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本文以技术创新动力理论、利益相关者理论及委托代理理论为基础，构建了企业研
发投入影响因素的理论模型。总体来说，影响研发投入的因素主要分为外部因素及内部
因素两大维度。外部因素分为政府、市场两大角度，具体分析政府补助、知识产权保护
程度、市场竞争地位以及新产品的市场需求对企业研发投入的影响。内部因素分为研发
决策、研发保障及利益驱动三方面，具体分析了股权集中度、资本结构、高管激励；研
发人员、企业技术能力、经营活动现金流及企业收益率对企业研发投入的影响。并以汽
车制造业上市公司为例，通过构建的多元线性回归模型，对各影响因素提出的研究假设
进行实证检验
研究结果发现：外部影响因素中，政府补助、新产品市场需求与企业研发投入显著
正相关；市场竞争地位低的企业研发动力更足。政府补助、市场竞争地位对研发投入的
影响在国有控股企业中体现的更明显。在内部影响因素中，股权集中度与资本结构对研
发投入的影响没有通过显著性检验；高管激励、技术资源与前期收益率能显著促进企业
的研发投入；研发人员与研发投入两者显著正相关，但它在国有企业中与研发投入之间
没有显著关系；经营现金流仅在国有企业中与R&D投入成正比
关键词：研发投入；内部因素；外部因素；影响效果
企业R&D投入的影响因素研究——以汽车制造业公司为例
II
The Influencing Factors of Enterprises R&D Investment
Abstract
Since the Innovation driven development strategy was put forward, most companies
are actively seeking ways to improve independent innovation capabilities and drive
development through innovation. As R&D investment plays an important role in influencing
enterprise's innovation ability, it has important practical significance to improve the
enterprise's innovation consciousness and strengthen its independent innovation ability
through the research on the influencing factors of R&D investment.
Based on the theory of technology innovation, stakeholder and principal-agent, this paper
constructs a theoretical model of the influencing factors of R&D investment. In general, the
factors affecting R&D investment are mainly divided into two major dimensions: external
factors and internal factors. The external factors are divided into government perspective and
market perspective. Then the impact of government subsidies, intellectual property protection,
market competition status and market demand for new products on R&D investment are
specific analyzed. The internal factors are divided to three aspects,R&D decision-making,
R&D protection and profit-driven. And it’s specifically analyzing shareholding concentration,
capital structure, and executive incentives; R&D personnel, corporate technology capabilities,
operating cash flow and corporate profitability impact on R&D investment. Taking the listed
companies in the automobile manufacturing industry as an example, the multivariate linear
regression model was constructed to empirically test the research hypotheses proposed about
various influencing factors.
The results found that market demanding for new products, government subsidy and
market competitive position are significantly positively correlated with the R&D investment
among the external influence factors. The enterprises with low market competitiveness have
more impetus for R&D. The effects of government subsidies and market competition status on
R&D investment are more evident in state-owned enterprises. Among the internal influence
factors, ownership concentration and capital structure has not passed the significant test.
Executive incentives, technical resources and early-stage profitability have significantly
boosted R&D investment. R&D personnel are positively correlated with R&D investment,but
it’s not obvious in the state-owned enterprises. Operating cash flow is only proportional to
R&D investment in state-owned enterprises.
Key Words：R&D investment；Internal factors；External factors；Impact effect
