摘要
本文首次从企业经营战略的视角切入,分析多元化经营如何影响研发投入,并对中国企业研发不足状况做出解释。分析发现企业多元化战略通过协同效应、内部资本市场及风险共担效应间接影响企业研发投入。实证发现,相关多元化与研发投入存在显著正U型关系,相关多元化战略对企业研发投入具有"陷阱效应";不相关多元化对研发存在不显著的负向影响,但对于非国有企业,不相关多元化经营显著抑制研发;地区市场化改革未能改变多元化对企业研发活动的不利影响。研究结果表明,不恰当的多元化战略是导致部分企业研发投入不足的重要原因。
It is a common phenomenon that most Chinese companies＇ R＆D input is insufficient. This paper analyzed this problem in the perspective of enterprise management strategy for the first time. And it analyzed how corporation diversification affects R＆D. Results shows that corporation diversification indirectly affects R＆D activities through synergistic effect, internal capital market and risk-sharing effect. Companies＇ related diversification level and R＆D activities has significantly positive U-shaped relationship, meaning that related diversification strategy has formed a ＂ trap＂ effect to the R＆D input. Unrelated diversification strategy has an insignificant negative effect on R＆D input, but for non-state-owned enterprises, the effect is very significant. The research shows that inappropriate diversifi- cation strategy is an important reason for insufficient R＆D input of China＇s companies in the present stage.
出处
《中国科技论坛》
CSSCI
北大核心
2015年第12期10-15,共6页
Forum on Science and Technology in China
