本文从中小板上市企业2013年-2015年年报中摘录并筛选获得385组企业创新的数据,利用非线性面板数据的多重分类模型,结合中小板上市企业2013年-2014年有关数据,测算了人力资本和研发投入的门槛值,并在此基础上对影响企业专利申请量的外部因素和内部因素的作用机制进行了探讨.结果表明:中小板上市企业在创新过程中存在人力资本和研发投入的双门槛效应,当人力资本和研发投入同时低于门槛值时,全部因素对企业创新的影响均不显著;研发投入对中小板上市企业创新发挥的功效要大于人力资本,而且对于人力资本超过门槛值的中小板上市企业,人力资本与企业创新之间显著负相关;企业规模对企业创新的促进作用依赖于人力资本超过门槛值、研发投入和利润率对创新的促进作用则依赖于研发投入超过门槛值、政府补助对创新的促进作用依赖于人力资本和研发投入同时超过门槛值、人力资本低于门槛值、研发投入超过门槛值的中小板上市企业通过出口显著提升了创新能力.%This paper uses manual method to extract 385 observations from annual reports of small and medium-sized board listed companies in China for the period 2013-2016, then applies multiple-regime model as a non-linear panel data approach to measure the threshold value of human capital and R&D input.Based on the threshold value,the paper provides new insights into action mechanism of enterprise innovation.The following facts emerge: We find that human capital and R&D input exhibit a multiple threshold effect with enterprise innovation and all the determinants take no effect on the innovation in the enterprises with human capital and R&D input less than the threshold value;Compared to human capital, R&D input has a greater positive impact on innovation in middle and small-sized enterprises,moreover, human capital is negatively associated with innovation in the enterprises with human capital more than the threshold value;enterprise scale plays an important role in middle and small-sized enterprises with human capital more than the threshold value, R&D input and profit margin have remarkable positive impacts on innovation in middle and small-sized enterprises with R&D input more than the threshold value,while government subsidies only play an important role in middle and small-sized enterprises with human capital and R&D input more than the threshold value;export will play an obviously positive role in improving innovation in the enterprises with human capital less but R&D input more than the threshold value.
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