CAJ | 학술논문

文章从企业规模、市场及竞争环境因素、企业财务资源、企业产权制度、行业特征等方面对企业R＆D投入进行理论分析，采用中国工业企业数据库提供的制造业60万个观测样本数据，利用Heckman两阶段分析法，对企业R＆D投入行为进行实证研究。研究结果表明：企业规模、企业财务资源实力、企业集聚度和产业市场集中度等因素与R＆D投入选择和R＆D投入程度均存在显著的正相关关系，企业杠杆与R＆D投入选择和R＆D投入程度存在显著负相关关系。在此基础上提出了相应的政策建议，并对未来的研究方向进行展望。
문장종기업규모、시장급경쟁배경인소、기업재무자원、기업산권제도、행업특정등방면대기업R＆D투입진행이론분석，채용중국공업기업수거고제공적제조업60만개관측양본수거，이용Heckman량계단분석법，대기업R＆D투입행위진행실증연구。연구결과표명：기업규모、기업재무자원실력、기업집취도화산업시장집중도등인소여R＆D투입선택화R＆D투입정도균존재현저적정상관관계，기업강간여R＆D투입선택화R＆D투입정도존재현저부상관관계。재차기출상제출료상응적정책건의，병대미래적연구방향진행전망。
This article theoretically analyzes the enterprises＇ R＆D investment behavior in terms of enterprises＇ size, market and competition environment factors, financial resources strength, property relations and industry characteristics etc. Then it empirically studies enterprises＇ R＆D investment behavior based on the Chinese industrial manufacturing enterprises database including 600,000 observed sample data, using the Heekman model. The result shows that the enterprises＇ size, financial resources strength, business concentration and degree of industry market concentration etc. have significant positive correlation with both R＆D investment selection and its amount, but their leverage has significant negative correlation with R＆D investment selection and its amount. Therefore it puts forward the corresponding policy recommendations and points out the future research direction.