医药上市公司研发投入对企业成长性的实证研究

发布时间：2018-05-15 11:57

本文选题：医药上市公司 + 研发投入　；参考：《西北农林科技大学》2017年硕士论文

【摘要】：在全球市场竞争越发激烈的今天,研发活动对于企业核心竞争力的培育发挥着越来越重要的作用。国内外的理论和实证研究都表明,高新技术企业的研发投入与其成长性成正相关关系,与企业的盈利能力也呈正相关关系。医药行业恰好是技术密集型的高新技术产业之一,技术资本的边际报酬递增规律具有深厚的理论基础,因而对于医药行业来说,以药品研发为主导的技术创新对企业长期占据有利地位和持续成长极其重要。目前我国对于企业研发投入相关数据的披露采取非强制性原则,许多企业基于保密考虑不予披露,因此可获取的研发投入数据十分有限,对于研发投入与企业成长性之间关系的研究尚缺乏足够的实证研究支持。本文在对前人研究成果归纳和整理的基础上,对研发投入和企业成长性涉及的相关理论进行整合,选取我国沪深主板上市公司中研发投入相关数据较齐全的98家医药企业为样本,采用2012-2015年共四年的研究区间,运用因子分析、描述性统计分析与多元线性回归的分析方法,实证研究医药上市公司研发投入对企业成长性的影响作用。根据指标可量化原则,选择反映企业成长性的相关指标,通过因子分析得出企业成长性的指标值作为因变量。选取研发投入强度和研发与技术人员比例作为自变量,将企业规模、财务杠杆、企业上市年龄作为控制变量建立多元线性回归模型。得出研究结论:我国医药上市公司当期的研发投入强度与企业成长性正相关,并通过了显著性检验;研发与技术人员比例与企业成长性不存在显著的相关关系,没有通过显著性检验;当期的研发投入强度与滞后一年、滞后两年、滞后三年的企业成长性呈正相关,说明企业的研发投入对成长性的影响有滞后性,并且由于相关系数呈现出减小的趋势,说明研发投入强度对企业成长性的影响具有短期效应;企业规模与企业成长性正相关,而财务杠杆、上市年龄与企业成长性的相关关系为负。最后,本文根据研究结论对我国医药企业成长提出了增加研发投入、注重研发团队建设、提高研发效率、完善研发投入信息披露等针对性建议。
[Abstract]:With the increasingly fierce competition in the global market, R & D activities play a more and more important role in fostering the core competitiveness of enterprises. Theoretical and empirical studies at home and abroad show that R & D investment of high-tech enterprises is positively correlated with their growth and profitability. The pharmaceutical industry happens to be one of the technology-intensive high-tech industries. The law of increasing marginal returns of technological capital has a profound theoretical foundation, so for the pharmaceutical industry, Pharmaceutical R & D-led technological innovation is very important to the long-term favorable position and sustainable growth of enterprises. At present, our country adopts the non-mandatory principle for the disclosure of data related to enterprise R & D input. Many enterprises do not disclose data on the basis of confidentiality, so the available R & D input data are very limited. The research on the relationship between R & D investment and enterprise growth is lack of sufficient empirical research support. On the basis of summing up and sorting out the previous research results, this paper integrates the related theories of R & D investment and enterprise growth. In this paper, 98 pharmaceutical companies with complete data on R & D input from Shanghai and Shenzhen main Board listed companies are selected as samples, using the research interval of four years from 2012 to 2015, using factor analysis, descriptive statistical analysis and multivariate linear regression analysis method. Empirical study on the impact of R & D investment on the growth of listed pharmaceutical companies. According to the principle of quantifiable index, this paper selects the related index which reflects the growth of enterprise, and obtains the index value of enterprise growth as dependent variable by factor analysis. Selecting R & D investment intensity and R & D / R & T ratio as independent variables, the multiple linear regression model is established by taking enterprise size, financial leverage and enterprise listing age as control variables. The conclusion of the study is: the R & D investment intensity of the listed pharmaceutical companies in the current period is positively related to the growth of the enterprises and has passed the significant test, and there is no significant correlation between the R & D and technical personnel ratio and the growth of the enterprises. The intensity of R & D investment in the current period is positively correlated with the growth of enterprises that lag behind for one year, two years, and three years, indicating that the impact of R & D investment on growth is lagging behind. Because of the decreasing trend of correlation coefficient, it shows that R & D investment intensity has short-term effect on enterprise growth, enterprise size is positively related to enterprise growth, and financial leverage, and R & D investment intensity has a short-term effect on enterprise growth. The correlation between listing age and enterprise growth is negative. Finally, according to the conclusion of the research, this paper puts forward some suggestions for the growth of Chinese pharmaceutical enterprises, such as increasing R & D investment, paying attention to R D team building, improving R D efficiency, perfecting R D investment information disclosure and so on.
【学位授予单位】：西北农林科技大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.72;F273.1;F832.51

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