摘要
基于2013至2018年的A股上市公司数据,实证研究了企业倾向选择营销还是研发来应对市场竞争这一问题。研究结果表明,市场竞争会增加企业的研发支出和销售费用,且当企业感知到其面临竞争时,会显著增加研发支出;排除内生性因素的分析显示,该计量结果具有稳健性,且企业感知竞争与研发支出之间具备因果关系。面临科技创新竞争的企业会显著增加研发支出,显著减少销售费用,研销比相应提高,这一结果同样具备因果关系。此外,营业收入与研发支出的相关性和弹性系数均长期显著大于营业收入对销售费用的相关性和弹性系数。最后,本文从建立健全研发激励体制等五个方面,就完善研发的制度供给问题给出了建议。
With the data of A-share listed firms from 2013 to 2018,an empirical study is made on whether firms prefer choosing marketing or R&D to cope with market competition.The research results show that market competition will increase R&D expenses and sales expenses,and when firms perceive that they are meeting competition,they will significantly increase R&D expenses.Analysis that excludes endogenous factors shows that these econometric results are robust and causal.Firms who meet technological innovation competition will significantly increase R&D expenses,and significantly reduce sales expenses,and the R&D expenses to sales expenses ratio will also increase,and there is a causal relationship between perceived competition and R&D expenses.Besides,the correlation and elasticity coefficient of operating income and R&D expenses are significantly greater than the correlation and elasticity coefficient of operating income to marketing expenses.Finally,we give suggestions on improving the system supply of R&D from five aspects,including establishing and improving R&D incentive system.
作者
袁奥博
罗子嫄
郝照辉
Yuan Aobo;Luo Ziyuan;Hao Zhaohui(China Cinda Asset Management Co.,Ltd.;School of Finance,Shanghai University of International Business and Economics;Southwestern University of Finance and Economics School of Finance)
出处
《金融发展评论》
2020年第9期54-69,共16页
Financial Development Review
关键词
市场竞争
销售费用
研发支出
上市公司
Market Competition
Sales Expenses
R&D Expenses
Listed Firms
作者简介
通讯作者:袁奥博,经济学硕士,中国信达资产管理股份有限公司广东省分公司业务经理,Email:yuanaobo@163.com;罗子嫄,上海立信会计金融学院国际经贸学院讲师;郝照辉,西南财经大学金融学院博士研究生。
