研发投入、国际化程度与制造企业价值的门槛效应分析

以2012-2018年有国外销售收入的我国制造业上市公司为样本，利用面板门槛模型，实证分析当期、滞后1期、滞后2期研发投入以及国际化程度对企业价值影响的门槛效应。研究发现：国际化程度与企业价值呈非线性正相关关系，存在单一门槛值；各期研发投入以国际化程度为门槛，对企业价值的影响呈U型关系，存在显著的双重门槛效应，且滞后1期与滞后2期研发投入的双重门槛值几近相同；控制变量中企业年龄、人力投入显著提升国际化经营企业价值，而企业规模、资产负债率负向影响企业价值。研究结论对创新驱动发展战略下引领我国制造企业加强技术创新、推进国际化进程、提升企业价值具有重要现实意义。

Analysis of the Threshold Effect of R&D Investment,Internationalization Degree and Manufacturing Enterprise Value

Taking China's manufacturing listed companies with foreign sales revenue in 2012-2018 as a sample, the paper empirically analyzes the threshold effect of R&D investment including the current period, the lagging 1 and 2 period and the degree of internationalization on the enterprise value through the panel threshold model.the study finds that there is a non-linear positive correlation between the degree of internationalization and the value of the enterprise, with a single threshold effect;the R&D investment in each period based on the threshold variable－degree of internationalization, has the U-shaped impact on the value of the firm with a significant double threshold effect.The double threshold value of the lag R&D investment of the 1st period and the 2nd period is almost the same; the enterprise age and manpower input in the control variables significantly increase the value of the international operation enterprise, while the enterprise scale and asset-liability ratio negatively affect the enterprise value.The conclusions have important practical significance for leading China's manufacturing enterprises to strengthen technological innovation, promote internationalization process and enhance corporate value under the innovation-driven development strategy.