辽宁师范大学硕士学位论文
摘
要
随着新发展理念的全面落实和高质量发展的高速推动，深交所坚守“三创四新”，不
断激发企业创新活力，成为“专精特新”企业的坚实后盾，为促进科技、资本和实体经济
高水平循环贡献力量。市场主体持续有效的内部研发创新活动与国家创新能力的提升息
息相关，企业的研发创新在中国经济高水平增长过程中发挥着关键性作用。因此，深入
研究不同规模企业的创新水平，为市场主体研发创新制定相关政策提供科学的理论支持，
是有深刻的实践意义的。我国创业板上市企业大多为中小企业，成立时间不久，是我国
经济韧性的重要支撑。鉴于此，从哪些方面提升我国创业板上市企业的创新能力，突破
现有瓶颈，是本文研究努力的方向。
企业规模是企业经营活动的载体，通过梳理国内外关于企业规模、研发投入及创新
绩效关系的文献，理清了本研究各相关概念的界定，明确了各变量间的关系与影响，归
纳出本研究企业规模、研发投入与创新绩效等变量的替代指标。从CNRDS数据库和
CSMAR数据库中收集相关数据，最终得到 345家创业板上市企业。将创新绩效分为总
体创新绩效、实质性创新绩效和策略性创新绩效，在理论分析的基础上，采用固定效应
的面板负二项回归模型和固定效应的面板线性回归模型，基于我国创业板上市企业，研
究企业规模与创新之间的关系，并探究研发投入强度的中介作用和盈利能力的调节作用，
进一步深化熊彼特的企业规模与创新理论。研究结果表明：（ 1）我国创业板上市企业
规模与总体创新绩效和策略性创新绩效均呈显著倒“U”型关系，与实质性创新绩效呈显
著正向影响。无论是总体创新绩效还是实质性创新绩效和策略性创新绩效，企业规模对
创新绩效的影响均存在滞后性。（2）企业规模对研发投入强度具有线性的正向贡献作
用；同时研发投入强度在企业规模与创新绩效的相关性上起到重要的部分中介作用。（3）
盈利能力在企业规模和总体创新绩效或实质性创新绩效的直接作用中起显著调节效应，
但在企业规模和策略性创新绩效的直接作用中没有起到显著调节效应。（ 4）盈利能力
在企业规模和研发投入的关系中起到显著调节效应。（ 5）盈利能力在中介过程中均起
到显著调节效应。
最后在上述实证分析的基础上，为我国创业板上市企业提升创新绩效提出针对性建
议，并且指出本文研究局限性和展望。
关键词：企业规模；研发投入；创新绩效；创业板上市企业
III
企业规模、研发投入与创新绩效——基于创业板上市公司的实证
Enterprise Scale, R&D Investment and Innovation Performance
-Based on the Empirical Study of GEM Listed Companies
Abstract
With the full implementation of the new development concept and the high-speed
promotion of high-quality development, Shenzhen Stock Exchange sticks to the "three
innovation and four innovation", constantly stimulates the innovation vitality of enterprises,
and becomes a solid backing of "specialized and special innovation" enterprises, contributing
to the promotion of high-level cycle of science and technology, capital and real economy. The
continuous and effective internal R&D and innovation activities of market entities are closely
related to the improvement of national innovation capacity. Enterprises' R&D and innovation
play a key role in the high-level growth of China's economy. Therefore, it is of profound
practical significance to deeply study the innovation level of enterprises of different sizes and
provide scientific theoretical support for market subjects to formulate relevant policies for
R&D andinnovation. China'sGEM companies aremostly smalland medium-sized
enterprises, which have not been established for a long time and are an important support for
China's economic resilience. In view of this, how to improve the innovation ability of GEM
enterprises in China and break through the existing bottleneck is the direction of this thesis.
Enterprise scale is the carrier of enterprise business activities, through combing the
domestic and foreign about the enterprise scale, R&D input and innovation performance
relationship of literature, clarified the definition of related concepts, this research made clear
the relationship between the variables and the influence, summarizes the enterprise scale, the
research is variable substitution indexes such as input and innovation performance. Relevant
data were collected from CNRDS database and CSMAR database, and 345 GEM listed
companies were finally obtained. The innovation performance is divided into total innovation
performance, substantive innovation performance and strategic innovation performance. On
the basis of theoretical analysis, the negative binomial panel regression model with fixed
effect and the panel linear regression model with fixed effect are adopted to study the
relationship between enterprise size and innovation based on the listed enterprises in GEM. It
also explores the mediating role of R&D investment intensity and the moderating role of
profitability to further deepen Schumpeter's theory of firm size and innovation. The results
show that : (1) there is a significant inverted u-shaped relationship between the size of listed
enterprises on GEM and overall innovation performance and strategic innovation performance,
IV
辽宁师范大学硕士学位论文
and a significant positive impact on substantive innovation performance. Whether it is overall
innovationperformance,substantiveinnovationperformanceorstrategic innovation
performance, firm size has a lag effect on innovation performance. (2) Firm size has a linear
positive contribution to R&D investment intensity; At the same time, R&D investment
intensity plays an important partially mediating role in the correlation between firm size and
innovation performance. (3) Profitability plays a significant moderating role in the direct
effect of firm size and overall innovation performance or substantive innovation performance,
but does not play a significant moderating role in the direct effect of firm size and strategic
innovation performance.(4) Profitabilityhas asignificant moderatingeffect onthe
relationship between firm size and R&D investment. (5) Profitability plays a significant
moderating effect in the mediation process.
Finally, on the basis of the above empirical analysis, specific suggestions are put forward
to improve the innovation performance of GEM listed companies in China, and the limitations
and prospects of this study are pointed out.
Key Words: Enterprise scale;R&D investment; Innovation performance; GEM listed
enterprises
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