CAJ | 학술논문

内外资效率差异对异质企业R＆D投资产生了显著的时空和门槛影响。首先,构建异质性理论模型认为,异质企业R＆D投资存在自选择效应,金融效率门槛对R＆D资金差异配置导致其R＆D投资规模提升程度不同。其次,结合三阶段DEA模型、工业企业数据及空间计量发现,（1）内外资效率对企业R＆D投资具有空间溢出影响且随时间变化程度增强,其效率差异在东西中部地区边际递减（2）异质企业R＆D自选择行为在不同企业中显著存在且内外资效率门槛特征显著存在。衍生功能缺失下的内资低效对生产率较低企业R＆D投资错配影响显著,但随其门槛值提高,低效现象逐渐弱化;外资效率对生产率较高企业R＆D投资影响显著,两者具有互补性。提升内资效率是跨越企业R＆D投资瓶颈的重要途径。
내외자효솔차이대이질기업R＆D투자산생료현저적시공화문함영향。수선,구건이질성이론모형인위,이질기업R＆D투자존재자선택효응,금융효솔문함대R＆D자금차이배치도치기R＆D투자규모제승정도불동。기차,결합삼계단DEA모형、공업기업수거급공간계량발현,（1）내외자효솔대기업R＆D투자구유공간일출영향차수시간변화정도증강,기효솔차이재동서중부지구변제체감（2）이질기업R＆D자선택행위재불동기업중현저존재차내외자효솔문함특정현저존재。연생공능결실하적내자저효대생산솔교저기업R＆D투자착배영향현저,단수기문함치제고,저효현상축점약화;외자효솔대생산솔교고기업R＆D투자영향현저,량자구유호보성。제승내자효솔시과월기업R＆D투자병경적중요도경。
There exists a significant space-time and threshold influence of efficiency variance between domestic and foreign capital on heterogeneous firms＇ R＆D investment. Combining the regional financial efficiency evaluated by three-stage DEA with Chinese industrial firm data, this paper makes a spatial calculation, finding that （1） the efficiency variance between domestic and foreign capital has a significant spatial spillover effect on firm R＆D investment and the effect increases with time, and the efficiency variance decreases marginally from the eastern to the central and western regions; （2） there is a significant occurrence of R＆D self-selection behaviors in heterogeneous firms, and the efficiency threshold of domestic and foreign capital is obvious. Domestic capital deficiency has a significant effect on the misallocation of low productivity firm R＆D investment, but as the threshold rises, the effect of the deficiency wanes; foreign capital efficiency has a significant complementary effect on high productivity firms. To conclude, the paper argues that improving the domestic capital efficiency is an important way to address the R＆D investment bottleneck facing firms.