THE EFFECTS OF R&D AND ITS DIFFERENT TYPES ON FIRM PRODUCTIVITY: EVIDENCE FROM CHINA

IF 1.3 Q3 MANAGEMENT

International Journal of Innovation Management Pub Date : 2023-03-09 DOI:10.1142/s1363919622500657

Yuanyuan Guo, P. Gao, Daojin Cheng

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引用次数: 0

Abstract

This paper employs the Olley and Pakes [(1996). The dynamics of productivity in the telecommunications equipment industry. Econometrica, 64(6), 1263–1297.] method and the generalised propensity score (GPS) methodology to estimate the effects of R&D and its different types, including research activity and development activity, on productivity. Our research sample is an unbalanced panel data consisting of 1808 Chinese listed manufacturing firms from the period 2006–2015. Our analysis reveals how R&D and its different types impact firm productivity: (1) there exists an S-shaped relationship between firm R&D intensity and productivity, which implies the existence of the threshold and diminishing marginal return of R&D for productivity growth. Due to the unbalanced composition of R&D in China, after R&D intensity reaches a critical level (around 50%) a negative marginal effect of R&D presents; (2) an increase of research intensity can improve firm productivity. However, research intensity reaches a saturation point (around 65%) beyond which firm productivity plateaus; (3) there exists an inverted U-shaped relationship between firm development intensity and productivity. The marginal effect of development on firm productivity is negative when development intensity is over 28%. Our empirical evidence implies that firms need to optimise the composition of R&D expenditure in order to realise sustained productivity growth.

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研发及其不同类型对企业生产率的影响&来自中国的证据

本文采用了Olley和Pakes[(1996)]。电信设备行业的生产力动态。计量经济学，36(6)，1263-1297。]方法和广义倾向评分(GPS)方法来估计研发及其不同类型，包括研究活动和开发活动对生产率的影响。我们的研究样本是一个不平衡面板数据，包括2006-2015年期间1808家中国制造业上市公司。研究表明:①企业研发强度与生产率之间存在s型关系，即企业研发强度对生产率增长的影响存在阈值和边际收益递减;由于中国R&D结构不平衡，当R&D强度达到临界水平(50%左右)后，R&D边际效应呈现负向;(2)研究强度的增加可以提高企业生产率。然而，研究强度达到饱和点(约65%)，超过该饱和点，企业生产率就会停滞不前;(3)企业发展强度与生产率之间存在倒u型关系。当发展强度大于28%时，发展对企业生产率的边际效应为负。我们的实证证据表明，企业需要优化研发支出的构成，以实现持续的生产率增长。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Journal of Innovation Management MANAGEMENT-

CiteScore

3.70

自引率

14.30%

发文量

期刊介绍： The International Journal of Innovation (IJIM) is the official journal of the International Society of Professional Innovation Management (ISPIM). Both the IJIM and ISPIM adopt a multi-disciplinary approach to addressing the many challenges of managing innovation, rather than a narrow focus on a single aspect such as technology, R&D or new product development. Both are also international, inclusive & practical, and encourage active interaction between academics, managers and consultants.