异质环境下研发费用投入的价值效应差异分析——基于倾向得分匹配法(PSM)的分析
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摘要
创新与战略管理理论、国家多种重要文件或会议表明研发费用投入预期能够使主体更具竞争力,对于宏观经济、中观行业和微观企业具有重要意义,然而现实主体在异质环境下研发费用投入的价值效应存在较大差异。文章解释研发投入的价值效应差异时的基本思路为,首先严格区分短期业绩和长期价值,并嵌入异质产权和市场化进程等制度环境分类探讨,再用倾向得分匹配法(PSM)对多行业的数据进行分析。运用最近邻匹配、半径匹配、核匹配等三种匹配方式发现:研发费用投入的短期业绩更小,而长期价值更大;相比于国有企业,在非国有企业中研发费用投入的长期价值更大;相比于中央控制国企,非中央控制国企的研发费用投入的长期价值效应更明显,同时其短期业绩下滑不明显,提供证据支持适当引入竞争机制有助于强化动力;相比于市场化程度低的地区,市场化程度高地区的企业研发费用投入的短期业绩下降不明显,其长期价值更大,提供证据支持了Stiglitz(2015)理论阐述研发技术创新需要付出高额的代价,相对落后地区,学习可以作为替代机制。剖析了研发的价值效应差异,提出差异化引入激励或竞争机制及权衡短期业绩和长期价值等。
Innovation and strategic management theory,a series of national important documents or conferences show that R&D investment is expected to make the subject more competitive,which is of great significance to macro-economy,meso-industry and micro-enterprise.However,in reality,the subject has different value effects of R&D investment in heterogeneous environment.In this paper,the basic idea of explaining different value effects of R&D investment is to distinguish the short-term performance and the long-term value strictly,and to discuss the classification of institutional environment such as heterogeneous property rights and marketization process,and then to analyze the multi-industry data by PSM.The paper applies three matching methods:nearest neighbor matching,radius matching and core matching,to find that:The short-term performance of R&D investment is smaller,but the long-term value is greater;Compared with state-owned enterprises,the long-term value of R&D investment in non-state-owned enterprises is greater;Compared to the central state-owned enterprises,the long-term value effect of R&D investment of non central state-owned enterprises is more obvious,and the short-term performance decline is not obvious,which provides evidence that the appropriate introduction of competition mechanism is conducive to strengthen power;Compared with the areas with low marketization,the short-term performance decline of corporate R&D investment in the areas with high marketization is not significant,and its long-term value is greater,which provides evidence to support Stiglitz's(2015)theory that R&D technology innovation needs to pay a high price.And learning can be used as an alternative mechanism in relatively backward areas.The paper analyzes the differences of value effect of R&D,and proposes the differentiated introduction of incentive or competition mechanism and the trade-off between short-term performance and long-term value.
Innovation and strategic management theory,a series of national important documents or conferences show that R&D investment is expected to make the subject more competitive,which is of great significance to macro-economy,meso-industry and micro-enterprise.However,in reality,the subject has different value effects of R&D investment in heterogeneous environment.In this paper,the basic idea of explaining different value effects of R&D investment is to distinguish the short-term performance and the long-term value strictly,and to discuss the classification of institutional environment such as heterogeneous property rights and marketization process,and then to analyze the multi-industry data by PSM.The paper applies three matching methods:nearest neighbor matching,radius matching and core matching,to find that:The short-term performance of R&D investment is smaller,but the long-term value is greater;Compared with state-owned enterprises,the long-term value of R&D investment in non-state-owned enterprises is greater;Compared to the central state-owned enterprises,the long-term value effect of R&D investment of non central state-owned enterprises is more obvious,and the short-term performance decline is not obvious,which provides evidence that the appropriate introduction of competition mechanism is conducive to strengthen power;Compared with the areas with low marketization,the short-term performance decline of corporate R&D investment in the areas with high marketization is not significant,and its long-term value is greater,which provides evidence to support Stiglitz's(2015)theory that R&D technology innovation needs to pay a high price.And learning can be used as an alternative mechanism in relatively backward areas.The paper analyzes the differences of value effect of R&D,and proposes the differentiated introduction of incentive or competition mechanism and the trade-off between short-term performance and long-term value.
引文
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[15]HSU C,LIEN Y,CHEN H. R&D internationalization and in-novation performance[J]. International Business Review,2015,24(2):187-195.
