实体企业金融化、分析师关注与内部创新驱动力

在金融服务实体经济的背景下，实体企业金融化成为学术界和实务界共同关注的焦点问题。已有研究多聚焦于实体企业将资金投资于金融类资产而对研发投入造成的挤占效应，较少从企业内部创新驱动力角度关注跨期金融化投资对研发投入的影响。 ????????鉴于此，基于预防性储蓄理论分析实体企业金融化对研发投入的跨期影响，结合委托代理理论和资源依赖理论，探讨实体企业金融化与研发投入的交互效应对研发投入持续性和研发投入转化率的提升作用，并检验分析师关注和是否拥有资格资质认定等因素对上述关系的影响。以2010年至2016年中国A股非金融业和非房地产业上市企业为研究对象，运用Stata 15.0软件进行多元回归分析，通过两阶段最小二乘法进行内生性检验，对内生性问题的缓解和其他稳健性检验保证了研究结果的一致性。 ????????研究结果表明，实体企业金融化与研发投入在当期呈负向关系，但在滞后期呈显著正相关；实体企业金融化与研发投入的交互作用弥补研发过程中的资金短缺，平衡创新知识转化过程中的调整和失败风险，缓解管理者面对的短期业绩考核和股价波动压力，进而显著提升企业的研发投入持续性和研发投入转化率。分析师关注对上述作用产生负向调节效应，即分析师关注使管理者投资决策的目的和动机从关注长期创新发展向追求短期利益倾斜。在无高科技等资格资质认定的实体企业中，金融化与研发投入的交互效应对研发投入持续性和研发投入转化率的提升作用更加明显。 ????????研究深化了微观视角下企业金融化与创新活动的关系研究，丰富了金融化蓄水池效应的研究证据，揭示了资本市场冲击和企业异质性特征的间接影响，有助于理解企业金融化现象背后折射的投资决策和战略意图，对于提升实体企业创新驱动力、促进政府实施高效的监督和激励政策、使金融更好地服务实体经济具有现实的指导意义。     

经济周期与企业金融化

当前中国实体经济“脱实向虚”现象引发社会的广泛关注，企业金融化是否受到经济周期的影响有待检验.本文以2005年—2019年中国资本市场上市公司为研究样本，考察了经济周期对企业金融化的影响及其情境因素差异.实证分析发现，在经济上行期，企业金融化程度提高，表明当前中国上市公司配置金融资产的“投资替代”动机较强.进一步的研究发现，在管理者面临业绩压力越大的公司，经济周期对企业金融化的促进作用越强，而在低高管持股比例、高融资约束和低行业竞争的公司，经济周期对企业金融化的促进效应被削弱.本文从宏观经济层面验证了企业金融化的“投资替代”动机，不仅丰富了经济周期和企业金融化相关领域的研究，而且对政府和监管部门引导企业适度配置金融资产、防范金融风险也具有一定的现实意义.     

研发对企业利润的影响及出口扩大效应

利用异质企业模型并引入研发作为影响企业生产率的异质因素,研究发现在一定的范围内企业增加研发投入能够带来利润的提高,并且企业选择出口或者增加出口交易量能够扩大研发对企业利润的促进作用,即出口具有扩大效应。根据2005-2007年《中国工业企业数据库》实证检验发现:(1)企业研发规模与利润规模呈显著的正相关性,从而研发对企业利润可能具有促进作用;(2)如果保持生产率不变,企业研发规模对利润规模的偏效应大约降低1/3,从而生产率是企业研发影响利润的一个重要途径;(3)企业选择出口尽管能够扩大研发对利润的促进作用,但是证据较弱;(4)具有强烈的证据显示企业增加出口能够扩大研发对利润的促进作用。总之,研发对企业利润可能具有积极的促进作用,并且企业出口很可能会扩大这种促进作用。     

