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| Heckman Two-stage Analysis of Enterprises’ R&D Investment Behavior: an Empirical Study Based on the Chinese Industrial Enterprises Panel Data |
| BAI Xuyun |
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Abstract This article theoretically analyzes the enterprises’ R&D investment behavior in terms of enterprises’ size, market and competition environment factors, financial resources strength, property relations and industry characteristics etc. Then it empirically studies enterprises’ R&D investment behavior based on the Chinese industrial manufacturing enterprises database including 600,000 observed sample data, using the Heckman model. The result shows that the enterprises’ size, financial resources strength, business concentration and degree of industry market concentration etc. have significant positive correlation with both R&D investment selection and its amount, but their leverage has significant negative correlation with R&D investment selection and its amount. Therefore it puts forward the corresponding policy recommendations and points out the future research direction.
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Received: 03 March 2014
Published: 15 May 2014
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Corresponding Authors:
BAI Xuyun
E-mail: baixuy@163.com
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2014, Vol. 
浙公网安备 33011802000512号