[16]罗婷,朱青,李丹.解析R&D投入和公司价值之间的关系[J].金融研究,2009(6):100-110.
[17]董静,苟燕楠.研发投入与上市公司业绩——基于机械设备业和生物医药业的比较研究[J].科技进步与对策,2010(20):56-60.
[18]杜兴强,曾泉,王亚男.寻租、R&D投资与公司业绩——基于民营上市公司的经验证据[J].投资研究,2012(1):57-70.
[19]FRANZEN L,RADHALCRISHNAN S. The value rele-vance of R&D across profit and loss firms[J]. Journal ofAccounting Public Policy,2009,28(1):16-32.
[20]郭斌.规模、R&D与绩效:对我国软件产业的实证分析[J].科研管理,2006(1):121-126.
[21]STIGLITZ J E. Leaders and followers:Perspectives on theNordic model and the economics of innovation[J]. Journalof Public Economics,2015,127(c):3-16.
[22]FRANCOIS P,LLOYD-ELLIS H. Schumpeterian cycleswith pro-cyclical R&D[J].Review of Economic Dynamics,2009,12(4):567-591.
[23]OUYANG M. On the Cyclicality of R&D[J]. Review of Eco-nomics arrd Statistics,2011,93(2):542-553.
[24]AGHION P,ASKENAZY P,BERMAN N,et al. Credit Con-straints and the Cyclicality of R&D Investment:Evidencefrom France[J]. Journal of The European Economic Asso-ciation,2012,10(5):1001-1024.
[25]ARVANITIS S,MARTIN W. Firm characteristics and thecyclicality of R&D investments[J]. Industrial and Corpo-rate Change,2014,23(5):1141-1169.
[26]刘志阔,蒋坤宏.中国研发投入的周期性及其非对称性——基于工业企业数据库的实证研究[J].世界经济文汇,2014(3):84-97.
[27]BENEITO P,MARíA E R,AMPARO S L. Ownership andthe cyclicality of firms’R&D investment[J]. InternationalEntrepreneurship and Management Journal,2015,11(2):343-359
[28]吕文栋,刘巍,何威风.管理者异质性与企业风险承担[J].中国软科学,2015(12):120-133.
[29]JENSEN,MICHAEL C. Agency Costs of Free Cash Flow-Corporate Finance and Takeovers[J]. American EconomicReview,1986,76(2):323-329.
[30]林毅夫,李志赟.政策性负担、道德风险与预算软约束[J].经济研究,2004(2):17-27.
[31]田利辉.国有产权、预算软约束和中国上市公司杠杆治理[J].管理世界,2005(7):123-128+147.
[32]易纲.中国改革开放三十年的利率市场化进程[J].金融研究,2009(1):1-14.
[33]张兴.政府管制下的中国资本市场效率研究[D].北京:中共中央党校,2009.
[34]杨继生,阳建辉.行政垄断、政治庇佑与国有企业的超额成本[J].经济研究,2015(4):50-61.
[35]谢德仁,陈运森.金融生态环境、产权性质与负债的治理效应[J].经济研究,2009(5):118-129.
[36]陈守明,冉毅,陶兴慧. R&D强度与企业价值——股权性质和两职合一的调节作用[J].科学学研究,2012(3):441-448.
[37]逯东,林高,杨丹.政府补助、研发支出与市场价值——来自创业板高新技术企业的经验证据[J].投资研究,2012(9):67-81.
[38]周浩,汤丽荣.市场竞争能倒逼企业善待员工吗?——来自制造业企业的微观证据[J].管理世界,2015(11):135-144.
[39]周黎安.中国地方官员的晋升锦标赛模式研究[J].经济研究,2007(7):36-50.
[40]尚增健.渐进式技术创新:科技型中小企业的成长路径——成长型中小企业成长机理的个案分析[J].管理世界,2002(6):124-133.
[41]鲁桐,党印.公司治理与技术创新:分行业比较[J].经济研究,2014(6):115-128.
[42]林毅夫,张鹏飞.适宜技术、技术选择和发展中国家的经济增长[J].经济学(季刊),2006(3):985-1006.
[43]余泳泽,张先轸.要素禀赋、适宜性创新模式选择与全要素生产率提升[J].管理世界,2015(9):13-31.
[44]樊纲,王小鲁,朱恒鹏.中国市场化指数[M].北京:经济科学出版社,2011.