产融结合对企业研发投入的影响研究北大核心CSSCI

随着金融市场投资收益高企,制造业企业在全球范围内不断突破主营业务向金融领域渗透和扩张,产融结合程度不断加深。本文选取2006—2018年国际微观制造业企业数据,基于B-样条展开的非参数分位数模型及条件概率密度函数,结合理论机理分析,探究了制造业企业产融结合对研发投入强度的非线性异质影响。研究发现:(1)企业产融结合带有不同类型国家宏观金融发展与创新投资之间关系的趋同特征。对于发达国家而言,企业产融结合影响研发投资主要表现为“U型”促进效应;对于发展中国家而言,则主要表现为“倒U型”挤出效应,且存在最优产融结合水平。(2)随着企业研发水平提升(对应分位点提高),发达国家产融结合水平的影响拐点向左偏移,而发展中国家的影响拐点向右偏移,同时研发投入强度对产融结合变化的敏感程度变大。(3)中高等研发密度的高科技企业产融结合主要表现为研发促进效应,中低等研发强度的非高科技企业则主要表现为研发挤出效应。借鉴本文研究,中国企业产融结合程度应与自身研发投入水平及宏观金融发展相适应,为通过选择合理产融结合水平达到提升研发投入目标提供决策依据。     

高管团队薪酬差异与企业绩效关系研究:行业特征的跨层调节作用

高管团队薪酬差异与企业绩效关系是公司治理和人力资源管理领域的热点议题之一,但已有的研究结论并不一致.本研究基于锦标赛理论和社会比较理论,以992家上市公司为样本,运用阶层线性模型研究二者之间的关系及行业特征的调节作用.结果发现:(1)高管团队垂直薪酬差异与企业绩效呈正相关关系;(2)高管团队垂直薪酬差异与水平薪酬差异对企业绩效具有交互作用;(3)行业内高管薪酬差异程度对高管团队垂直薪酬差异与企业绩效关系存在跨层负向调节作用,同时对水平薪酬差异与企业绩效关系存在跨层正向调节作用;(4)行业内技术密集性对高管团队水平薪酬差异与企业绩效关系存在跨层正向调节作用.本研究为不同行业特征下的企业进行合理的高管团队薪酬结构设计提供了借鉴与参考.     

研发投入对股权结构与企业绩效关系的中介效应研究——基于我国中小板上市企业的经验数据

本文以中小板上市企业为研究对象,以中小板上市企业2008-2010年度的面板数据为样本,利用年度报告中公开发布的研发投入数据,建立回归模型,利用统计方法进行实证检验。研究结果表明,股权集中度、股权制衡、研发投入都与企业绩效存在正向关系,并且研发投入在一定范围下,传导了股权结构对企业绩效的影响,即具有中介效应。     

制造企业服务化、研发创新投入与企业绩效——基于技术密集型企业的实证研究

服务化是制造企业转型升级、价值增值的重要方式，而研发创新投入有助于企业产品技术升级与价值链攀升。本文选取2013—2019年中国技术密集型上市制造企业面板数据，实证研究了制造企业服务化、研发创新投入与企业绩效三者关系。研究结果表明：服务化与企业绩效呈倒U型关系；研发创新投入与企业绩效呈正相关关系；研发创新投入正向调节“服务化-绩效”的关系。进一步分析发现，服务悖论拐点约在服务化程度为0.47时出现，但研发创新投入可以延缓服务悖论到来；相较国有企业，民营企业服务悖论拐点滞后，但研发创新投入对缓解国有企业服务悖论的效果更佳；通过不含季节性的Holt-Winters加法指数模型预测，短期内中国不会出现服务悖论。研究成果揭示了服务化与研发创新投入是制造企业高质量发展的重要渠道，拓宽并丰富了提升制造企业价值创造能力的研究视角。     

