A Study of Enterprise’Innovation Mechanism Under the Threshold of Human Capital and R&D Input  ——Take Small and Medium-sized Board Listed Companies in China as Example

doi:10.16716/j.cnki.65-1030/f.2017.02.004

Abstract

Abstract: This paper uses manual method to extract 385 observations from annual reports of small and medium-sized board listed companies in China for the period 2013-2016, then applies multiple-regime model as a non-linear panel data approach to measure the threshold value of human capital and R&D input.Based on the threshold value,the paper provides new insights into action mechanism of enterprise innovation. The following facts emerge: We find that human capital and R&D input exhibit a multiple threshold effect with enterprise innovation and all the determinants take no effect on the innovation in the enterprises with human capital and R&D input less than the threshold value; Compared to human capital, R&D input has a greater positive impact on innovation in middle and small-sized enterprises,moreover, human capital is negatively associated with innovation in the enterprises with human capital more than the threshold value;enterprise scale plays an important role in middle and small-sized enterprises with human capital more than the threshold value, R&D input and profit margin have remarkable positive impacts on innovation in middle and small-sized enterprises with R&D input more than the threshold value,while government subsidies only play an important role in middle and small-sized enterprises with human capital and R&D input more than the threshold value;export will play an obviously positive role in improving innovation in the enterprises with human capital less but R&D input more than the threshold value.

Key words: Multiple Regime Model, Enterprise Innovation, Patent Application, Mechanism of Action, Threshold Effect

CLC Number:

F273.1

Yu Cuiling. A Study of Enterprise’Innovation Mechanism Under the Threshold of Human Capital and R&D Input ——Take Small and Medium-sized Board Listed Companies in China as Example[J]. Finance & Economics of Xinjiang, 2017, (2): 27-39.

