(TFP) TFP TFP [5] [10] [11] Tobit R&D U [12] TFP (Scherer) R&D R&D U [6] U U (Boundetal) R&D U [7] 800 U [8] (Yasuda) R&D R&D [9] (Jefer- sonetal) R&D

1 1 2 (1. 310027;2. 361001) [ ] Probit (TFP) :(1)TFP ;(2) U ; (3) [ ] ; ; ; ; [ ]F273 [ ]A [ ]1000-596X (2012)04-0005-11 (Schumpeter) : (BernardandJens- [4] en) (Melitz) [1][2] [ ] 2012-03-02 [ ] (11AJL010) [ ] (1955 ) ; (1983 ) ; (1981 ) [3] 5

(TFP) TFP TFP [5] [10] [11] Tobit R&D U [12] TFP (Scherer) R&D R&D U [6] U U (Boundetal) R&D U [7] 800 U [8] (Yasuda) R&D R&D [9] (Jefer- sonetal) R&D (SalomonandShaver) (Gor- odnichenkoetal) (Bratietal) [13][14][15] (Salomon andshaver) ; R&D 6

[13] TFP (Gorodnichenkoetal) 27 [14] (Bratietal) : [15] ( ) [16] Probit CEO : P[innov it =1 Z it-1 ]=Φ[ β Z it-1 ] (1) CEO Φ[ ] 0<Φ[ ]<1 [17] : U U : P[innov it =1 Z it-1 ] =Φ[ β 0 +β 1tfpit-1 TFP 1 [18] +β 2exit-1 + β 3sizeit-1 +β 4size2 it-1 +β 5wageit-1 +β 6proit-1 + β 7ageit-1 (Liuand +β 8age2 it-1 +β (k/l) 9 it-1 Buck) + regj + indr [11][19] + owns + yeart +εit] (2) 1 1 TFP (Rochina-Barrachinaetal) TFP TFP [18] TFP 2 TFP TFP 7

2 ( =1 = ( ) 0); 2000 2003 500 ln (1+ex/sales) : 6 (size) 1 2000 [20] (Scherer) ( ) : 1. ; ; R&D R&D [11][12] 15% 10% ~15% 2 U [21] U (AcsandAudretsch) R&D (wage) [22] ( innov=0; innov=1) 2. (tfp) TFP OLS (age) (Levin- sohnandpetrin) ; TFP [23] (ex) [9] : (k/l) 1 ( ) [22] 2 8 [6] (pro)

2 1 2 2 innov 671657 0.066169 0.248577 0 1 [24][25][26][27] tfp 373558 6.504521 1.196058-2.288634 14.80771 3. 6 (own); 31 (reg); 38 (ind); (year) 1 1 (Spearman) 3 3 innov ( na 0.4192 =1 =0) tfp ex size wage pro age k/l (lntfp) + ( =1 =0) + /- =ln (( + )/ + ) =ln ( + ) =ln ( ) +/- = ( +/- - ) =ln (k/l) + ind na reg na own na year na :na ex 385606 0.268087 0.442963 0 1 size 380998 9.644895 1.458574 0 18.34033 wage 385606 2.151849 0.739090-7.371490 11.22555 pro 291940 6.186947 2.079828 0 17.87631 age 384558 12.47564 12.50170 0 53 k/l 382402 3.453481 1.365470-7.201916 13.02656 ( ) 4 (TFP) 1 ( = / ) 2004 [12] (Symeonidis) [24] (Scher- er) [25] 2 [26] (Cohenetal) R&D R&D 1% [27] 9

