轉(zhuǎn)型經(jīng)濟中的研發(fā)和企業(yè)績效[文獻翻譯]

1、原文：原文：R&DFirmPerfmanceinaTransitionEconomyINTRODUCTIONAccdingtointernationalcomparativestatisticstheEasternEuropeancountriesshowmuchlessinnovativeactivitythane.g.theEUaverageThismightbegoodbad.Ifthefirmsarenotcapableenou

2、ghtohleR&Dprocessesitisgoodthattheyrecognizethis.Duringacountry’stransfmationprocesstoamarketeconomyadoptionofestablishedprocessesproductsinconnectionwithproductvariationcompetitiveproductionpossibilitiesareanattractivea

3、lternativetoinnovation.HowevermostobserversaskfmeR&Dinthesecountriesfpolicieseasinginnovationindertoincreasegrowth.Thosepolicyinterventionsarenotonlysubjectoftheeticaldiscussions.SubsidiesgrantedbytheEuropeanCommissionin

4、membercountrieslikethesixthframewkprogramarealsorelevantftheaccessioncountriesoftheEuropeanUnion.PerhapsR&Dsubsidiesarepartlywastedifgrantedinanearlystageofthetransfmationprocesscouldbeusedinameproductiveway.Itmightbethe

5、casethatinsteadofconductingresearchdevelopmentfirmsintheseareasarebetteroffbytheproductionofestablishedproductsatlowercoststhanintheWesterncountries.Answerstothesequestionswouldsurelybehelpfulfthepolicydesignftransfmatio

6、nprocesses.ThepurposeofourarticleistocomparethesuccessofinnovativeactivityinEasternWesternGermanyindertoinvestigatewhethertherearedifferenceswithrespecttoR&DperfmancebetweenthetwopartsofreunifiedGermany.EasternGermanyisa

7、veryspecialexampleofatransitioneconomy.ThemovementfromthefmerGermanDemocraticRepublictostatesoftheGermanFederalRepublicwasaccompaniedbytheintroductionofawellestablishedcurrencyastablereliablelegalframewkahighlydevelopeds

8、ystemofindustrialrelations.AlthoughdifferencesbetweenbothpartsofthereunifiedGermanyaroseinthemeantimethesearecertainlysmallerthanthosewithrespecttoothertransitioneconomics.theEastdonotleadtosuccessfulproductsmarketsucces

9、sbutfailinthewstcaseputfirmsattheriskofbankruptcythispolicystrategymaybeaninefficientallocationofresources.Ourstudyisanextensionofthe(few)existingstudiesontheeffectsofinnovationsintransitioneconomies.Aghionetal.(2002)asw

10、ellasCarlinetal.(2004)investigatetheeffectofinnovationsongrowthofasampleof2245respectively3288firmsfrom24EasternEuropeancountriestheyfindthatsomecompetitivepressureisgoodfinnovativenessbuttoomuchcanbecounterproductive(Ca

11、rlinetal.2004).Innovativenesshasapositiveimpactongrowth.Howeveritisnottestedwhetherinnovationshavealsoapositiveeffectonprofitability.KoningsXavier(2002)utilizeinfmationconcerninginnovationusetheratioofintangibleassetstot

12、otalfixedassetsasanexogenousvariableexplainingsurvivalgrowthfasampleof2813Slovenianfirmsoverthetimeperiodfrom1994to1998.Itturnsoutthattheinnovationvariablehasnegativeyetinsignificantcoefficientsbothinthegrowththesurvival

13、equations.Howeverthisisafirstindicationthatinnovationmightnotsupptgrowthsurvivaloffirmsinatransitioneconomy.Thisstsincontrasttotheempiricalresultsestimatedffirmsinnontransitioncountries(seee.g.Hall1987CefisMarsili2006).W

14、earenotawareofastudythatdirectlycomparesnontransitiontransitioncountries.CONCEPTUALFRAMEWKFirmperfmancewithrespecttoR&Dhasbeenmeasuredbyavarietyofindicatssuchasproductivityprofitabilityfirm’sstockmarketvaluations.Inthisp

15、aperweemployabroadmeasureencompassingproductivityprofitabilitystockmarketvalue.Weapproximatetheoverallfirmvaluebyfirmscreditratings.Thefirmvalueisexpectedtoreflectthevalueofbothtangibleassetsintangibleassetsinparticulark

16、nowledgecapitaltheintangibleassetscreatedbyR&Dactivity.Itaccountsfbusinessfinancialriskssuchasindustryacteristicscompetitivepositionmanagementproductivityprofitabilityliquidityaswellasfinancialpolicyflexibility.Thusitref