论文部分内容阅读
中国存在对大公司的迷信,政府尤其习惯通过推动企业兼并做大规模来提高企业竞争力,但往往合并后的企业难以达到预计的结果。本文基于2003—2011年国内制造业上市公司数据,利用并扩展Griliches的资产-价值方程,研究了企业规模对研发投入绩效的影响。结果表明:①R&D投入将提高上市公司市值。R&D的市值高于有形资产,但与国际相比处于较低水平。②R&D绩效受公司规模影响,但并不随企业规模单调上升,而是随规模递增先上升,后又下降,大致呈倒U型。③从有利于企业创新的角度来看,政府有必要重新审视以行政手段推动企业兼并重组的政策。
China has a superstition about large companies. In particular, the government is accustomed to enhancing the competitiveness of enterprises through large-scale mergers and acquisitions, but it is often difficult for the merged enterprises to achieve the expected result. Based on the data of domestic manufacturing listed companies from 2003 to 2011, this paper uses and expands Griliches’ asset-value equation to study the impact of firm size on R & D investment performance. The results show that: ① R & D investment will increase the market value of listed companies. R & D has a higher market capitalization than tangible assets, but at a lower level than the international level. ②R & D performance was affected by the size of the company, but not with the monotonous rise of the size of the business, but with the scale of the first increase, then decline, roughly inverted U-shaped. ③ From the perspective of being conducive to business innovation, it is necessary for the government to re-examine the policy of promoting mergers and acquisitions by administrative means.