自主研发、合作研发与企业盈利绩效： 兼论独立董事的调节作用

Self R&D, cooperative R&D, and firm profitability: the moderating effect of independent directors

摘要:

自主研发、模仿和合作研发是企业获取新技术的主要方式。本文使用来自微观企业的问卷调查数据,控制了公司治理、产权结构、企业规模、企业年龄、企业财务特征等相关变量后,实证分析比较了自主研发、模仿和合作研发对企业盈利绩效的影响。研究发现,模仿企业的盈利绩效优于合作研发企业,合作研发企业的盈利绩效优于自主研发企业。本文还实证分析了独立董事的调节作用,研究发现,独立董事正向调节模仿和自主研发与企业盈利绩效的关系。本文的稳健性检验结果进一步支持了本文提出的研究假设。本研究为政府制定研发创新政策,为商业企业制定研发创新战略,提供了经验证据参考。

关键词:自主研发;模仿;合作研发;独立董事;盈利绩效;调节作用

Abstract:

Self R&D, imitation, and cooperative R&D are main source that firms obtain new technology. By using survey data set of firms and controlling variables of interest (such as corporate governance, property right structure, firm size, firm age, corporate financial characteristics, et al.), this paper empirically compares the influence of self R&D, imitation, and corporative R&D on firm profitability. This paper finds that imitation firms’ profitability is superior to corporative R&D firms, and corporative R&D firms’ profitability is superior to self R&D firms. This paper also empirically studies the moderating effect of independent directors. We find that independent director size significantly and positively moderates the relationship between imitation and firm profitability, and so does the self R&D and firm profitability. The results of multiple robust tests further support the research hypotheses. This research provides empirical evidence reference for government’s R&D and innovation policy, and also for firms’ R&D and innovation strategy.

Key words:Self R&D; imitation; cooperative R&D; independent director; profitability; moderating effect