我国企业实际的研发投入强度究竟有多高？——来自信息技术行业上市公司的证据

How High is the Actual R D Input Intensity of Chinese Enterprises?——Evidence from Listed Companies in the Information Technology Industry

摘要:

计算研发投入强度的营业收入中包含不属于营业收入范畴的项目，如税金及附加、坏账损失等，致使企业的营业收入被高估，进而导致研发投入强度被低估，不能反映企业研发投入的真实水平。为探究我国企业实际的研发投入强度究竟有多高，提出实际研发投入强度以弥补现行名义研发投入强度存在的不足，通过理论分析、对比分析、数据测算与实证检验，得到主要结论如下：（1）2007－2018年我国信息技术行业上市公司的实际研发投入强度平均为11.01%，显著高于同期我国信息技术行业名义研发投入强度，平均高出0.33个百分点，如果以2018年数据计算则高出0.48个百分点；（2）实际研发投入强度与名义研发投入强度之间的差异会随着税金及附加和坏账损失占营业收入的比重，以及研发投入占营业收入比重的上升而上升；（3）如果以实际研发投入强度为标准来认定高新技术企业，2016－2018年在我国全部上市企业中，平均每年可增加1.14%（20家）的高新技术企业。

Abstract:

The operating revenue of R&D input intensity index contains some items which should not belong to the operating revenue category, such as tax and additional, bad debts loss and so on, this leads to the overestimation of operating income of the enterprise, which leads to the underestimation of the intensity of R&D investment, cannot reflect the true level of R&D investment. In order to explore how high the actual R&D input intensity of Chinese enterprises is, this paper puts forward the actual R&D investment intensity to make up for the deficiency of the current nominal R&D investment intensity, carries out theoretical analysis, comparative analysis, data calculation and empirical test, the main conclusions are as follows: (1) The average actual R&D input intensity of listed companies in China's information technology industry from 2007 to 2018 is 11.01%, which is significantly higher than the nominal R&D investment intensity of China's information technology industry in the same period, with an average increase of 0.33 percentage points, if calculated in 2018, it is 0.48 percentage points higher. (2) The difference between actual R&D input intensity and nominal R&D investment intensity will increase with the increase of tax and additional and bad debt loss as a proportion of operating revenue and R&D investment as a proportion of operating revenue. (3) According to the actual R&D input intensity to identify high-tech enterprises, the average annual increase of high-tech enterprises can be 1.14% (20 companies) in 2016-2018 among all listed companies in China.