企业出口与创新驱动——来自中关村企业自主创新数据的证据

本文采用2010～2015年北京中关村自主创新企业的面板数据,考察了出口对企业创新的影响。为了全面分析出口对创新的影响,我们将创新分为创新投入和创新产出两个部分:创新投入由研发部门支出和研发部门人员投入来衡量,而创新产出由新产品收入和专利授权数量来衡量。本文运用倾向得分匹配方法控制住了出口企业的自我选择效应,检验出口对创新的促进作用。我们发现:(1)总体上来看,企业出口显著促进了创新投入与创新产出;(2)从行业异质性角度出发,并不是每个行业出口都能促进企业的创新,在有些行业中出口对创新的提升是有限的;(3)出口对创新投入的提升会随着时间的推移先逐步减弱,再逐步增强,而对创新产出的影响随时间推移而减弱;(4)本文进一步采用2001年我国加入WTO作为稳健性检验,利用行业层面出口关税调整和政策时间变动构造双重差分模型,检验以出口关税下降形式的贸易自由化对企业创新研发投入和创新产出的影响,巩固了企业出口对创新驱动的因果促进效应。本文研究结果为我国经济迈向高质量发展阶段,进一步扩大开放新举措,提供贸易深化与企业创新驱动的理论支撑与政策建议。     

内部控制与研发补贴绩效研究

在万众创新盛行、政府补贴备受关注的背景下,本文分析企业内部控制对政府研发补贴绩效的影响。通过从中国上市公司年报的政府补贴附注明细中区分出研发补贴,再分别以研发投入、专利申请、营业毛利率衡量研发补贴绩效,本文研究发现,内部控制、研发补贴均与企业创新和绩效显著正相关。内部控制能够对政府研发补贴绩效起到显著的促进作用。产权、制度、市场和企业自身的因素均会影响内部控制与研发补贴绩效的关系。本文的研究不仅拓展了有关企业研发投入和创新影响因素的研究,也有助于澄清政府补贴与创新政策的争议,丰富了学术界关于内部控制、政府补贴与创新关系的研究,对进一步深化中国式创新具有重要的政策意义。     

技术创新与新创企业生产率——来自VC/PE支持企业的证据

现代经济中,国家的竞争力取决于创建高生产率的创业企业,这些企业能够创造新产品和服务、财富以及新的工作岗位。本文利用2007—2011年PE/VC支持的新创企业数据实证分析了技术创新与企业生产率的关系,我们采用LP方法估计了新创企业的生产率,在充分控制企业异质性及可能的内生性后,研究发现:(1)研发投入对企业生产率具有显著的正向影响关系,且存在滞后效应;(2)高新技术行业的研发投入弹性系数明显高于非高新技术行业;(3)研发投入对不同生产率水平企业生产率的贡献具有明显差异。此外,企业规模和资产负债率均对新创企业生产率具有显著的负向影响,盈利能力和行业需求的增长有利于新创企业生产率的提升。     

不同阶段研发投资对企业绩效的动态效应研究:基于中国上市公司的面板数据分析

研发投资是提高企业绩效的重要途径,不同阶段的的研发投资对于企业绩效的改善存在着差异化作用。本文构建了不同阶段研发投资对企业绩效影响效应的理论模型,并以我国103家上市公司2010-2016年的相关数据为样本,从动态效应的实证分析阶段和开发阶段两个阶段的投资强度对企业绩效影响的异同,结果发现:研究阶段和开发阶段的投资对企业绩效影响均具有正向的积极影响作用,开发阶段的投资在当期对企业绩效的影响较强但不可持续,研究阶段的投资具有滞后效应并且对企业绩效的提升有比较长远的影响。因此过多关注开发阶段的投资并不能有效提高企业绩效,企业应加大研究阶段的投资,以更好地实现其在提高企业绩效中的长效作用。     

The role of political ties and political uncertainty in corporate innovation

We examine the relationship between firms' political connections and corporate innovation in a European context. We also consider the moderating effect of political connections on the relationship between political uncertainty and firms' innovation. We use two different metrics of innovation: R&D (an input measure), and patent counts (an output measure). We find that firms with former politicians on their board of directors invest less in R&D than their counterpart firms. However, the presence of this type of director on the board is positively associated with the number of a firm's patent applications. It seems that, although political ties reduce the amount of resources devoted to R&D activities, they increase the effectiveness of intellectual rights protection. Results also show that political uncertainty decreases R&D investment but exacerbates the need for legal protection of innovation through patents. According to our results, political connections attenuate the effect of political uncertainty on firm innovation such that the negative (positive) effect of uncertainty on R&D intensity (patents) weakens when the firm is politically connected.     

