摘 要
面对日趋激烈的市场竞争，企业成长性作为衡量企业的发展状况和未来前景的影
响因素，受到广泛的关注与重视。随着经济全球化的迅速发展，我国企业逐渐意识到
技术创新是提高企业核心竞争力的基础和关键。尤其是对于新能源这一发展较快，同
时又是高技术性的产业来说，以产品的研究开发为主导的技术创新对于新能源行业的
成长起着决定性的作用。因此，本文探索新能源行业的技术创新投入与企业成长性的
关系具有积极的现实意义。
本文查阅了国内外文献，在相关理论的基础上，以新能源上市公司为研究对象，
选取 2011~2014 年的面板数据，用实证分析的方法研究了技术创新对企业成长性的影
响机制。首先，本文用因子分析的统计方法对样本企业的成长性进行综合评价，根据
得到的四个公因子以及各自的权重，计算成长性的综合因子，以此代表企业的成长性；
然后分别检验了研发投入和技术人员比例对企业成长性的影响，以及滞后性研究。
研究得到的结论是：对新能源行业来说，研发投入对企业成长性有着十分显著的
正向作用，并且这种正影响存在滞后性，滞后期限是一到两年。另一方面，研发投入
对企业成长性影响也存在短期效应，具体体现是：滞后一年的研发投入对企业成长性
的作用最大，随着时间延长，这种正向作用就会慢慢减弱；其次，技术人员比例与企
业成长性不存在显著相关性；最后，为了更深入地分析企业在位于不同成长性水平下，
企业研发投入对成长性的具体影响，本文采用分位数回归法进行研究。通过对样本数
据的实证研究发现：不同成长性分位数水平下，企业研发投入强度与其成长性间的正
相关程度明显存在区别。成长性分位数水平越高，研发投入强度对企业成长性的正向
作用也越明显，而企业规模、财务杠杆、股权集中度对成长性的负向影响也因成长性
的不同表现出差异。最后，针对本文研究的结论从企业和政府两个角度提出一些建议。
关键词：技术创新，企业成长性，新能源上市公司
ABSTRACT
Faced with increasingly fierce market competition，as a index to measure corporate
development and future prospects, enterprise growth gets more and more attention. With the
rapid development of economic globalization，China's enterprises come to realize that
technological innovation is the foundation and key to improve the core competitiveness.
Especially for the rapid development of new energy sources, but also it is also the high-tech
nature of the industry, technology innovation which is leading on research and development
of products plays a decisive role in new energy industry development. Therefore, we
explore the relationship between technological innovation and business growth of the new
energy industry, which has a positive and practical significance.
From the technological innovation and the growth of both the perspective, the paper
applies the relevant theory, chooses new energy listed companies as the research object,
selects the range of 2011~2014 for the research, and uses empirical method to analysis the
influence of technological innovation to enterprise growth. At first, the paper has a
comprehensive evaluation of the sample enterprises’ growth by factor analysis method, and
lets it indicate the state of the business growth. At the second, the paper tests the effect of
R&D investment and technical personnel ratio to the enterprise growth, including hysteresis
and short-term effects.
The results show that: the positive role of R&D investment in promoting growth isvery obvious,
and this impact will last only one or two years lag; in addition , short-term
effects of R&D investment to growth are more significant, showing the largest effect after a
year lag time , one year later, such a positive effect tends to be weaken; secondly, there is no
significant correlation between the proportion of technical staff and business growth; and
finally, in order to research more specifically corporate R&D investment to grow its future
impact under different growth levels, the paper quoted the quantile regression analysis.
Through the analysis of the data found in the sample, the conclusion can be got: under
different quantile growth levels, the degree of positive correlation between R&D intensity
and its growth has evident difference. With the improvement of growth percentile level, the
influence of R&D intensity of business growth gradually will increase, and firm size,
financial leverage, ownership concentration’s negative effect appear to be also different due
to different growth. And the paper puts forward some advice from the firms and our country
according to the conclusions.
KEY WORDS: technology innovation, enterprise growth, New Energy listed companies