管理工程学报2017，Vol.31Issue(4)：85-92,8.DOI:10.13587/j.cnki.jieem.2017.04.011
“是否研发”与“投入多少”:兼论企业研发投资的两阶段决策
Whether to invest and how much will invest: The two stages decision of firm R&D investment
摘要
Abstract
Research and Development (R&D) is one of the most important ways to increase the innovation ability and market competitiveness of firms.In reality,the decisions of firm R&D investment include two stages:whether to invest and how much will invest.Different from previous research,based on the reality of low involvement and investment in R&D activities for the firms in China,this paper mainly discusses and compares the factors and differences between the two stages of R&D investment decision.First,the decision factors and mechanism of R&D investment are discussed theoretically from three aspects of firm characteristics,industry characteristics and external shocks.The firm characteristics include firm size,firm age,profitability,financial condition and ownership,etc.The industry characteristics include the average R&D investment level,market competition,R&D distribution and external resources of R&D investment,etc.The external shocks mainly refer to the govemment subsidies.Then,the selection and investment equations are built by Heckman two-step method.Using micro-data of Chinese industrial firms and medium-data of industrial industries in 2007,the two sides of R&D decisions are tested empirically.The results are shown that the selective bias of firm R&D activities really exists and the two stages of R&D decision are influenced by different factors.Except the profitability,the firm characteristics,industry characteristics and government subsidies all influence the decision of firms whether to invest.The firm size,industry R&D level,market competition and government subsidies are all positively correlated to R&D intensity,while the profitability decreases R&D investment.Last,according to the division of firms'ownership,the results show that the decision mechanism of R&D activities is apparently different in state-owned,foreign and private firms.The ownership is one of the important factors influencing R&D investments.The R&D intensity in state-owned firms is mostly influenced by firm characteristics,but not related with industry characteristics.Except that high profitability restricts R&D investment,the decisions of foreign firms are almost consistent with the theoretical expectation.The private firms with high profitability would like to invest in R&D activities,but as the time of operation the firms will pursue short-term profits instead of investments in R&D activities.关键词
研发投资/Heckman两步法/工业企业Key words
R&D investment/Heckman two-step method/Industrial firms分类
管理科学引用本文复制引用
孙晓华,刘小玲,王昀,白郁婷..“是否研发”与“投入多少”:兼论企业研发投资的两阶段决策[J].管理工程学报,2017,31(4):85-92,8.基金项目
国家社会科学基金资助项目(14BGL14) （14BGL14）
教育部人文社科基金资助项目(13YJC790127) （13YJC790127）
中央高校基本科研业务费专项项目(DUT13RW304) （DUT13RW304）