创新网络嵌入视角下企业研发竞争的博弈研究

研发投入是创新发展的基础和源泉,如何促进企业研发投入是实施创新驱动战略的关键。本文基于创新网络嵌入的背景,构建同一创新网络内两个企业间的博弈模型,针对不同网络位置企业竞争博弈和相同网络位置企业竞争博弈两种情形,探究在研发竞争状态下企业研发投入受网络地位、网络关系的影响情况。研究结果表明:创新网络嵌入下,同质企业的竞争性研发投入与网络范围的技术溢出、网络平均吸收能力以及网络中心度均存在正向相关关系。研究结论丰富了企业研发投入影响因素的研究成果,也为有效激励企业创新提供一个有价值的思路。     

External technology acquisition and product innovativeness: The moderating roles of R&D investment and configurational context

An increasing number of studies in technology/innovation management contribute to the understanding of the relationship between external technology acquisition and product innovation performance. On the other hand, the meta-analytic reviews of new product development literature indicate a positive impact of product innovativeness on product innovation performance. However, existing research has not examined the link between external technology acquisition and product innovativeness. This study, therefore, aims to fill this gap of knowledge by investigating the external technology acquisition—product innovativeness relationship and examining the moderating roles of R&D investment and configurational context on this link. Based on a panel sample of 105 high-technology firms over a six-year period, a least squared dummy variable s model reveals interesting results. First, external technology acquisition has a positive impact on product innovativeness. Second, R&D investment increases the effect of external technology acquisition on product innovativeness. Lastly, firm size exhibits a negative effect on the contribution of external technology acquisition to product innovativeness. However, firm age positively impacts the relationship between external technology acquisition and product innovativeness. In addition, this study reveals a positive effect of product innovativeness on firm growth.     

Casting a Wide Net for Innovation: Mediating Effect of R&D Human and Social Capital to Unlock the Value from Alliance Portfolio Diversity

This paper examines the performance effects associated with different alliance portfolio configurations in terms of geographical location and partner type. Based on these distinctions, the authors hypothesize that more diverse alliance portfolios enable firms to gain and exploit innovation opportunities. Additionally, the mediating effects of R&D human and social capital on the R&D alliance portfolio diversity–innovation performance relationship are explored. The authors reason that the absorptive capacity of R&D intellectual capital determines a firm's potential gains from highly diverse alliance portfolios. From panel data of manufacturing firms in Spain for the period 2008–2013, the results confirm the inverted U‐shaped relationship between alliance portfolio diversity and firm innovation performance, implying that both insufficient and excessive alliance portfolio diversity may be detrimental to firm innovativeness. Additionally, R&D human and social capital partially mediates the R&D alliance diversity–innovation performance relationship, emphasizing the importance of internal capabilities to leverage the benefits of highly diverse alliance portfolios. These findings add a dynamic dimension to the conceptualization of alliance portfolios and how firms create value by balancing explorative and exploitative alliances.     

What affects new venture firm’s innovation more in corporate venture capital?

Although corporate venture capital (CVC) is a potential source of innovation, few studies have directly examined the impact of a parent company’s knowledge and resources on a new venture firm’s innovation performance. This article investigates the impact of experience with parent’s alliance and investment intensity on the extent to which new ventures in the U.S. use their parents’ knowledge and financial resources for their innovation activities at the inception of the CVC relationship over a 44-year period. Our findings suggest that ventures with alliance experience draw more on collaboration knowledge and relational capital, while investment intensity also increases innovation. At a low level of investment complexity, the use of alliance experience and investment intensity is positively related to innovation performance. However, when a parent company has high investment complexity for innovation performance, investment intensity and alliance experience are less effective. Our results, thus, unveil the CVC backing associated with the innovation of new venture firms.     

