法制环境与“过度”研发绩效
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| Title | Law and R&D over-investment efficiency
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| 作者 | 王兰芳 王悦 侯青川 |
| Author | Wang Lanfang, Wang Yue and Hou Qingchuan |
| 作者单位 | 上海财经大学 |
| Organization | Shanghai University of Finance and Economics |
| 作者Email | wang.lanfang@mail.shufe.edu.cn； |
| 中文关键词 | “过度”研发 法制环境 发明专利 实用新型专利 企业价值 |
| Key Words | R&D Over-investment; Law Environment; Invention Patent; Utility Model Patent; Firm Value |
| 内容提要 | 本文探讨了法制环境对企业“过度”研发行为的影响及其经济后果。目前的研究很少区分“正常”与“过度”的研发投入，而研究“过度”研发投入的经济后果更能体现社会资源的配置效率。本文结合中国市场化进程的大背景，聚焦于法律制度环境对“过度”研发绩效的影响，结果发现，法制环境好的地区，企业会减少“过度”研发投资。绩效模型显示，“过度”研发给企业带来了质量较差的实用新型专利的申请量、有效专利数、IPC（国际专利分类）数以及权利要求数的增加，而对于质量较高的发明专利却没有明显影响。我们还发现“过度”研发显著提升了短期会计收益ROA和ROE，对代表长期价值的Tobin’s Q却具有显著为负的影响。进一步分组检验发现“过度”研发对短期绩效和长期绩效的影响都集中在法制环境较差的地区，这充分说明了法制环境对于抑制“过度”研发，减少“过度”研发负面经济后果的重要性。我们的研究贡献在于提供了法制环境对企业“过度”研发的影响及其绩效的经验证据，也使人们更多的关注法制环境对企业研发活动的影响，为政府有效地支持企业研发活动提供了建设性意见。 |
| Abstract | This paper investigates the impact of law on the likelihood of over-investment in R&D as well as R&D over-investment efficiency. We specifically focus on R&D over-investment rather than normal or total R&D investment, which sheds light on resource allocation efficiency. We find that in regions with better law environment, firms are less likely to make R&D over-investment. It is found that R&D over-investment is positively associated with utility model patents rather than invention patents in terms of patent applicants, valid patents, number of IPCs and claim rights. Our findings show that R&D over-investment spur short-term accounting performance such as ROA & ROE, but mitigate firm valuation measured as Tobin’s Q. Further subsample analyses suggest the short-term and long-term efficiency of R&D over-investment only appears in firms headquartered in regions with weak law quality, suggesting the importance of law in mitigating managers’ incentives in R&D over-investment as well as its negative effects. We contribute to provide empirical evidence of the impact of law on R&D over-investment determinant and efficiency. We also give rise to constructing suggestions to the government involvement in firm innovation. |
| 文章编号 | WP1091 |
| 登载时间 | 2016-08-10 |
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