References

[1]Freeman,and C.,Louca,F..As Times Goes by,From the Industrial Revolutions to the Information Revolution [J].Oxford University Press.Oxford,2001(5):432-538.
[2]Fagerberg,and J.,Verspagen B..Technology-gaps,Innovation-diffusion and Transformation:An Evolutionary Inter-pretation[J].Research Policy,2002(8):1291-1304.
[3]Cohenwm,Lebinthalda.Innovation and Learning:the Two Faces of R＆D[J].The Economic Journal,1989( 397):569-596.
[4]周亚虹,贺小丹,沈瑶.中国工业企业自主创新的影响因素和产出绩效研究[J].经济研究,2012(5):107-119.
[5]李平,崔喜君,刘建.中国自主创新中研发资本投入产出绩效分析——兼论人力资本和知识产权保护的影响[J]. 中国社会科学,2007( 2):32-45.
[6]Hall B.H.,Lotti F.,and Mairesse J.. Evidence on the Impact of R＆D and ICT Investments on Innovation and Productivity in Italian Firms [J].Economics of Innovation and New Technology,2013,22(3):300－328.
[7]李培楠,赵兰香,万劲波.创新要素对产业创新绩效的影响——基于中国制造业和高技术产业数据的实证分析[J].科学学研究,2014(4):604-612.
[8]Gary Erickson and Robert Jacobson.Gaining Comparative Advantage through Discretionary Expenditures:The Returns to R&D and Advertising[J].Management Science,1992,38(9):1264-1279.
[9]Lokshin B.,Belderbos R.,Carree M..The Productivity Effects of Internal and External R＆D:Evidence From a Dynamic Panel Data Model[J].Oxford Bulletin of Economics and Statistics, 2008,70(3):399-413.
[10]Hall,B.H.,Mairesse J.,Mohnen,P..Measuring the Returns to R&D,in:Hall,B.H.,Rosenberg,N.(Eds),Handbook of the Economics of Innovation[M].National Bureau of Economic Research,Amsterdam and New York,2010:175-198.
[11]Santamaría L.,Nieto,M.J.,Barge-Gil,A..Beyond Formal R&D:Taking Advantage of Other Sources of Innovation in Low-and Medium-Technology Industries[J].Research Policy,2009(38): 507-517.
[12]Ortega-Argilés,R.,Vivarelli,M.,Voigt,P..R&D in SMEs:a Paradox?[J].Small Business Economics,2009(33):3-11.
[13]Ortega-Argilés,R.,Piva,M., Potters,L.,Vivarelli.Is Corporate R&D Investment in High-Tech Sectors More Effective?[J].Contemporary Economic Policy,2010(28):353-365.
[14]Huergo,E.,Jaumandreu,J..How Does Probability of Innovation Change with Firm Age?[J]. Small Business Economics,2004(22):193-207.
[15]Brüderl,J.,Preisendörfer,P..Fast-Growing Businesses: Empirical Evidence from a German Study[J].International Journal of Sociology,2000(30):45-70.
[16]Conte,A.,Vivarelli,M..One or Many Knowledge Production Functions?Mapping Innovative Activity Using Microdata[Z].IZA Discussion Paper,2005:18-78.
[17]Santamaría L.,Nieto,M.J.,Barge-Gil,A..Beyond Formal R&D:Taking Advantage of Other Sources of Innovation in Low-and Medium-Technology Industries[J].Research Policy,2009(38):507-517.
[18]Polder M.,Leeuwen G..van,Mohnen P.,Raymond,W..Product,Process and Organizational Innovation:Drivers,Complementarity and Productivity Effects [J].MPRA Paper,2010(23):7-19.
[19]Nelson R.and Phelps E.S..Investment in Humans,Technological Diffusion,and Economic Growth[J].The American Economic Review,1996,56(1/2):69-75.
[20]Jason Hurwitz,Stephen Lines,and Bill Montgomery etal.The linkage Between Management practices,Intangibles Performance and Stock Returns[J].Journal of Intellectual Capital,2002,3(1):51-61.
[21]Matthew R..Marvel and G.T.Lumpkin. Technology Entrepreneurs'Human Capital and Its Effects on Innovation Radicalness[J].Entrepreneurship:Theory ＆ Practice,2007,31(6) .
[22]冯文娜.高新技术企业研发投入与创新产出的关系研究——基于山东省高新技术企业的实证[J].经济问题,2010(9):74-78.
[23]罗军,陈建国.研发投入门槛、外商直接投资与中国创新能力——基于门槛效应的检验[J].国际贸易问题,2014(8):135-146.
[24]Breitzman A.and Hicks .D..An Analysis of Small Business Patents By Industry and Firm Size[M].Small Business Administration,Washington,D.C.,SBA Office of Advocacy,2008.
[25]Aghion P.,Blundell R.and Griffith R.et al..The Effects of Entry on Incumbent Innovation and Productivity[J].The Review of Economic and Statistic,2009,91,(1):20-32.
[26]林炜.企业创新激励:来自中国劳动力成本上升的解释[J].管理世界,2013(10):95-105.
[27]Young A..Learning by Doing and Dynamic Effects of International Trade[J].Journal of Political Economy,1991,10(6):369-405.
[28]康志勇.出口贸易与自主创新——基于我国制造业企业的实证研究[J].国际贸易问题,2011(2):35-45.
[29]Aghion.P.,N.Bloom,R.Blundell,R.Grigth and P.Howitt.Competiton and Innovation:An Inverted-U Relationship[J].Quarterly Journal of Economics,2005,120(2):701-728.
[30]张杰,刘志彪,郑江淮.中国制造业企业创新活动的关键影响因素研究——基于江苏省制造业企业问卷的分析[J].管理世界,2007(6):64-75.
[31] OECD.Innovative Networks:Cooperation in National Innovation Systems[R].Paris:OECD,2001.
[32]孟繁森.国家资助中小企业技术创新项目申报程序及案例分析[M].北京:经济科学出版社,2008.
[33]王一卉.政府补贴、研发投入与企业创新绩效——基于所有制、企业经验与地区差异的研究[J].经济问题探索,2013(7):138-143.
[34]张炜.智力资本与组织创新能力关系实证研究——以浙江中小技术企业为样本[J].科学学研究,2007(5):1010-1013.
[35]肖仁桥,钱丽,陈忠卫.中国高技术产业创新效率及其影响因素研究[J].管理科学,2012(5):85-98.
[36]张杰,郑文平,翟福昕.竞争如何影响创新:中国情景的新检验[J].中国工业经济,2014(11):56-68.

A Study of Enterprise’Innovation Mechanism Under the Threshold of Human Capital and R&D Input ——Take Small and Medium-sized Board Listed Companies in China as Example

PDF

Knowledge

Abstract

Cite this article

share this article

References

Related Articles 4

Recommended Articles

Metrics

Comments

[1]	Feng Linjie, Zou Wenjie. Will TMT Heterogeneity Enhance Corporate Performance?—Based on the Threshold Effect of Executive Ownership [J]. Finance & Economics of Xinjiang, 2020, 0(3): 53-61.
[2]	Liu Wencui, Zuo Ximei. Cross-border RMB Settlement and the Development of Bilateral Trade Between China and Pakistan——Analysis Based on Threshold Effect [J]. Finance & Economics of Xinjiang, 2019, 0(5): 62-69.
[3]	Zhang Xiaolin, Xu Min. Impirical Analysis on Threshold Effects of Inclusive Finance on Urban-Rural Residents’ Income Gap [J]. Finance & Economics of Xinjiang, 2016, 0(5): 51-57.
[4]	Li Chunyan, Mao Zhirui. The Marketization Process and Development of Life Insurance: The Threshold Effect of Marketization Process [J]. Finance & Economics of Xinjiang, 2015, 0(5): 14-20.