CAJ | 학술논문

以2007-2011年151家高新技术上市公司为样本，利用面板回归、平均数据横截面回归和分位数回归，研究了专利总数和发明专利数对企业成长的平均影响以及对企业不同成长阶段的影响差异。研究认为，创新对企业成长并没有显著的正向促进作用，但创新质量的提高会加速企业的成长。另外还得出与code ＆ Rao等文献相反的结论---与高速成长阶段的企业相比，创新对低速成长的企业的促进作用更大。结合生命周期理论，对结论的不一致做了相应的解释。
이2007-2011년151가고신기술상시공사위양본，이용면판회귀、평균수거횡절면회귀화분위수회귀，연구료전리총수화발명전리수대기업성장적평균영향이급대기업불동성장계단적영향차이。연구인위，창신대기업성장병몰유현저적정향촉진작용，단창신질량적제고회가속기업적성장。령외환득출여code ＆ Rao등문헌상반적결론---여고속성장계단적기업상비，창신대저속성장적기업적촉진작용경대。결합생명주기이론，대결론적불일치주료상응적해석。
This paper studies the average effect of the total number of patents and the number of invention patents on firm growth as well as the different effect on firm growth stages,with 151 high-tech listed firms from year 2007 to 2011 as a sample and applying panel regression,cross-sectional regression of the average data and quantile regression. This paper concludes that,innovation has no sig-nificant positive effect on promoting firm growth,but the improvement of innovation quality will accelerate the growth of the firm. This paper also comes to the opposite conclusion to the literature of code & Rao. Compared with the fast-growing firms,innovation has a greater effect on slow-growing firms. Combining with life cycle theory,the paper explains the inconsistent conclusion.