3 Spearman innov tfp ex size wage pro age k/l innov 1.0000 tfp 0.1603 * 1.0000 ex 0.1156 * 0.1729 * 1.0000 size 0.1117 * 0.3674 * 0.1608 * 1.0000 wage 0.0997 * 0.2917 * 0.1834 * 0.2193 * 1.0000 4 pro 0.1354 * 0.3922 * 0.1369 * 0.4192 * 0.2828 * 1.0000 age 0.0636 * -0.0526 * -0.0750 * -0.0158 * -0.0790 * -0.0501 * 1.0000 k/l 0.0782 * 0.1366 * -0.0620 * 0.1553 * 0.2485 * 0.2636 * 0.0264 * 1.0000 : * 5% Probit (1) (2) (3) (4) (5) (6) tfp 0.278 *** 0.236 *** 0.217 *** 0.221 *** 0.206 *** 0.208 *** (0.00359) (0.00414) (0.00425) (0.00596) (0.00601) (0.00600) ex 0.493 *** 0.478 *** 0.480 *** 0.470 *** 0.442 *** 0.449 *** (0.00882) (0.00890) (0.00890) (0.00981) (0.00988) (0.00989) sales -0.0730 *** -0.0793 *** -0.0681 *** -0.0493 *** -0.0370 ** (0.0155) (0.0156) (0.0176) (0.0179) (0.0180) sales^2 0.00642 *** 0.00663 *** 0.00550 *** 0.00442 *** 0.00354 *** (0.000770) (0.000774) (0.000872) (0.000886) (0.000890) wage 0.118 *** 0.119 *** 0.117 *** 0.0889 *** (0.00650) (0.00740) (0.00748) (0.00757) pro 0.0209 *** 0.0296 *** 0.0215 *** (0.00278) (0.00282) (0.00282) age -0.00710 *** -0.00718 *** (0.00120) (0.00121) age^2 0.000406 *** 0.000404 *** (0.0000244) (0.0000245) k/l 0.0703 *** (0.00372) -5.587 *** -4.278 *** -4.805 *** -4.468 *** -4.908 *** -5.207 *** (0.336) (0.291) (0.349) (0.292) (0.387) (0.388) 373476 369427 369427 284159 283758 283758 R 2 0.192 0.193 0.195 0.200 0.209 0.211-77719.9-76583.7-76399.5-60839.4-60052.8-59866.3 24226.8 24621.2 24801.8 20636.2 21511.5 21786.6 P 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 : * ** *** 10%5%1% : TFP 10

TFP TFP ( ) [12][17] [16] ( ) 4 TFP U (Boundetal) (Yasuda) 5 [7][9][26] 5 Probit ; ; [16] 0.8% U (1) (2) (3) (4) tfp 0.247 *** 0.144 *** 0.164 *** 0.205 *** (0.0172) (0.0137) (0.0171) (0.0199) ex 0.731 *** 0.320 *** 0.206 *** 0.150 *** (0.0321) (0.0205) (0.0298) (0.0302) sales 0.202 *** -0.0852 ** -0.110 ** -0.176 *** (0.0632) (0.0385) (0.0511) (0.0525) sales^2-0.00745 ** 0.00488 ** 0.00676 *** 0.00931 *** (0.00308) (0.00203) (0.00256) (0.00252) wage 0.105 *** 0.0332 ** 0.0891 *** 0.0553 *** (0.0218) (0.0164) (0.0232) (0.0215) pro 0.00501 0.0557 *** 0.0197 ** 0.0127 (0.00685) (0.00719) (0.00889) (0.0105) age -0.00371-0.00731 ** 0.00610 0.0100 (0.00370) (0.00286) (0.00580) (0.00642) age^2 0.000223 *** 0.000416 *** 0.000468 *** 0.000240 (0.0000662)(0.0000703) (0.000142) (0.000174) k/l 0.102 *** 0.0460 *** 0.0394 *** 0.0118 (0.0122) (0.00801) (0.0106) (0.0109) -6.635-3.878 *** -2.470 *** -1.607 *** (0.496) (0.658) (0.557) (0.610) 31709 76410 32445 24646 U R 2 0.369 0.120-6235.8-13041.9 0.159-6023.4 0.177-5875.3 3745.4 2718.5 1825.7 2057.7 P 0.0000 0.0000 0.0000 0.0000 : 11

