Research On The Influence Of R&D Investment On Total Factor Productivity Of Enterprises

Under the background of Chinese overall economic and social transformation,In order to improve the quality and efficiency of China's economy,the 19 th CPC National Congress put forward the promotion of total factor productivity as a national development strategy,scholars has been constantly explore the factors affecting the total factor productivity before,in reference on the basis of predecessors' research,This paper starts from the perspective of research and development investment,However,which is different from previous direct studies on the relationship between the two is that this article will decompose total factor productivity technical level,pure technical efficiency and scale efficiency,and further conduct the impact of total factor productivity by exploring the impact of r&d input on these three efficiencies.Then based on company data of A share market,the paper does the empirical analysis of r&d input and total factor productivity and its decomposition of pure technical efficiency and scale efficiency by Panel Threshold Model.In addition,considering the differences between the production management,the inputs and so on of the enterprises,the paper uses cluster analysis method to divide companies of A share market into labor-intensive,capital-intensive and technology-intensive enterprises,and carries on the empirical research.The results show that:(1)no matter what type of business,research and development input and total factor productivity on the whole present a asymmetric inverted u-shaped relationship,namely when the r&d investment is in a low level,r&d input and total factor productivity have a positive correlation,the enhancement of the r&d intensity enhancement will improve the total factor productivity,as r&d reaches a certain degree,the relationship between r&d input and total factor productivity will be at a turning point,namely the relationship between the two will be from the positive correlation to the negative correlation,the enhancement of the research and development strength can reduce the total factor productivity of the enterprise.(2)in the whole sample,labor intensive and capital intensive enterprises,the r&d input is negatively correlated with pure technical efficiency in general;Under the sample of technology-intensive enterprises,there was no significant negative correlation between the r&d and the pure technical efficiency.(3)under the sample of labor intensive and capital intensive enterprises,the r&d investment and enterprise scale efficiency presents a positive correlation relation,increasing the r&d investment can improve the scale efficiency;Under the whole sample and technology-intensive enterprises' sample,due to the observed value of high r&d is enough,r&d spending and the scale efficiency have an inverted u-shaped relationship.Based on the empirical results,this article provides policy suggestions from the perspective of enterprise and government: For enterprises,perfect enterprises' innovation incentive measures,improve the enterprises' internal innovation system;For the government,increase the intensity of government subsidies,improve the system of patent and make different r&d subsidies and preferential tax policies,etc.