摘要：以2012-2017年549家民营高新技术上市公司作为研究样本，将企业的异质性指标作为门槛变量，研究民营高新技术企业研发投入强度与绩效的异质门槛效应。发现：1. 对于民营高新技术企业而言，其研发投入与绩效的关系呈非线性，二者具有显著的门槛效应。在不同性质条件的约束下，研发投入对绩效起到促进作用时具有相应的最优区间。2. 处于集聚地区的民营高新技术企业，研发投入达到对绩效呈现促进作用时的约束条件比非集聚地区的更为宽松，说明二者关系具有显著的集群效应。3. 按照是否属于制造业将样本企业分组，发现两组数据存在不同的异质门槛效应。
Research on the Heterogeneous Threshold Effect of R&D
Investment of Private High-Tech Enterprises on Performance
Zhou Yu (Harbin Institute of Technology, Shenzhen, 518055)
Zhang Qi (China Stone Management Consulting Ltd., Shenzhen, 518033)
This paper combines theoretical analysis and empirical analysis to research 549 private high-tech enterprises during 2012-2017 to elaborate the heterogeneous threshold effect of R&D investment intensity and performance of private high-tech enterprises. We find firstly the R&D investment intensity and performance of private high-tech enterprises are nonlinear, and they have significant threshold effects. Under the constraints of different natures, R&D investment has a significant optimal promotion range for performance. Secondly, the private high-tech enterprises in the cluster areas have more restrictive conditions for the R&D investment to promote the performance than the non-cluster areas, indicating that the R&D investment intensity of private high-tech enterprises has a significant cluster effect on performance. Thirdly, it is grouped according to whether the companies belonged to the manufacturing industry. It was found that the two sets of data have different heterogeneous threshold effects.
According to the development stage of different private high-tech enterprises, the government can implement subsidies in different ways or different degrees for these enterprises, so that the promotion effect of R&D investment on the performance of private high-tech enterprises will be maximized in the positive effect range. Private high-tech enterprises should reasonably measure their own development stage and formulate a reasonable strategic plan for R&D investment.
Keywords: high technology, R&D investment, corporate performance, heterogeneity, threshold effects