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论文编号：	7409
作者编号：	1120100757
上传时间：	2015/6/9 15:52:40
中文题目：	沉淀性研发资源、环境不确定性与企业研发绩效
英文题目：	Absorbed R&D Resources; Environmental Uncertainty and Corporate R&D Performance
指导老师：	程新生
中文关键字：	开发支出；沉淀性研发资源；环境不确定性；研发绩效
英文关键字：	development expenditure; absorbed R&D resources; environmental uncertainty; R&D performance
中文摘要：	目前，我国制造业价值链低端环节产能过剩、价值链高端环节产能不足的 问题日益突显，这种现象的背后是我国制造业企业自主研发能力较差，高端技 术依赖国外引进的现实根源。一方面，我国制造业企业的研发资源投入比例远 远小于高收入国家的均值；另一方面，我国制造业企业的研发资源利用率普遍 较低，研发资源存在可再利用的冗余。鉴于此，对我国制造业研发冗余资源利 用能力的探讨具有较强的现实意义：企业对研发冗余资源的利用不仅可以缓解 研发资源的不足，而且可以增加研发资源的利用率，提高研发效率。 2007 年起实施的新会计准则为增强会计信息的决策有用性，允许企业对满 足资本化条件的研发支出部分予以资本化处理，而对剩余的研发支出部分延续 费用化处理。自此，上市公司被强制要求在年报中披露“开发支出”金额。这 一政策变革为企业研发冗余资源的衡量提供了可能，也为进一步研究企业研发 资源配置的相关问题提供了契机。本文从企业冗余资源的角度解读了研发支出 中费用化支出的内涵，指出研发支出中存在“沉淀性研发资源”，并以此在某种 程度上衡量了企业研发资源中存在的冗余，进而对企业研发资源配置与利用的 相关问题展开研究。 同时，由于企业的研发决策往往受到外部环境的影响，尤其在当今复杂多 变的市场环境下，“环境不确定性”这一外部因素无疑会直接或间接地作用于企 业的研发行为。所以本文将在检验企业的沉淀性研发资源对研发绩效直接影响 的基础上，检验环境不确定性对沉淀性研发资源和企业研发绩效之间关系的调 节作用，并对此调节作用进行拓展深化，将研发绩效和样本公司划分为不同类 别，分别从企业研发模式和企业动态能力的角度开展进一步地讨论。 与以往文献对会计信息与资源配置的研究关注于会计信息对市场资源配置 的影响不同，本文将视线转向会计信息本身所携带的企业内部的研发资源配置 的相关问题。主要得出了以下结论： 第一，本文基于对新会计准则中费用化研发支出的内涵解读，将企业的沉 淀性冗余资源进一步划分为沉淀性研发资源和非沉淀性研发资源，并通过实证 检验证明了两者对企业研发绩效具有不同方向的影响，为以往文献在冗余资源 与企业研发关系上的分歧提供了一种解释。 第二，对我国制造业上市公司整体来说，环境不确定性只能调节当期的沉 淀性研发资源对当期研发绩效的影响，并不能对前一期的沉淀性研发资源与当 期研发绩效之间的关系起调节作用，这说明了我国企业对已经沉淀到企业内部 的研发资源尚还缺乏系统的组织搜寻能力和快速调用的机制。 第三，平均而言，我国制造业上市公司会倾向于同时进行探索性研发和利 用性研发，并且在沉淀性研发资源较多的情况下，企业既会增加探索性研发又 会增加利用性研发的力度，这说明在企业实践中，探索性研发和利用性研发并 非不可协调，而是具有一定的平衡性。当企业面临高度的环境不确定性时，企 业在总体上倾向于减少风险性大、收益期远的探索性研发，增加风险性小、可 以短期获得收益的利用性研发。 第四，以往文献大多认为环境不确定性可以促进企业的研发行为，本文的 研究结论发现这个命题的成立需要条件：在研发意识较强的高新技术企业，高 度的环境不确定性确实能积极地提高企业对沉淀性研发资源的利用，从而带来 更好的研发绩效；但在研发意识较弱的非高新技术企业，高度的环境不确定性 反倒会削弱沉淀性研发资源对研发绩效的正向影响。 第五，在其他条件不变的情况下，国有企业的沉淀性研发资源对企业的任 何一种研发专利都没有显著影响，说明沉淀性研发资源对国有企业来说，成为 了真正意义上的“沉没成本”。这可能是由于国有企业领导人的任期制使得国有 企业缺乏足够的研发积极性；也可能是由于国有企业相对非国有企业面临的资 源约束的压力较小，从而导致资源浪费或不重视资源的再利用等问题。 第六，属于高新技术产业的公司明显比属于非高新技术产业的公司更具有 企业动态能力，非国有企业明显比国有企业更具有企业动态能力。前者主要是 因为属于高新技术产业的企业比属于非高新技术产业的企业更加重视研发和自 主知识产权；后者主要是因为市场的调节作用在非国有企业中更有效，而国有 企业受到的行政干预对市场作用形成了一定的挤出效应，使得国有企业对外部 环境变化的应变能力较低。
英文摘要：	At present, problems in China’s manufacturing industry, such as the overcapacity in the low end of the value chain and the insufficient capacity in the high end of the value chain, have become increasingly critical. Deep rooted reasons behind this phenomenon are the poor ability in independent research and development (R&D) and the dependence on imports from abroad in high-end technology in Chinese manufacturing industry. On the one hand, our investment proportion of R&D resources is far less than the average of high-income countries’; on the other hand, our utilization rate of the R&D resources, which has redundancy for reusing, is generally low. From this perspective, there is strongly practical significance for exploring the utilization capacity of R&D slack resource in our manufacturing industry: enterprises’ utilizing R&D slack resource can not only ease the plight of insufficient R&D resources, but also increase the utilization rate of R&D resources and improve innovation efficiency. In order to enhance the usefulness of accounting information, since 2007 according to the new accounting standards, enterprises are allowed to capitalize a part of R&D expenditures which meets the condition of capitalization, and expensing the remaining part. Since then the listing corporations are forcibly required to disclose the amount of "development expenditure" in the annual report. This policy change makes it possible to measure enterprises’ slack resources in R&D expenditure . Based on this opportunity, this dissertation explains the meaning of expensing in the R&D expenditure from the perspective of slack resources, and presents the concept of ‘absorbed R&D resources’, which measures enterprises’ slack resources in R&D expenditure to some extent. Meanwhile, enterprises’ R&D decision is often affected by external environment, especially in today's complex and ever-changing market environment, the external factor ‘environmental uncertainty’ will undoubtedly have a direct or indirect influence on the enterprises’ R&D activities. This