陈庆. 研发部门体制改革与企业创新行为——以A股制造业上市公司为例[J]. 北京理工大学学报（社会科学版）, 2018, (4): 81-87. doi: 10.15918/j.jbitss1009-3370.2018.1471 引用本文: 陈庆. 研发部门体制改革与企业创新行为——以A股制造业上市公司为例[J]. 北京理工大学学报（社会科学版）, 2018, (4): 81-87. doi: 10.15918/j.jbitss1009-3370.2018.1471 CHEN Qing. R&D Reform and Its Impact on Industrial Innovation—Evidence from China's Manufacturing Sector[J]. Journal of Beijing Institute of Technology (Social Sciences Edition), 2018, (4): 81-87. doi: 10.15918/j.jbitss1009-3370.2018.1471 Citation: CHEN Qing. R&D Reform and Its Impact on Industrial Innovation—Evidence from China's Manufacturing Sector[J]. Journal of Beijing Institute of Technology (Social Sciences Edition) , 2018, (4): 81-87. doi: 10.15918/j.jbitss1009-3370.2018.1471 结合沪深A股制造业上市公司年报数据，构建Tobit回归模型对企业研发行为进行影响因素分析和稳健性检验。结论发现，研发强度与企业规模、大股东持股比例、经营年限负相关，但与技术人员人数占比正相关；此外，销售毛利率、存货周转率、现金比率以及市销率、市净率等指标也明显左右着企业创新积极性的发挥。为此旨在透过研发部门体制改革推动企业创新发展，建议由传统龙头企业拆分设立研发型子公司，对新兴初创企业引入战略投资者；鼓励企业将生产、销售业务逐步外包，探索建立多元化内源性融资渠道；试点成立创新型创投、私募等专项基金，制定针对性财税政策扶持等。 企业创新 /  体制改革 /  制造业 /  Tobit回归模型 Abstract: Based on financial statements of China's manufacturing listed companies, this article builds up a censored regression model with Tobit specification and conducts robustness test, for the purpose of analysing R&D activities. The results then show that factors such as Company Size, Concentration Ratio and Years in Business have a negative impact upon in-house R&D intensity wheras Ratio of Technicians to Total Headcount does the opposite. In addition, other indicators should not be ignored when considering Gross Margin, Inventory Turnover, Cash Ratio, P/S and P/B. To promote innovation and entrepreneurship, we thus encourage Spin-off for the large business and decentralization for the startup company; recommend outsourcing manufacturing and sales job while exploring internal financing options; propose the introduction of Venture and Private Capital with favorable taxation policies. Key words: firm innovation /  institutional reform /  manufacturing /  Tobit model

R&D Reform and Its Impact on Industrial Innovation—Evidence from China's Manufacturing Sector

CHEN Qing

1. Institute of Industrial Economics, Chinese Academy of Social Sciences, Beijing 100836, China

Keywords:

firm innovation /

institutional reform /

manufacturing /

Tobit model

Abstract: Based on financial statements of China's manufacturing listed companies, this article builds up a censored regression model with Tobit specification and conducts robustness test, for the purpose of analysing R&D activities. The results then show that factors such as Company Size, Concentration Ratio and Years in Business have a negative impact upon in-house R&D intensity wheras Ratio of Technicians to Total Headcount does the opposite. In addition, other indicators should not be ignored when considering Gross Margin, Inventory Turnover, Cash Ratio, P/S and P/B. To promote innovation and entrepreneurship, we thus encourage Spin-off for the large business and decentralization for the startup company; recommend outsourcing manufacturing and sales job while exploring internal financing options; propose the introduction of Venture and Private Capital with favorable taxation policies.

陈庆. 研发部门体制改革与企业创新行为——以A股制造业上市公司为例[J]. 北京理工大学学报（社会科学版）, 2018, (4): 81-87. doi: 10.15918/j.jbitss1009-3370.2018.1471 引用本文: 陈庆. 研发部门体制改革与企业创新行为——以A股制造业上市公司为例[J]. 北京理工大学学报（社会科学版）, 2018, (4): 81-87. doi: 10.15918/j.jbitss1009-3370.2018.1471 CHEN Qing. R&D Reform and Its Impact on Industrial Innovation—Evidence from China's Manufacturing Sector[J]. Journal of Beijing Institute of Technology (Social Sciences Edition), 2018, (4): 81-87. doi: 10.15918/j.jbitss1009-3370.2018.1471 Citation: CHEN Qing. R&D Reform and Its Impact on Industrial Innovation—Evidence from China's Manufacturing Sector[J]. Journal of Beijing Institute of Technology (Social Sciences Edition) , 2018, (4): 81-87. doi: 10.15918/j.jbitss1009-3370.2018.1471