研发强度、创新速度与上市公司价值关系的实证研究

基于面板门限回归模型，对2010—2016年我国A股上市公司研发强度、创新速度与上市公司价值之间的关系进行深入研究。结果表明：研发强度对上市公司价值的影响具有显著的门限效应，主要体现在创新速度处于不同区间范围，影响程度和方向各不相同。当创新速度处于“慢车道”时，研发强度与上市公司价值显著负相关；当创新速度处于“正常行车道”时，研发强度对上市公司价值的负效应有所减缓；当创新速度处于“快车道”时，研发强度增加能够带来上市公司价值提升。此外，我国上市公司中近六成创新能力不容乐观且行业差异显著，亟待提升创新意识、加大研发投入，通过创新助力上市公司价值提升。

Study on the Relationship of the R&D Intensity,the Innovation Speed and the Value of Listed Companies

Based on the panel threshold regression model, this paper makes an in depth study on the relationship between the R&D intensity, the innovation speed and the value of Chinese A share listed companies between 2010 and 2016. The empirical results show that the impact of the R&D intensity on the value of listed companies has a significant threshold effect. For different range of the innovation speed, the degree and the direction of the impact is not the same. Specifically, when the innovation speed is in the "slow lane", the R&D intensity is significantly negatively correlated with the value of listed companies. When the innovation speed is in the "normal lane", the negative effect of the R&D intensity on the value of listed companies slows down. When the innovation speed is in the "fast lane", the increase of the R&D intensity can bring the value of listed companies up. In addition, nearly 60% of Chinese A share listed companies are not optimistic about their innovation capability, and the industrial differences are significant. It is urgent for them to enhance the sense of innovation, increase the R&D investment, and help the innovation enhance the value of listed companies.