企业 R&D 投入与企业绩效关联度分析——基于中美上市工业企业的实证研究

技术创新主要源自于具有导向性的研究和开发活动，是影响企业竞争力和可持续发展至关重要的因素。本文以中美范围内工业制造行业的 209家上市工业企业为样本，结合企业 2009~2015 年相关数据，实证分析了R&D投入与企业绩效的关系。研究结果表明研发支出和企业经济绩效之间具有非线性关系，可用倒U型曲线来描述，R&D 投入具有动态边际效应，研发投入为销售额的4％时，企业相应的经济效益达到最优水平。最后，本文建议企业应该加大R&D投入力度，同时注重研发投入的最佳阈值，以获得最大的产出效益，提高企业技术创新的竞争能力。

An Analysis on the Relationship between R&D Investment and Performance of Chinese and American Industrial Enterprises

Technological innovation is mainly derived from oriented research and development activities，and it is the source of core competitiveness and sustainable improvement for modern enterprises. Based on the data of 209 listed industrial enterprises in the industrial manufacturing industry in China and the United States，this paper analyzes the relationship between R&D investment and enterprise performance. The results show that there is a nonlinear relationship between R&D expenditure and corporate economic performance. It can be described by inverted U-shaped curve，and when R&D investment has dynamic marginal effect，R&D investment is 4% of sales，the corresponding economic benefits of the enterprise are the best Level. Finally，this paper suggests that enterprises should increase R&D investment，while focusing on R&D investment in the best threshold to get the maximum output efficiency，improve the competitiveness of enterprise technology innovation and the commercial capacity of technological innovation.