5 TFP U U U ( ) (01) ( ) ( / ) U U [11] 6 7 6 Probit (1) (2) (3) (4) (5) (6) tfp 0.301 *** 0.235 *** 0.216 *** 0.223 *** 0.207 *** 0.209 *** (0.00365) (0.00425) (0.00435) (0.00602) (0.00608) (0.00607) ex 0.219 *** 0.271 *** 0.279 *** 0.273 *** 0.254 *** 0.267 *** (0.0157) (0.0149) (0.0150) (0.0167) (0.0164) (0.0170) ex^2-0.0352 *** -0.0342 *** -0.0356 *** -0.0375 *** -0.0353 *** -0.0383 *** (0.00431) (0.00388) (0.00390) (0.00440) (0.00428) (0.00455) sales -0.0849 *** -0.0916 *** -0.0915 *** -0.0716 *** -0.0632 *** (0.0162) (0.0163) (0.0185) (0.0188) (0.0188) sales^2 0.00839 *** 0.00865 *** 0.00801 *** 0.00677 *** 0.00611 *** (0.000794) (0.000800) (0.000900) (0.000914) (0.000915) wage 0.118 *** 0.119 *** 0.118 *** 0.0914 *** (0.00640) (0.00730) (0.00739) (0.00748) pro 0.0193 *** 0.0289 *** 0.0213 *** (0.00277) (0.00280) (0.00281) age -0.00677 *** -0.00682 *** (0.00119) (0.00120) age^2 0.000421 *** 0.000418 *** (0.0000242) (0.0000243) k/l 0.0662 *** (0.00367) -4.063 *** -5.229 *** -4.733 *** -5.150 *** -5.260 *** -5.277 *** (0.114) (0.353) (0.243) (0.401) (0.398) (0.390) 369430 369427 369427 284159 283758 283758 R 2 0.175 0.180 0.182 0.187 0.197 0.199-78319.6-77879.2-77690.8-61849.9-60935.4-60767.5 21912.4 23150.3 23352.7 19497.7 20513.5 20716.0 12 P 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000

6 U [11] ( 99.6%) 7 Probit (1) (2) (3) (4) tfp 0.269 *** 0.142 *** 0.167 *** 0.209 *** (0.0173) (0.0138) (0.0176) (0.0203) ex 0.547 *** 0.282 *** 0.0547-0.0605 * (0.0690) (0.0384) (0.0358) (0.0357) ex^2-0.0549 *** -0.0455 *** -0.0199 ** 0.0103 (0.0165) (0.0123) (0.00791) (0.00755) sales 0.159 ** -0.103 ** -0.175 *** -0.156 *** (0.0646) (0.0421) (0.0579) (0.0566) sales^2-0.00331 0.00671 *** 0.00985 *** 0.00840 *** (0.00311) (0.00216) (0.00281) (0.00265) wage 0.101 *** 0.0364 ** 0.0856 *** 0.0518 ** (0.0214) (0.0164) (0.0229) (0.0214) pro 0.00126 0.0549 *** 0.0226 ** 0.0157 (0.00673) (0.00716) (0.00891) (0.0106) age -0.00443-0.00684 ** 0.00829 0.0126 ** (0.00368) (0.00285) (0.00577) (0.00639) age^2 0.000260 *** 0.000417 *** 0.000441 *** 0.000185 (0.0000656)(0.0000702)(0.000141)(0.000174) k/l 0.105 *** 0.0409 *** 0.0338 *** 0.00967 (0.0120) (0.00798) (0.0105) (0.0108) -5.775 *** -3.044 *** -2.491 *** -2.156 *** (0.493) (0.640) (0.528) (0.764) 31709 76410 32445 24646 R 2 0.350 0.114 0.156 0.175-6422.9-13125.2-6046.7-5886.4 3116.0 2583.7 1834.4 2045.3 P 0.0000 0.0000 0.0000 0.0000 (OEM) [11] 7 5 TFP Probit : (1)TFP (2) ; U ( ) (3) U ; U (4) (5) 7 : TFP TFP U TFP 13

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