研发机构企业化有助于提高研发投入吗？——来自制造业上市公司的经验证据

Does Corporatization Help Increase Organization’s R&D Spending? Evidence from Manufacturing Listed Companies in China

摘要:

本文从研发机构企业化改制视角出发，探讨了组织属性、公司治理和经营模式对创新主体研发投入的影响机制与作用路径，并结合中国制造业上市公司年报数据以及TOBIT回归模型做实证分析与稳健性检验。研究结果发现，研发机构企业化改制（1）有利于通过公司制经营丰富市场参与主体、激发产业创新活力；（2）有益于通过股份式管理推动跨界协同发展、提升企业创新动能；（3）有助于通过专业化外包集中发展核心业务、释放创新资源潜力。上述研究结论不仅对促进产业链与创新链深度融合具有理论指导意义，还为新型研发机构建设提供了实践参考价值。

关键词:新型研发机构;企业化改制;研发投入;制造业上市公司;TOBIT模型

Abstract:

From the point of organizational character, corporate governance and business model, this paper explores the impact of corporatization upon organization’s R&D Spending while testifying related hypotheses using Tobit regression analysis and financial data of listed manufacturing companies in China. The results robustly show that corporatization of R&D institutes brings in more market competition to drive innovation; equity diversification promotes ample collaboration and sharing for purpose of innovation; outsourcing non-R&D activities contributes to the building of industrial innovation network by intensifying labor division. The paper advances the understanding of how to foster industrial cooperation by introducing the goal and mechanism of New R&D Institution.

Key words:New R&;D Institution; Corporatization; R&;D Spending; Manufacturing Listed Company; TOBIT