中国式分权对企业研发投入及其投入效果的影响

Effects of Chinese Fiscal Decentralization on Expenditure and Result of Firms’ R D Investment

摘要:

本文以中国上市公司2008-2012年数据为研究样本,实证考察了中国式分权与企业研发投入以及研发投入效果的关系。研究发现,中国式分权制约我国企业研发投入强度的制度原因在于官员晋升竞争而非财政分权制度本身,财政分权度的提高对于企业研发投入具有显著的促进作用,且这种作用在民营企业中更为明显。在研发投入效果方面,无论财政分权还是晋升竞争均促进企业研发对于短期绩效的增进作用,这种影响对于国有企业的作用更大。

Abstract:

This article is an empirical research on Chinese Fiscal Decentralization on the expenditure and result of firms’ R D investment based on the data of public company from 2008 to 2012. The research reveals that the constraint of Chinese Fiscal Decentralization on the R D expenditure is caused by political promotion tournament rather than fiscal decentralization. The degree of fiscal decentralization has a positive effect on R D expenditure, particularly for private controlled firms. There is also some evidence that the positive effect of R D investment on the firms’ performance is improved by Chinese Fiscal Decentralization.