期刊论文

Leverage Ratio,R&D Investment and Firm Performance in New Economy Firms--Threshold Regression Based on Leverage Ratio

中文

绿色科技

1674-9944

2022

24

04

249-254

10.3969/j.issn.1674-9944.2022.04.064

国家社会科学基金项目（编号：20BTJ037）；

本校为第一机构

以2012～2019年中国207家上市的新经济企业为样本，通过门槛回归模型，探究了在不同杠杆率水平、研发投入对企业绩效的影响。结果表明:（1）杠杆率给研发投入对企业绩效的促进作用带来时滞性；（2）企业杠杆率对研发投入与企业长期绩效关系存在双门槛效应，杠杆率较低的企业，其研发投入与企业绩效为正相关，而杠杆率水平较高的企业，其研发投入与企业绩效为负相关；（3）在适度的杠杆率水平区间内，研发投入才会提升未来企业的绩效，而一旦超过警戒值，研发投入的持续增加会严重影响企业绩效，甚至可引发财务危机。为此，针对不同杠杆水平的新经济企业，从政府及企业自身两方面提出了相关建议。...

Based on 207 new economy firms listed in China from 2012 to 2019,this paper explores the impact of R&D Investment on firm performance through threshold regression model.The results show that:①Leverage brings time lag to the promotion of R&D investment on enterprise performance.②There is a double threshold effect of corporate leverage on the relationship between R&D investment and long-term performance.③For low leverage enterprises,R&D investment is positively correlated with corporate performance,while for high leverage enterprises,R&D inves...