医药、生物制品行业研发投资的价值相关性研究

发布时间：2018-04-15 04:37

本文选题：医药生物行业 + 研发投资　；参考：《兰州理工大学》2013年硕士论文

【摘要】：近些年来,随着经济全球化的不断深入以及市场竞争的激烈化,研发活动已经成为了企业生存和发展的生命线,为企业利润的增长以及竞争力的提升发挥着越来越重要的作用。因此,从某种意义上来讲,现今的企业在进行发展的过程中对于研发资本的投入比例也是越来越大,特别是对于医药、生物制品行业来说,这些行业在进行生产的过程中会涉及到很多先进的科技,是高科技产业的高度融合,因此对于研发创新能力的要求也就更高。当然,从目前来看我国的医药、生物制品行业对于研发经费的支出也呈现出了稳步增长的趋势,但是与其它的一些发达国家相比,依旧还是存在着一些不足,比如在研发支出的费用支持方面还是比较欠缺,在研发投资的处理方式方面还是存在着一些不足,这都在一定的程度上限制了我国医药、生物制品行业的发展,也让其在国际市场竞争中处于不利的地位。因此,对于该行业来说,进行研发投资的价值相关性研究,既是企业获得发展提升核心竞争力的需要,也是企业在知识经济下获得可持续发展的重要途径。基于对国内外相关文献的阅读与研究,发现虽然企业对于价值相关性的研究不少,但是研究更多的是泛化,仅仅是对价值相关性是否显著进行讨论,而针对医药、生物制品行业价值相关性的研究相对较少,并且对于开发支出披露对企业价值影响的研究不多,没有进行研发支出的细化,研究不够精细。所以本文选取了医药、生物行业上市公司为研究的对象,基于企业经营业绩的视角,进行研发投资价值相关性的研究。本文以92家A股医药、生物制品行业上市公司为例,基于股权价值和企业经营业绩的视角,在控制企业总资产、净资产的影响下,运用多元线性回归的方法进行研发投资对企业价值影响的实证检验。结果显示,对于医药、生物制品行业的上市公司来说,短期内,研发投资支出对企业经营业绩的影响是不显著的,但是随着时间的逐渐推移,却与公司的经营管理业绩呈现出了正相关的关系；每支股票研发支出虽然说与股价有着正向的相关性关系,但并不显著。因此本文提出建议：第一,医药、生物制品上市公司在市场竞争中应该增强自主研发意识,不断的加大研发投资；第二,医药、生物制品上市公司应该对其研发的相关信息进行规范性的披露,增加其决策有用性。本文的研究创新点在于(1)视角创新。目前国内针对医药、生物制品行业的价值相关性的研究并不是很多,而本文选取医药、生物制品上市公司为研究对象,进行其价值相关性的研究。(2)研究内容创新。在目前国内对于价值相关性的讨论更多的是集中在有没有相关性之上,而在本文的研究中是分布进行研究支出、开发支出以及最后无形资产确认这三个部分,使得研究的内容得以创新。
[Abstract]:In recent years, with the deepening of economic globalization and the fierce competition in the market, R & D activities have become the lifeline for the survival and development of enterprises, and play an increasingly important role in the growth of profits and the promotion of competitiveness.Therefore, in a sense, the proportion of R & D capital invested by today's enterprises in the process of development is also increasing, especially for the pharmaceutical and biological products industry.These industries will involve a lot of advanced technology in the process of production, which is a high degree of integration of high-tech industries, so the demand for R & D innovation ability is even higher.Of course, from the current point of view of China's medicine and biological products industry, expenditure on R & D has also shown a steady increase trend, but compared with some other developed countries, there are still some shortcomings.For example, the cost support for R & D expenditure is still relatively deficient, and there are still some deficiencies in the way of handling R & D investment. To a certain extent, this has restricted the development of the pharmaceutical and biological products industry in China.Also let it in the international market competition in a disadvantageous position.Therefore, for this industry, the research on the value correlation of R & D investment is not only the need for enterprises to achieve development and enhance their core competitiveness, but also an important way for enterprises to obtain sustainable development under the knowledge economy.Based on the reading and research of relevant literature at home and abroad, it is found that although there are a lot of research on the value correlation of enterprises, but the research is more extensive, just to discuss whether the value correlation is significant or not, and to focus on medicine.The research on the value correlation of biological products industry is relatively few, and the research on the impact of development expenditure disclosure on enterprise value is not much, there is no detailed research and development expenditure, the research is not precise enough.So this paper selects the listed companies of pharmaceutical and biological industries as the research object, based on the perspective of business performance, research on the relevance of R & D investment value.This paper takes 92 A share pharmaceutical and biological products listed companies as an example, based on the perspective of equity value and business performance, under the influence of controlling the total assets and net assets of the enterprises.This paper uses multiple linear regression method to test the effect of R & D investment on enterprise value.The results show that, for the listed companies in the pharmaceutical and biological products industry, the impact of R & D investment expenditure on business performance is not significant in the short term, but with the gradual passage of time,However, there is a positive correlation between the R & D expenditure of each stock and the stock price, but it is not significant.Therefore, this paper puts forward some suggestions: first, the listed companies of pharmaceutical and biological products should enhance their awareness of independent research and development in the market competition, and increase their R & D investment constantly; second, medicine,The listed companies of biological products should disclose the relevant information of their research and development in a normative way to increase the usefulness of their decision-making.The innovation of this paper lies in the innovation of angle of view.At present, there are not many researches on the value relevance of pharmaceutical and biological products industry in China. However, this paper selects pharmaceutical and biological products listed companies as the research object, and carries out the research on the value relevance of the research content innovation.At present, the discussion of value correlation in China is more focused on whether there is relevance, but in the research of this paper, there are three parts: research expenditure, development expenditure and the confirmation of intangible assets.So that the content of the research can be innovative.
【学位授予单位】：兰州理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.72

【参考文献】