关键词: R&D investment, industry characteristics, enterprise behavior, Shapley value decomposition method

Abstract: R&D investment is the key to change economic development pattern and enhance the industrial competitiveness. While Chinese enterprise faced with both low intensity and skew distribution of firm R&D investment. Unlike existing research, this paper is going to analysis the industry characteristics of R&D investment, and present a decision model of enterprise R&D investment by two fields which are enterprise and industry. We use a micro-data of Chinese manufacturing industries from 2005 to 2007 as samples to test the factors of firm R&D intensity. Moreover, we discusses the differences of enterprise R&D investment by Shapley value decomposition method, and gets the following conclusions. At micro-level, the intensity of R&D has significant negative correlations with production scale, firm age and asset-liability ratio, and enterprise property also effects the R&D decisions hardly. In addition, industry level factors such as average R&D intensity, market concentration and the environment of external financing has significant positive effects to firm R&D investment. However, there are obvious inhibitive effects from the ratio of new products’ sales revenue and R&D concentration. According to the analysis of Shapley value, industry factors contributes the 86.5% to the differences of firm R&D investment, and enterprise factors only contributes the 13.5%. In conclusion, the differences of investment in research and development are because of the different industries characteristics, not the enterprise behavior.