摘要
本文利用2008—2013年我国高科技产业上市公司数据,基于产权异质性的比较视角,遵循"动因—行为—绩效"的理论范式,考察了双元创新动因,即政府扶持和市场竞争对企业研发投入的影响,以及研发投入与绩效之间的关系。研究发现,双元创新动因对不同产权性质的企业有差异化的影响:(1)对于国有企业,政府扶持能显著增强企业的研发投入,而这一关系在民营企业组中并不明显;(2)对于民营企业,市场竞争显著推动了企业的研发投入,但在国有企业组未发现类似关系。在考虑了滞后效应和长效影响等因素之后,上述关系依然成立。本文将上述发现归因于不同所有制企业所处的激励制度和市场环境差异。进一步地,本文考察了不同所有制性质下研发投入对企业绩效的影响。研究发现,国有企业研发投入显著增强了企业的扩张型绩效,但没能推动收益型绩效的增长;民营企业研发投入明显提高了单位销售额的经济效益,但对扩张型绩效影响不明显。
Ahhough it has been widely accepted that both of government policy and market competition have impacts on the company R＆D strategy, the empirical results are still inconclusive. Further, R＆D spending and the innovational products are significant to the performance of companies, however, R＆D does not always bring high firm performance and create additional value to shareholders in the real business world. The gap between theories and real world, indicating there is potential room to explore. First, does both of government subsidies and market competition drive all the firms toward R＆D spending？ Second, whether R＆D spending has a positive/negative im- pact on the multi types of firm performance？ Finally, whether the institutional environments of China, especially, the different types of ownerships, mitigate the relationships as above？ In order to answer the questions as above, based on the samples of Chinese listed firms of high-tech industry from 2008 to 2013, we investigate the relationship between government subsidies, market power, R＆D spending and its performance. By using Tobit model, we find a positive relationship between subsidies and R＆D spending on the samples of SOEs, while this relationship is not significant on the samples of non-SOEs. At the same time, on the samples of non-SOEs, we find a positive relationship between market power and R＆D spending, while this relation- ship is not significant on the samples of SOEs and these relations are still robust even if the lag effects of subsidies and the long term impacts of market power are considered in our model. Further, we find that R＆D spending is like- ly to have a positive effect on sales growth for SOEs and the impact on sales growth for non-SOE is not significant, while, R＆D spending is likely to have a positive effect on ROS for non-SOEs and the impact on ROS for SOE is not significant. We attribute those effects to the difference of ownership which leads to different incentives to managers and different market environment. Specifically, compare to the managers service for non-SOEs, the managers in SOEs are more likely to follow the political interesting, therefore, the government subsidies which are largely set for state project, would be well used, at the same time, because of the monopolistic positions, SOEs are not so sensi- tive to competition, which keep SOEs away from fiercer competition in the market, therefore, competition cannot drive SOEs toward R＆D investment. Oppositely, the managers in non-SOEs have to cope with tough competition, as a result, in order to maintain their market power, they have to keep investing in R＆D and here, government subsi- dies are less likely to make non-SOEs enhance their R＆D budget. Following to the government-market logic, SOEs are different from non-SOEs in the performance of innovation. On one hand, with plentiful financial and government resource, SOEs are more likely to transfer innovational products into sales scale, on the other hand, the non-SOEs which is under the financial pressure, tend to focus on the benefit leading by new products. This study is likely to contribute to literature in several ways. First, following to the theoretical pattern ＂ante- cedence-behaviors-performance＂ , this paper shed a new light on the relationship between the antecedence of R＆D and the performance consequence related. Although previous studies have explored our understanding on both of an- tecedence and consequence of R＆D behaviors, little research pay attention to the linkage between them. We find that the institutional environment of China has an important influence on the firms R＆D strategy, which drives dif- ferent R＆D behavior patterns between SOEs and non-SOEs and leads to different firm performance. Second, we pro- vide new empirical evidences to the impact of government subsidies on firm R＆D spending based on the perceptive of institutional environment and enrich literature on economic consequence of R＆D spending by dividing firm per- formance into two parts, productive performance and economics performance. Finally, traditionally, SOEs are iden- tified as low efficient organizations, we find that SOEs have advantages in enhancing productive ability and explain why more and more SOEs of China are listed in Fortune 500.
出处
《经济管理》
CSSCI
北大核心
2016年第2期69-80,共12页
Business and Management Journal ( BMJ )
基金
国家自然科学基金项目"企业共生战略绩效传导机制及其影响财务绩效之测度研究"(71172104)
关键词
政府补贴
市场竞争
研发投入
公司绩效
government subsidies
competition
R＆D spending
corporate performance