[45]LIAN Y J,SU Z,GU Y D. Evaluating the Effects of EquityIncentives Using PSM:Evidence from China[J]. Frontiersof Business Research in China,2011,5(2):266-290.
[46]黎文靖,郑曼妮.实质性创新还是策略性创新?——宏观产业政策对微观企业创新的影响[J].经济研究,2016(4):60-73.
[47]周兵,徐辉,任政亮.企业社会责任、自由现金流与企业价值——基于中介效应的实证研究[J].华东经济管理,2016(2):129-135.
[48]陈超,赵武阳,潘晶晶.研发投入、融资能力与公司业绩——来自中国工业企业的大样本证据[J].研究与发展管理,2014(3):1-11.
[49]郑长江,谢富纪,崔有祥.国家技术赶超动力机制与赶超绩效差异的原因分析[J].中国科技论坛,2017(2):38-43,57.
[50]宋林,乔小乐.政府补贴对企业研发投入的影响研究——以装备制造业为例[J].经济问题,2017(11):20-27.
[2]HIRSHLEIFER D,HSU P H,LI D M. Innovative efficiency andstock returns[J]. Journal of Financial Economics,2013,107(3):632-654.
[3]汤普森.战略管理概念与案例[M].北京市:北京大学出版社,2009.
[4]代谦,李唐.技术传承方式与长期增长:对传统中国增长停滞的一个解释[J].经济研究,2010(6):143-158.
[5]傅晓霞,吴利学.技术差距、创新路径与经济赶超——基于后发国家的内生技术进步模型[J].经济研究,2013(6):19-32.
[6]宋之杰,孙其龙.创新成功时间不确定条件下企业研发竞合模式分析[J].科学学与科学技术管理,2012(7):118-125.
[7]肖文,林高榜.政府支持、研发管理与技术创新效率——基于中国工业行业的实证分析[J].管理世界,2014(4):71-80.
[8]刘青松,肖星.败也业绩,成也业绩?——国企高管变更的实证研究[J].管理世界,2015(3):151-163.
[9]连燕玲,贺小刚,高皓.业绩期望差距与企业战略调整——基于中国上市公司的实证研究[J].管理世界,2014(11):119-132.
[10]BAE S C,PARK B J,WANG X. Multinationality R&D in-tensityand firm performance:evidence from U.S.manufactur-ing firms[J]. Multinational Business Review,2008,16(1):53-77.
[11]PHENE A,ALMEIDA P. Innovation in multinational sub-sidiaries:The role of knowledge assimilation and subsid-iary capabilities[J]. Journal of International Business Stud-ies,2008,39(5):901-919.
[12]EHIE I C,OLIBE K. The effect of R&D investment onfirm value:An examination of US manufacturing and ser-vice industries[J]. International Journal of Production Eco-nomics,2010,128(1):127-135.
[13]LI D M. Financial Constraints,R&D Investment,and StockReturns[J]. Review of Financial Studies,2011,24(9):2974-3007.
[14]CHEN S S,YU C T,SU X Q,LAI S M. OrganizationalForm and Long-Run Stock and Operating Performance fol-lowing Corporate R&D Expenditures[J]. Review of PacificBasin Financial Markets and Policies,2012,55(4):1-32.
[15]HSU C,LIEN Y,CHEN H. R&D internationalization and in-novation performance[J]. International Business Review,2015,24(2):187-195.
[16]罗婷,朱青,李丹.解析R&D投入和公司价值之间的关系[J].金融研究,2009(6):100-110.
[17]董静,苟燕楠.研发投入与上市公司业绩——基于机械设备业和生物医药业的比较研究[J].科技进步与对策,2010(20):56-60.
[18]杜兴强,曾泉,王亚男.寻租、R&D投资与公司业绩——基于民营上市公司的经验证据[J].投资研究,2012(1):57-70.
[19]FRANZEN L,RADHALCRISHNAN S. The value rele-vance of R&D across profit and loss firms[J]. Journal ofAccounting Public Policy,2009,28(1):16-32.
[20]郭斌.规模、R&D与绩效:对我国软件产业的实证分析[J].科研管理,2006(1):121-126.
[21]STIGLITZ J E. Leaders and followers:Perspectives on theNordic model and the economics of innovation[J]. Journalof Public Economics,2015,127(c):3-16.
