment is just for obtaining the high -tech enterprise qualification. This behavior in R&D investment results in non-efficiency just because it brings the enterprises loss of optimal performance. |
| 文章编号 | WP762 |
| 登载时间 | 2014-11-20 |
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