企业异质性、研发投入与创新绩效——基于GPS的实证研究

Firm Heterogeneity, R D Investment and Innovation Performance——An Empirical Study Based on GPS

摘要:

加强科技创新是企业破除发展桎梏,实现创新驱动高质量发展的有效路径。选取2010-2019年中国沪深A股上市公司为样本,结合广义倾向得分匹配法(GPS)考察企业研发投入与创新绩效的关系。研究显示,研发投入与创新绩效具有先促进、后抑制、再促进的“N”型关系特征；研发投入的创新促进效应随时间推移逐渐得以释放。异质性研究表明,企业人力资本水平、资产规模、所属行业和所有权性质对研发投入与创新绩效的关系及最适区间有差异化影响。

Abstract:

Strengthening technological innovation is an effective path for enterprises to break the shackles of development and achieve innovation-driven high-quality development. This paper selects a sample of Chinese A-share listed companies in Shanghai and Shenzhen from 2010-2019. On this basis, the paper examines the relationship between R D investment and innovation performance by combining the generalised propensity score matching (GPS) method. The results show that R D investment has a "N" shaped effect on innovation performance by promoting, then inhibiting and eventually promoting; the innovation-promoting effect of R D investment is gradually released over time. The heterogeneity study shows that human capital level, asset size, industry and nature of ownership have different effects on the relationship between R D investment and innovation performance and the optimal interval.