科创企业研发投入对企业成长的双门槛效应研究

An Approach to Double Threshold Effects of Sci-Tech Innovation Enterprises Growth from Its R&D Investment

摘要:

百年未有之大变局叠加后疫情时代“双循环”发展的新格局下，科创企业研发创新绩效备受实业界和学术界关注。本文基于科创板上市公司2017-2019年面板数据，采用固定效应面板门槛模型，实证检验了当期和滞后一期研发强度与企业成长的非线性关系。研究发现：（1）研发强度与当期企业成长呈“倒V形”的非线性关系，最优研发强度应不超过4.42%；（2）研发创新投入对企业成长的影响存在滞后效应，且只有当研发强度超过6.83%时，才能促进下一期企业成长，二者呈“U形”的非线性关系；（3）在各自最优研发强度区间内，研发投入对当期企业成长的促进作用比对下一期企业成长的促进作用更大。本文研究结果可直接辅助科创企业界定研发投入的最优区间，理性权衡短期风险与长期收益，并最终达成最优的研发强度。

关键词:科创板;研发投入;研发强度;企业成长;面板门槛模型

Abstract:

Under the circumstances of profound shifts unseen in a century and a "dual circulation" development pattern in the post-epidemic era, R&D and innovation performance of sci-tech innovation enterprises should be paid more attention from academic and business circles both.Based on the panel data of the STAR market listed companies from 2017 to 2019, the fixed-effect panel threshold model is constructed to test empirically the nonlinear relationship between R&D intensity and enterprise growth in the current and first lag phase. The results show that: (1) there is an inverted V-shaped nonlinear relationship between R&D intensity and current enterprise growth, and the optimal R&D intensity is or less than 4.42%; (2) there is an lag-effect on enterprise growth from R&D and innovation input,and only when R&D intensity more than 6.83%, R&D input promote enterprise growth in the next phase,and exists U-shaped nonlinear relationship between R&D intensity and enterprise growth in the first lag phase; (3) in the optimal R&D intensity span respectively,the promoted performance of R&D input on the current enterprise growth is better than the next phase. Results of this paper can directly assist sci-tech innovation enterprises to define the optimal range of R&D investment, rationally balance short-term risks and long-term benefits, and finally reach the optimal R&D intensity.

Key words:STAR Market; R&D Input; R&D intensity; Enterprise growth; Panel Threshold Model