摘要
发展新能源汽车是中国走向汽车强国的“必经之路”,然而我国新能源汽车产业的发展太过依赖政策补贴,企业自主发展的积极性不足,亟需探究影响新能源汽车企业绩效的因素。创新研发是新能源汽车企业立足竞争激流的关键,但当前关于其研发投入与绩效之间的实证研究较为匮乏。本文以2011—2020年中国新能源汽车上市企业为研究对象构建联立方程组模型,并采用3SLS回归估计,揭示了研发投入与企业绩效(包括财务绩效和市场价值)之间的内生性问题。结果表明:研发投入与财务绩效、市场价值均存在显著的内生性。一方面,研发投入对财务绩效、市场价值具有正向的滞后效应;另一方面,财务绩效、市场价值也会反向影响企业的研发投入。本文结论为中国新能源汽车企业调整创新策略提供了新思路。
The development of new energy automobiles is the“only way”for China to become a powerful automobile country.However,the development of this industry heavily depends on policy subsidies and the enthusiasm of enterprises for independent development is insufficient.Therefore,it is urgent to explore those factors affecting the performance of new energy vehicle enterprises.Innovative R&D is the key for new energy vehicle companies to base themselves on the competitive torrent,but there is currently a lack of empirical research on the relationship between R&D investment and performance.Based on the sample data of the listed companies of new energy automobiles in China from 2011 to 2020,this paper explores the endogeneity between R&D investment and enterprise performance(including financial performance and market value)by constructing a simultaneous equation model and adopting 3SLS estimation method.The results show that there is a significant endogenous relationship between R&D investment and financial performance as well as market value.R&D investment has a positive lagging effect on financial performance and market value while financial performance and market value have a negative impact on enterprise R&D investment.This paper provides some new ideas for China’s new energy automobile enterprises to adjust their innovation strategies.
出处
《科技广场》
2022年第1期5-15,共11页
Science Mosaic
关键词
研发投入
财务绩效
市场价值
内生性
R&D Investment
Financial Performance
Market Value
Endogeneity
