生产率动态、研发创新与企业TFP增长——基于SYS-GMM的经验证据

Lagged Effects of Productivity and R&D Investment on TFP Growth: Evidence from SYS-GMM Approach

摘要:

基于系统GMM方法，利用2011～2020年我国A股制造业上市企业面板数据，实证分析了企业生产率动态效应及研发创新对生产率的滞后效应。结果表明:生产率滞后一期对当期全要素生产率具有显著促进效应，表现为生产率的动态惯性；企业研发对当期生产率具有抑制效应，但滞后二期的研发具有显著为正的促进效应；在东中西部地区、国有企业与非国有企业、股权集中度和行业集中度高低差别条件下，研发创新对生产率的滞后效应具有异质性；大多数情形下研发创新滞后一期或二期的显著正向促进效应具有稳健性。建议:企业要开展持续、高质创新，避免短视思维；政府要规范市场竞争，引导企业降低集中度；政府还需要加强政策供给，提升中西部创新效率。

Abstract:

This paper examines the dynamics and lag effects of R&D on firm’s total factor productivity (TFP) for the Chinese public listed manufacturing firms in the period 2011–2020. Benchmark regression employing System GMM shows that TFP in the first lag period has a significantly positive effect of inertia on current productivity, and R&D intensity has a restraining effect on current TFP, but R&D intensity in the second lag period has a significant positive promoting effect. Heterogeneity is reflected when the observational samples divided into East, Central and Western firms, or state-owned and non-state-owned firms, or higher/lower ownership concentration and industrial concentration. Robustness check shows that, in most cases, R&D innovation has a significantly positive effect for either the first or second lag period. It is suggested that firms should avoid myopia in R&D innovation, form sustainable and high-quality innovation, and the government should guide enterprises properly to regulate the market bodies and reduce the concentration ratios, and take initiatives in policy supply in favor of the the Central and the Western China for a higher return of innovation.