王华 陈进

摘 要：為了探究研发投入对企业绩效的影响以及市场化程度对研发投入与企业绩效关系的影响，以253家创业板企业作为研究样本，从市场化程度整体视角出发研究产品市场化程度与市场中介组织和法律制度环境对研发投入与企业绩效关系的影响。首先采用多元回归模型研究研发投入对企业绩效的影响，在此基础上采用门槛回归模型研究不同市场化程度对研发投入与企业绩效的影响。结果表明：研发投入正向作用企业市场绩效负向作用于企业财务绩效，适度完善市场中介组织和法律制度环境会促进研发投入对市场绩效的正向作用，会加大研发投入对财务绩效的负向作用;产品市场发育程度的适度提高会促进研发投入对企业市场绩效的提升，随着产品市场发育程度的提高，研发投入对企业财务绩效抑制作用加强。据此，要研究研发投入对企业绩效的影响，上市公司应结合其外部市场化进程，推行差异化的研发投入机制;政府在积极完善法律制度环境、培育市场中介组织、提高产品市场发育程度的同时应加大对企业的科技创新补贴，减轻企业的财务压力，制定合理专利奖励政策，激励企业自主创新。

关键词：市场化程度;研发投入;企业市场绩效;财务绩效

中图分类号：F 279.23   文献标识码：A   文章编号：1672-7312（2021）04-0447-07

The Impact of R&D Investment on Enterprise Performance

under DifferentMarketization Levels

WANG Hua，CHEN Jin

（School of Management，University of Shanghai for Science and Technology，

Shanghai 200093，China）

Abstract：In order to explore the impact of R&Dinvestment on corporate performance and the impact of marketizationon the relationship between R&D investment and corporate performance，253 GEMcompanies are taken as researchsamples to study the influence of the degree of product marketization and marketintermediary organizations and the legal system environment from the overallperspective of marketization on the relationship between R&D investment andcorporate performance.First，the multiple regression model is used to study theimpact of R&D investment on corporateperformance，and on this basis，the threshold regression model is used to studythe impact of different marketization levelson R&D investment and corporateperformance.The results show that：R&D investment has a positive effect oncorporate market performance and a negative effect on corporate financialperformance.Appropriate improvement of marketintermediary organizations and legal system environment will promote the positiveeffect of R&D investment on market performance，but will increase the negativeeffect of R&D investment on financial performance.A moderate increase in thedegree of product market development will promote the improvement of R&Dinvestment on the companys marketperformance.With the increase in product market development，R&D investment willstrengthen the restraint of corporate

financial performance.Accordingly，in order to study the impact of R&D investmenton corporate performance，listedcompanies should implement a differentiated R&D investment mechanism inconjunction with their external marketization

process;the government should actively improve the legal system environment，foster market intermediary organizations，and improve the development of product markets.At the same time，subsidies fortechnological innovation should beincreased to reduce financial pressure on enterprises，and reasonable patentincentive policies should be formulated toencourage enterprises to innovate independently.

Key words：degree of marketization;R&D investment;corporatemarket performance;financial performance

0 引言

目前大多数企业技术创新薄弱导致企业业绩不突出，研发投入作为提升企业技术创新进而提高企业核心竞争力的重要途径，一直是企业大力发展的创新资源，但企业业绩的提升除了依赖于企业内部技术创新上的优势外还会受到外部市场化程度的影响。……