盈利能力影响企业研发决策吗?——来自中国制造业上市公司的经验证据

摘要/Abstract

摘要： 研发投资具有高投入、高风险和回报周期长的特征，盈利能力是企业研发决策需要考量的重要因素之一。与现有研究不同，本文创新性地从盈利水平、盈利质量和盈利持续性三个维度，全面分析了盈利能力与企业研发决策的理论关系。实证研究中，将研发投资分为"是否研发"和"投入多少"两个阶段，选择Heckman与2SLS相结合的方法解决样本选择性偏误和内生性问题，以中国制造业上市公司微观数据为样本，从三个维度检验了盈利能力对企业研发投资的影响，发现盈利质量与盈利持续性对企业两阶段研发投资均具有显著的正效应，盈利水平对于研发强度的作用并不明显。异质性检验的结果显示，国有、私营和外资企业呈现出不同的效果，盈利能力的提升能够促进私营企业研发投资，却无法有效提高国有和外资企业的研发强度；对于不同要素密集型企业而言，盈利质量和盈利持续性仅对技术密集型企业的研发投资存在显著的推动作用，劳动和资本密集型企业依靠技术创新实现转型升级依然任重道远。

关键词: 盈利能力, 研发决策, Heckman两步法

Abstract: R&D investment is characterized by high input, high risks and long return cycle, and profitability is one of the important factors which companies need to consider in R&D decision-making. Distinguished from traditional studies, this paper first analyzes the theoretical relationship between profitability and companies' decision-making from three dimensions:level of earnings, quality of earnings and sustainability of earnings. In the empirical studies, the R&D investment is divided into two stages:the first focus on "whether or not to start the R&D activity" and second focuses on "how much to invest". This paper chooses Heckman two-step estimation and 2SLS to solve the problem of sample selection bias and endogeneity. Based on the micro-data of Chinese listed manufacturing companies, this paper examines the impact of profitability on R&D investment from three dimensions, and the results show that both quality and sustainability of earnings have a significant positive effect on the two stages of R&D investment, but the effect of level of earnings on R&D intensity is not obvious. What's more, the results of heterogeneity test show that the improvement of profitability can promote the R&D investment of private enterprises but can not effectively improve the R&D intensity of state-owned and foreign-funded companies. For technology-intensive companies, quality and sustainability of earnings play a vital role in the promotion of R&D investment, but for labor and capital-intensive companies, there is still a long way to go to achieve transformation and upgrading through innovation.

Key words: profitability, R&D decision-making, Heckman two-step estimation

孙晓华, 翟钰. 盈利能力影响企业研发决策吗?——来自中国制造业上市公司的经验证据[J]. 管理评论, 2021, 33(7): 68-80.

Sun Xiaohua, Zhai Yu. Does Profitability Affect Companies' R&D Decision-making? An Empirical Research of Chinese Listed Manufacturing Companies[J]. Management Review, 2021, 33(7): 68-80.

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