文献类型：期刊文献

中文题名：冒险型研发战略、差异化竞争优势与企业市场价值

英文题名：Risk-taking R&D Strategy,Differentiated Competitive Advantage and Firm’s Market Value

作者：伦蕊[1,2]

第一作者：伦蕊

机构：[1]河南财经政法大学工商管理学院;[2]河南省区域产业创新与发展软科学研究基地

第一机构：河南财经政法大学工商管理学院

年份：2020

卷号：0

期号：4

起止页码：80-94

中文期刊名：财经科学

外文期刊名：Finance and Economics

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;北大核心:【北大核心2017】；CSSCI:【CSSCI2019_2020】；

基金：国家自然科学基金项目“绿色制造视角下中国OFDI全球价值链嵌入的碳减排效应研究”(41871215);国家自然科学基金青年项目“基于治理特殊性的企业基金会自主性研究”(71802072);河南省教育厅人文社会科学研究一般项目“我省高技术企业科技人才评价的指标体系构建研究”(2020-ZDJH-021);河南省高等学校青年骨干教师培养计划(2017)。

语种：中文

中文关键词：冒险型;研发战略;竞争优势;市场价值

外文关键词：Risk-taking;R&D Strategy;Competitive Advantage;Market Value

摘要：风险意味着潜在的危险,冒险却是为获得预期的超额回报而勇于担当风险。持续高强度的研发投入到底是罔顾风险的盲目跟风行为,还是理性明智的科学决策?本研究正是要从实证领域对这一问题提供可信的答案。本文基于企业研发投入强度与财务风险之间的面板门限回归模型,将研发强度超过5.2%的公司界定为冒险型研发战略的实施者。进而探讨采取冒险型研发战略的企业能否达成构筑差异化竞争优势的初衷,以及市场投资者在综合考量研发活动的风险性与收益性因素后,对企业长期价值的认可程度。计量分析的结果肯定了冒险型研发战略对于塑造企业竞争优势和提升企业市场价值方面的积极效应。该结论为近年来我国高科技领军企业持续提升研发强度、竞相参与研发竞赛的行为提供了合理解释,并将为企业结合自身禀赋条件制定各具特色的研发战略提供决策借鉴。
Risk means potential danger,but risk-taking means taking risks in order to obtain the expected excess return.Is sustained and high-intensity R&D investment a blind follow-up behavior regardless of risk,or a rational scientific decision?This study is to provide a credible answer to this question from the empirical field.Based on the panel threshold regression model between R&D investment intensity and financial risk,this paper defines the companies whose R&D intensity exceeds 5.2%as the implementers of risk-taking R&D strategy.We further explore whether companies adopting risk-taking R&D strategies can achieve the original intention of building a differentiated competitive advantage,and the degree to which market investors recognize the long-term value of enterprises after comprehensively considering the risk and profit factors of R&D activities.The results of econometric analysis confirm the positive effect of risk-taking R&D strategy on shaping the competitive advantage of enterprises and enhancing the market value of enterprises.This conclusion provides a reasonable explanation for the behavior of Chinese high-tech leading enterprises to continuously improve their R&D intensity and compete in R&D competitions in recent years,and will provide a reference for enterprises to formulate their own unique R&D strategies according to their own endowment conditions.