CAJ | 학술논문

中国存在对大公司的迷信,政府尤其习惯通过推动企业兼并做大规模来提高企业竞争力,但往往合并后的企业难以达到预计的结果.本文基于2003-2011年国内制造业上市公司数据,利用并扩展Griliches的资产-价值方程,研究了企业规模对研发投入绩效的影响.结果表明：①R＆D投入将提高上市公司市值.R＆D的市值高于有形资产,但与国际相比处于较低水平.②R＆D绩效受公司规模影响,但并不随企业规模单调上升,而是随规模递增先上升,后又下降,大致呈倒U型.③从有利于企业创新的角度来看,政府有必要重新审视以行政手段推动企业兼并重组的政策.
중국존재대대공사적미신,정부우기습관통과추동기업겸병주대규모래제고기업경쟁력,단왕왕합병후적기업난이체도예계적결과.본문기우2003-2011년국내제조업상시공사수거,이용병확전Griliches적자산-개치방정,연구료기업규모대연발투입적효적영향.결과표명：①R＆D투입장제고상시공사시치.R＆D적시치고우유형자산,단여국제상비처우교저수평.②R＆D적효수공사규모영향,단병불수기업규모단조상승,이시수규모체증선상승,후우하강,대치정도U형.③종유리우기업창신적각도래간,정부유필요중신심시이행정수단추동기업겸병중조적정책.
There is superstition on big company in China, specially the government is used to improve enterprise＇s competitive strength by promoting mergers and acquisitions, but often disappointed at the end. Based on a dataset of Chinese listed manufacturing companies from 2003 to 2011, this paper studies the influence of firm size on R＆D performance by expansion of Griliches＇s capital valuation equation. Results show that：①R＆D investment, whose value is higher than physical capital but in a lower level compared by developed countries, will increase the market cap of listed companies; ②There is an approximately inverted U-shaped relationship between firm size and the R＆D performance. It indicates that, the firm size has a positive impact on the R＆D performance at the beginning, hut, when the firm size exceeds an optimal level, the shadow value of the R＆D falls. This paper suggests government reassess the policy of promoting mergers and acquisitions, for the sake of innovation.