以 2011-2016 年A股上市公司为研究对象,实证检验了研发投入对企业经营绩效的影响.研究表明,研发投入与企业经营绩效之间呈倒"U"形关系,即在一定强度内,研发投入对企业经营绩效具有促进作用,超过最优研发投入强度(0.086 2)后,继续增加研发投入会对企业经营绩效产生负面效应,但从总体来看,我国企业研发投入对经营绩效主要发挥推动效应.考虑产权性质后,发现研发投入对非国有企业经营绩效的推动效应比对国有企业更为显著.
Based on the sample of A-share listed companies from 2011 to 2016,this paper empirically examines the impact of R&D investment on enterprise performance.The results show that there is an inverted"U"relationship between R&D investment and business performance.In a certain intensity,R&D investment has a positive effect on enterprise performance.After exceeding the optimal R&D input intensity(0.0862),increasing R&D investment will have a negative effect on enterprise performance.However,overall,R&D investment of Chinese enterprises plays a major role in promoting operational performance.Considering the nature of the ownership,it is found that R&D investment has a more significant effect on the performance of non-state-owned enterprises than state-owned enterprises.