[22]FRANCOIS P,LLOYD-ELLIS H. Schumpeterian cycleswith pro-cyclical R&D[J].Review of Economic Dynamics,2009,12(4):567-591.
[23]OUYANG M. On the Cyclicality of R&D[J]. Review of Eco-nomics arrd Statistics,2011,93(2):542-553.
[24]AGHION P,ASKENAZY P,BERMAN N,et al. Credit Con-straints and the Cyclicality of R&D Investment:Evidencefrom France[J]. Journal of The European Economic Asso-ciation,2012,10(5):1001-1024.
[25]ARVANITIS S,MARTIN W. Firm characteristics and thecyclicality of R&D investments[J]. Industrial and Corpo-rate Change,2014,23(5):1141-1169.
[26]刘志阔,蒋坤宏.中国研发投入的周期性及其非对称性——基于工业企业数据库的实证研究[J].世界经济文汇,2014(3):84-97.
[27]BENEITO P,MARíA E R,AMPARO S L. Ownership andthe cyclicality of firms’R&D investment[J]. InternationalEntrepreneurship and Management Journal,2015,11(2):343-359
[28]吕文栋,刘巍,何威风.管理者异质性与企业风险承担[J].中国软科学,2015(12):120-133.
[29]JENSEN,MICHAEL C. Agency Costs of Free Cash Flow-Corporate Finance and Takeovers[J]. American EconomicReview,1986,76(2):323-329.
[30]林毅夫,李志赟.政策性负担、道德风险与预算软约束[J].经济研究,2004(2):17-27.
[31]田利辉.国有产权、预算软约束和中国上市公司杠杆治理[J].管理世界,2005(7):123-128+147.
[32]易纲.中国改革开放三十年的利率市场化进程[J].金融研究,2009(1):1-14.
[33]张兴.政府管制下的中国资本市场效率研究[D].北京:中共中央党校,2009.
[34]杨继生,阳建辉.行政垄断、政治庇佑与国有企业的超额成本[J].经济研究,2015(4):50-61.
[35]谢德仁,陈运森.金融生态环境、产权性质与负债的治理效应[J].经济研究,2009(5):118-129.
[36]陈守明,冉毅,陶兴慧. R&D强度与企业价值——股权性质和两职合一的调节作用[J].科学学研究,2012(3):441-448.
[37]逯东,林高,杨丹.政府补助、研发支出与市场价值——来自创业板高新技术企业的经验证据[J].投资研究,2012(9):67-81.
[38]周浩,汤丽荣.市场竞争能倒逼企业善待员工吗?——来自制造业企业的微观证据[J].管理世界,2015(11):135-144.
[39]周黎安.中国地方官员的晋升锦标赛模式研究[J].经济研究,2007(7):36-50.
[40]尚增健.渐进式技术创新:科技型中小企业的成长路径——成长型中小企业成长机理的个案分析[J].管理世界,2002(6):124-133.
[41]鲁桐,党印.公司治理与技术创新:分行业比较[J].经济研究,2014(6):115-128.
[42]林毅夫,张鹏飞.适宜技术、技术选择和发展中国家的经济增长[J].经济学(季刊),2006(3):985-1006.
[43]余泳泽,张先轸.要素禀赋、适宜性创新模式选择与全要素生产率提升[J].管理世界,2015(9):13-31.
[44]樊纲,王小鲁,朱恒鹏.中国市场化指数[M].北京:经济科学出版社,2011.
[45]LIAN Y J,SU Z,GU Y D. Evaluating the Effects of EquityIncentives Using PSM:Evidence from China[J]. Frontiersof Business Research in China,2011,5(2):266-290.
[46]黎文靖,郑曼妮.实质性创新还是策略性创新?——宏观产业政策对微观企业创新的影响[J].经济研究,2016(4):60-73.
[47]周兵,徐辉,任政亮.企业社会责任、自由现金流与企业价值——基于中介效应的实证研究[J].华东经济管理,2016(2):129-135.
[48]陈超,赵武阳,潘晶晶.研发投入、融资能力与公司业绩——来自中国工业企业的大样本证据[J].研究与发展管理,2014(3):1-11.
[49]郑长江,谢富纪,崔有祥.国家技术赶超动力机制与赶超绩效差异的原因分析[J].中国科技论坛,2017(2):38-43,57.
[50]宋林,乔小乐.政府补贴对企业研发投入的影响研究——以装备制造业为例[J].经济问题,2017(11):20-27.
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