dissertation will be based on testing the direct effect of absorbed R&D resources on R&D performance, examines the moderating effects of environmental uncertainty on the relationship between absorbed R&D resources and R&D performance. And for further discussing respectively this moderating effect from perspectives of the enterprises’ R&D mode and the dynamic capabilities, R&D performance and sample enterprises are divided into different categories. This dissertation draws the following conclusions: First, in this dissertation based on explaining the meaning of expensing R&D in the new accounting standards, the absorbed slack resources can be further divided into absorbed R&D resources and unabsorbed R&D resources, and through empirical test it is proved that both of them have influence of different directions on enterprises’ R&D performances, which provides an explanation for divergence about the relationship between slack resources and enterprises’ R&D in the previous literatures. Second, as for the whole manufacturing industry, environmental uncertainty only can moderate the relation between the current absorbed R&D resources on R&D performance, but it does not moderate the relation between the prior absorbed R&D resources and R&D performance, which illustrates our enterprises still lack organization mechanisms that search and reuse R&D resources which has absorbed in the enterprise internal to a certain extent. Third, on the average, the listing corporations in our manufacturing industry tend to simultaneously carry on explorative & exploitative R&D, and under the circumstance of adequate absorbed R&D resources, enterprises will increase efforts in both explorative R&D and exploitative R&D, which shows that in the enterprises’ practice ，explorative R&D and exploitative R&D are not irreconcilable, but there is a certain balance in the two. When enterprises faces high environmental uncertainty, they tend to reduce the explorative R&D with high risk and a long period of return, and to increase exploitative R&D with low risk and a short period of return. Fourth, it is claimed in the most previous literatures that environmental uncertainty could promote the R&D activities of enterprises, but the conclusions of this paper indicate that the establishment of this proposition requires certain conditions: in the high-tech enterprises with strong R&D consciousness, high environmental uncertainty can actively increase enterprises’ utilizing absorbed R&D resources, and it can bring about better R&D performance; but in the non high-tech enterprise with weak R&D consciousness, high environmental uncertainty would weaken the positive impact of absorbed R&D resources on R&D performance. Fifth, ceteris paribus, absorbed R&D resources of state-owned enterprises have no significant effect on any kind of enterprise’s R&D patents, which illustrates for state-owned enterprises absorbed R&D resources actually become "sunk cost". A probable reason may be that the tenure of the leaders of state-owned enterprises decreases the initiatives of R&D in the enterprises; while another possibility is that state-owned enterprises’ pressure on the resource constraints is smaller than non state-owned enterprises’, which leads to problems such as wasting resource or paying no attention to resources’ reusing. Sixth, high-tech enterprises have more enterprise dynamic capabilities than non high-tech enterprises, and non state-owned enterprises have more enterprise dynamic capabilities than non state owned enterprises. For the former it is mainly because that high-tech enterprises pay more attention to independent R&D and Independent Intellectual Property Rights than non high-tech enterprises; for the latter it is mainly because that the moderating effect of the market is more effective to the non state-owned enterprises than to state-owned enterprises, and administrative intervention that state-owned enterprises suffer has a certain degree of crowding out effect on market effect, which makes state-owned enterprises’ response ability to the changes in the external environment to be relatively low.
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