The Distinctive Patterns of Dynamic Learning and Inter‐firm Differences in the Indian Pharmaceutical Industry

Technological or institutional change has proven to be a major cause of the failure of established firms, and history is full of examples. In a globalized world the capability of a firm to reconfigure existing competencies and create new knowledge for innovation has emerged as a dynamic capability to succeed. I examine the learning processes involved in the development of innovative R&D capabilities in Indian pharmaceutical firms as a response to the strengthening of patent law. The strong patent law represented a major institutional change for Indian firms which had grown in a weak patent era. The analysis shows that the development of new capabilities involved the removal of rigidities and the acquisition of new knowledge, and reveals that Indian firms are adopting strategies such as hiring of Indian scientists educated or working overseas in pharmaceutical R&D and collaborative R&D to acquire innovative R&D capabilities. It further points out the inter–intra firm heterogeneity in learning processes and suggests that the move from basic to advance level capabilities is neither linear nor automatic. It requires a deliberate effort and investment by firms in different mechanisms of learning. The Indian pharmaceutical firms' responses provide important insights for firms from other developing countries.     

Internationalization of R&D and Innovation Performance in the Pharma Industry

This research investigates the effect of R&D internationalization and contingency variables on innovation performance. A number of prior studies addressing this question have concluded in diverse and inconsistent findings, which can be attributed only partly to sample selection and measurement discrepancies. Using a longitudinal dataset of global pharmaceutical firms, we partly solve this ambiguity in the R&D internationalization and innovation performance relationship. The results reveal an S-shaped relationship, suggesting the benefits of R&D internationalization ultimately overcome the costs after critical levels of R&D internationalization. This finding combines and unites prior findings of a U-shaped, followed by an inverse U-shaped curve. In addition, we find that the experience in conducting R&D internationally, but not the degree of general internationalization, moderates the relationship between degree of R&D internationalization and performance. This suggests that the effect is contingent on the knowledge of internationalization path of the firm but can flourish in the absence of overall internationalization as well. Implications for theory and practice are derived.     

The influence of patent protection on firm innovation investment in manufacturing industries

Countries enact various mechanisms, such as patent protection, to encourage, protect, and reward firm innovation. The degree to which these mechanisms afford firms protection over their intellectual property influences the innovation strategy that firms pursue and innovation investments they make. To date, empirical evidence on the relationship between patent protections and firm innovation is lacking, despite the relationship being the subject of intense theoretical and policy debate. To further consider the influences on firm innovation, we test the influence of a country's patent rights and changes in them on firm-level investment in innovation. Data for 706 firms competing in ten manufacturing industries across 29 countries were gathered and analyzed. Even after controlling for various firm, industry, and national factors, there is a strong positive influence of patent rights and changes in patent rights on a firm's propensity to invest in innovation. In addition, we consider the sensitivity of this result to alternative measures of patent and other intellectual property protection. We also find that the influence of patent rights on firm-level innovation varies across industries for example, the impact appears greatest in the scientific instruments and industrial chemicals industries.     

R&D alliance portfolio and innovation in an emerging market: The role of business group affiliation and institutional reforms

The role of institutional factors in shaping the outcomes of research and development (R&D) alliance portfolios (APs) is underexplored in the extant literature. This study examines how institutional contingencies in an emerging market context affect the relationship between R&D AP composition (i.e., size and diversity) and firm innovation performance. This study draws on institutional perspective to suggest that business group affiliation (BGA) and institutional reforms positively moderate the relationship between R&D AP composition and innovation performance. A longitudinal empirical investigation conducted on a sample of 185 firms from Indian high-tech sectors, for the period 2003–2015, broadly supports our arguments. This study contributes to the AP and emerging markets literature by highlighting the effects of institutional contingencies of emerging markets on the outcomes of R&D APs.