Abstract: In this paper, we examine the influence of market competition on the return of R&D investment with the world bank survey data of 1542 enterprises in China. Based on the hypothesis of the heterogeneity of R&D effect, we use Roy model calculating the potential output of enterprise R&D, as well as the effect of R&D based on the characteristics of the enterprise. We found that the enterprise R&D yields are significantly different under different competition environment. The yields of R&D is higher in less competitive environment. Enterprises choose whether or not to carry out R & D according to their own comparative advantage., In this paper, we examine the influence of market competition on the return of R&D investment with the world bank survey data of 1542 enterprises in China. Based on the hypothesis of the heterogeneity of R&D effect, we use Roy model calculating the potential output of enterprise R&D, as well as the effect of R&D based on the characteristics of the enterprise. We found that the enterprise R&D yields are significantly different under different competition environment. The yields of R&D is higher in less competitive environment. Enterprises choose whether or not to carry out R & D according to their own comparative advantage.

Key words: return to R&, D

摘要： 本文根据世界银行2012年对中国25个城市1542家企业的经营环境调查数据，研究了市场竞争对企业研发收益率的影响。基于研发产出存在异质性的假设，本文运用Roy模型对企业的研发能力偏差进行了纠正，并计算出每家企业潜在的研发收益率和无研发收益率，以及因企业特征而异的研发收益率。研究发现，不同竞争环境下的企业研发收益率存在显著差别，低竞争环境下企业的平均研发收益率要高于高竞争环境，企业会根据自身的“比较优势”选择是否进行研发。, 本文根据世界银行2012年对中国25个城市1542家企业的经营环境调查数据，研究了市场竞争对企业研发收益率的影响。基于研发产出存在异质性的假设，本文运用Roy模型对企业的研发能力偏差进行了纠正，并计算出每家企业潜在的研发收益率和无研发收益率，以及因企业特征而异的研发收益率。研究发现，不同竞争环境下的企业研发收益率存在显著差别，低竞争环境下企业的平均研发收益率要高于高竞争环境，企业会根据自身的“比较优势”选择是否进行研发。