创业板上市公司销售费用、研发支出与企业绩效的实证研究
发布时间：2018-12-09 15:15
【摘要】：面对当今多元化、复杂化的经济环境,企业未来经营的不确定性和风险性越来越高。我国创业板市场成立不超过六年时间,在该板块上市的公司主要是成立时间短,处于高速发展阶段的中小规模高技术企业。由于这些高技术企业的发展前景不如传统行业那么清晰,这些企业的盈利能力和成长能力如何以及哪些方面有改进提高,还需学者们去深入研究。创新和营销是商业企业需要具备两种基本功能。研发活动是创造价值的活动,营销活动则为企业开辟传递价值的途径。企业想要在竞争日益激烈的市场环境中保持竞争优势,就需要开展研发和营销活动,使价值创造和价值传递并驾齐驱。在这种背景下,对我国创业板上市公司销售费用、研发支出与企业绩效三者之间的关系进行深入剖析显得非常必要。本文的框架结构及主要内容可以归纳为：第一章引言部分,对文章的研究背景及意义进行介绍,并描述了研究思路、方法已经创新点和存在的不足之处。第二章相关理论基础和文献综述,阐述了本研究所参考的基本理论,即差异化理论、核心竞争力理论、创新及创新扩散理论,对研究领域已有的文献进行了梳理和评价。第三章对我国创业板市场以及创业板上市公司的特征和现状进行介绍。第四章阐述了销售费用、研发支出对企业盈利能力和成长能力的作用机理,并建立了相关假设。第五章使用多元回归模型对所选取的样本数据和各相关变量进行回归分析。第六章对研究结论进行梳理总结,提出建议并指出本研究存在的不足之处和对今后研究的展望。本文的创新点在于结合我国创新板市场的特征,将创业板上市公司作为研究样本,将销售费用和研发支出同时引入模型,研究它们对企业盈利能力和成长能力的影响,并且对分布最多的两个行业制造业和信息技术业进行了专门研究。本文通过实证分析发现,对于创业板上市公司来说,销售费用支出和研究开发支出对企业的盈利能力和成长能力均具有正向促进作用,但研发支出的这种促进作用具有滞后效应。对于不同的行业,二者的效果也存在不同,制造业企业的销售费用与绩效的正向相关性强于信息技术业企业,而信息技术业企业的研发支出与绩效的正向相关性强于制造企业并且不存在滞后性。
[Abstract]:Facing the diversified and complicated economic environment, the uncertainty and risk of enterprises' future operation are becoming higher and higher. The gem market of our country has been established for less than six years. The companies listed in this market are mainly small and medium-sized high-tech enterprises with short time and high speed development. As the development prospects of these high-tech enterprises are not as clear as those of traditional industries, the profitability and growth ability of these enterprises, and what aspects have been improved and improved, need further study by scholars. Innovation and marketing are two basic functions that commercial enterprises need to have. R & D activities are value-creating activities, while marketing activities open up ways for enterprises to transfer value. In order to maintain the competitive advantage in the increasingly competitive market environment, enterprises need to carry out R & D and marketing activities so that value creation and value transmission can keep pace with each other. Under this background, it is necessary to analyze the relationship among sales expenses, R & D expenditure and enterprise performance of listed companies in gem. The frame structure and main contents of this paper can be summarized as follows: the first chapter introduces the background and significance of the research, and describes the research ideas, innovative methods and shortcomings. In the second chapter, the related theoretical basis and literature review are discussed, including the theory of differentiation, the theory of core competence, the theory of innovation and innovation diffusion, and the review and evaluation of the existing literature in the field of research. The third chapter introduces the characteristics and present situation of gem market and gem listed companies. The fourth chapter expounds the mechanism of sales expense, R & D expenditure on the profitability and growth ability of enterprises, and establishes the relevant assumptions. In chapter 5, regression analysis of the selected sample data and related variables is carried out using multivariate regression model. The sixth chapter summarizes the conclusions of the study, puts forward some suggestions and points out the shortcomings of this study and the prospects for future research. The innovation of this paper is to combine the characteristics of China's innovation board market, take the gem listed companies as the research sample, introduce the sales expenses and R & D expenditure into the model at the same time, and study their influence on the profitability and growth ability of enterprises. And the two most distributed industries manufacturing industry and information technology industry for special research. Through the empirical analysis, this paper finds that, for the gem listed companies, sales expenses and R & D expenditures have a positive role in promoting the profitability and growth ability of enterprises. But the promotion of R & D spending has a lag effect. For different industries, the effects of the two are different. The positive correlation between sales costs and performance of manufacturing enterprises is stronger than that of information technology enterprises. The positive correlation between R & D expenditure and performance of IT firms is stronger than that of manufacturing enterprises and there is no lag.
【学位授予单位】：北京化工大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F275;F273.1
本文编号：2369598
[Abstract]:Facing the diversified and complicated economic environment, the uncertainty and risk of enterprises' future operation are becoming higher and higher. The gem market of our country has been established for less than six years. The companies listed in this market are mainly small and medium-sized high-tech enterprises with short time and high speed development. As the development prospects of these high-tech enterprises are not as clear as those of traditional industries, the profitability and growth ability of these enterprises, and what aspects have been improved and improved, need further study by scholars. Innovation and marketing are two basic functions that commercial enterprises need to have. R & D activities are value-creating activities, while marketing activities open up ways for enterprises to transfer value. In order to maintain the competitive advantage in the increasingly competitive market environment, enterprises need to carry out R & D and marketing activities so that value creation and value transmission can keep pace with each other. Under this background, it is necessary to analyze the relationship among sales expenses, R & D expenditure and enterprise performance of listed companies in gem. The frame structure and main contents of this paper can be summarized as follows: the first chapter introduces the background and significance of the research, and describes the research ideas, innovative methods and shortcomings. In the second chapter, the related theoretical basis and literature review are discussed, including the theory of differentiation, the theory of core competence, the theory of innovation and innovation diffusion, and the review and evaluation of the existing literature in the field of research. The third chapter introduces the characteristics and present situation of gem market and gem listed companies. The fourth chapter expounds the mechanism of sales expense, R & D expenditure on the profitability and growth ability of enterprises, and establishes the relevant assumptions. In chapter 5, regression analysis of the selected sample data and related variables is carried out using multivariate regression model. The sixth chapter summarizes the conclusions of the study, puts forward some suggestions and points out the shortcomings of this study and the prospects for future research. The innovation of this paper is to combine the characteristics of China's innovation board market, take the gem listed companies as the research sample, introduce the sales expenses and R & D expenditure into the model at the same time, and study their influence on the profitability and growth ability of enterprises. And the two most distributed industries manufacturing industry and information technology industry for special research. Through the empirical analysis, this paper finds that, for the gem listed companies, sales expenses and R & D expenditures have a positive role in promoting the profitability and growth ability of enterprises. But the promotion of R & D spending has a lag effect. For different industries, the effects of the two are different. The positive correlation between sales costs and performance of manufacturing enterprises is stronger than that of information technology enterprises. The positive correlation between R & D expenditure and performance of IT firms is stronger than that of manufacturing enterprises and there is no lag.
【学位授予单位】：北京化工大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F275;F273.1
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