| Guided by the goal of "developing high-tech and realizing industrialization",China’s high-tech zones have made significant contributions to incubating high-tech industries and supporting regional and national economic and social innovation.In recent years,Tianjin High-tech Zone continues to deepen the reform of scientific and technological innovation system,optimize the policy environment,bring many development opportunities for enterprises in the high-tech zone,but also inject continuous vitality and vitality for their development.Starting from the impact of R&D investment on total factor productivity of enterprises,this paper adopts the primary data obtained after full contact with enterprises in the torch statistical process of Tianjin High-tech Zone from 2018 to 2020,and the annual data of listed enterprises published by Guotai ’an from 2018 to 2020 as a comparative reference,using fixed effect regression and panel threshold regression models.This paper investigates the influence of R&D investment on enterprise total factor productivity,and analyzes the deep relationship between R&D investment and enterprise total factor productivity according to the difference of enterprise nature,so as to provide decision-making basis for improving enterprise total factor productivity.The main research contents of this paper are as follows: 1.Taking enterprise total factor productivity as the explained variable and R&D input as the explained variable,r&d input is divided into two dimensions of R&D investment and R&D manpower investment,and the panel data model is established to explore its impact.Second,the threshold regression proposed by Hansen is used to explore whether there is a non-linear relationship between R&D investment and enterprise total factor productivity.If so,the mechanism of action is explored.Thirdly,according to the heterogeneity of enterprises,different classification criteria are selected to classify the threshold effect of enterprises’ R&D investment.Fourth,select listed enterprises and tianjin High-tech Zone enterprises for comparison,explore the similarities and differences,and then select Tianjin High-tech Zone and listed companies R&D intensive enterprises for comparison,study the development characteristics of such enterprises.The empirical results show that: in the fixed effect regression,for enterprises in Tianjin High-tech Zone,the r&d investment in the current period will inhibit the improvement of total factor productivity,and the promotion effect is not significant in the first period,but it shows a significant promotion effect in the second period.As for r&d manpower input,the current and delayed R&D manpower input of enterprises in Tianjin High-tech Zone will promote the improvement of total factor productivity.To explain variables as the threshold value,through threshold effect inspection and threshold regression found that for tianjin high-tech enterprises,research and development spending in the effects on the total factor productivity of the enterprise is an inverted "U" type,there are two threshold values,4.309% and 9.001%,respectively,and two threshold to divide the whole range of three interval,have significant effect of money,Specifically,it shows a trend of promoting-promoting effect weakening-inhibiting effect,and the absolute value of inhibiting effect coefficient is less than the absolute value of promoting effect,that is,there is a slight inhibiting effect.R&d manpower investment has a single linear effect on total factor productivity,and there is no threshold effect.According to the different nature of enterprises,different effects are obtained: high-tech enterprises and non-high-tech enterprises have different effects on total factor productivity of R&D investment,and the effect of R&D manpower investment is the same.Electronics and information,new energy and other industries have a single threshold value in terms of R&D expenditure and r&d manpower investment;Taking enterprise size as the threshold value,the effect of R&D investment on enterprise total factor productivity is inverted "N" shape.The effect of R&D manpower input on total factor productivity is v-shaped.Taking the level of human capital structure as the threshold value,enterprises need to make the human capital structure reach the threshold value before it can play a promoting role.For listed enterprises,the overall effect of current R&D expenditure on total factor productivity of enterprises presents an "N" shape,which shows a trend of promoting,inhibiting and promoting,with two thresholds of 0.28% and 45.99%,respectively.The lag of r&d investment has a positive effect on enterprise total factor productivity.There is no threshold effect on the effect of R&D manpower input on total factor productivity,which is negative in the current period and significantly improved after two periods lag.A supplementary study on R&D intensive enterprises shows that compared with other enterprises in the high-tech zone,the total factor productivity performance of such enterprises is more affected by r&d investment and has a greater positive effect. |
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