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中国研发企业的生存问题是中国创新驱动发展战略实施的关键,决定着这一战略到底能走都远。本文运用生物领域的事件史分析法追踪了2000年成立的研发企业生存状况以及是否存在生存溢价。研究发现:首先,从整体上来说,中国研发企业并不存在显著的生存溢价,如果把基于退出机制不完善而形成的僵尸企业排除在外,研发企业要比非研发企业多抑制7.25%的生存风险;其次,研发密集度与生存风险之间并非简单的线性关系,研发密集度和生存风险之间存在大致的“U”型关系;最后,实质性研发企业能够显著降低生存风险,拥有较大的生存溢价,研发行为扭曲的企业则不具有生存溢价效应,其生存寿命反而要低于非研发企业。这一结论揭示了中国研发企业总体上不具有明显生存溢价的一个重要原因是,研发行为扭曲吞噬了实质性研发企业的生存溢价。那么,中国的研发激励政策在扶持企业进行实质性研发的同时,应当建立相应机制纠正企业的研发行为。
The survival of China’s R & D enterprises is the key to the implementation of China’s innovation-driven development strategy and determines whether this strategy can go far. In this paper, we use the event history analysis method in the field of biology to trace the survival status of research and development enterprises established in 2000 and whether there is a living premium. The findings are as follows: Firstly, there is no significant survival premium for R & D enterprises in China as a whole. If the zombie enterprises based on the imperfection of the exit mechanism are excluded, R & D firms should reduce the risk of survival by 7.25% more than non-R & D firms ; Secondly, there is not a simple linear relationship between R & D intensity and survival risk; there is a general “U” type relationship between R & D intensity and survival risk; finally, substantive R & D enterprises can significantly reduce the risk of survival, Large living premium, distorted R & D companies do not have the survival premium effect, but their life expectancy but lower than non-R & D enterprises. This conclusion reveals that one of the important reasons why Chinese R & D companies generally do not have a clear subsistence premium is that distorting research and development has swallowed the survival premium of substantial R & D firms. Well, while China’s R & D incentives encourage enterprises to conduct substantive research and development, appropriate mechanisms should be established to correct the R & D activities of enterprises.