制药业上市公司研发投入对业绩影响的研究

发布时间：2018-04-10 08:48

本文选题：制药业上市公司　切入点：研发投入　出处：《哈尔滨工业大学》2014年硕士论文

【摘要】：作为朝阳行业的医药行业，与国计民生息息相关。医药行业是一个高技术产业，该行业的公司治理在发达国家中水平是很高的，其能够使企业具有极强的创新性和自主研发能力，十分重视研发投入，并能够很好地转化为经济效益，推动企业业绩的大幅提升。虽然我国的医药产业正处于蓬勃发展的时期，但发展水平和国际医药产业还有很大的差距，公司治理水平也参差不齐，尤其是研发水平之间有巨大差距，而研发水平的高低是高新技术产业的衡量标准之一。本文主要是研究我国制药业上市公司研发投入对企业业绩的推动作用，以及作用体现的滞后性。本文通过国际和国内学者的各类研究，对企业业绩明显受研发投入影响、企业通过公司治理水平不同而影响两者关系等问题和现象进行阐释，在这些研究中RD存在滞后期的问题不够被重视，而对于滞后期数的研究也存在时限短的问题。根据制药业研发时间长、需求刚性、投入大等行业特点，因此本文选择的研究对象是2007-2013年上海和深圳两交易所的A股制药业上市公司，运用多元回归模型，研究构成研发投入的无形资产、开发支出对企业业绩的影响和滞后性，比较不同公司治理水平下研发投入对企业业绩的影响和滞后性，以及企业业绩和作为保证研发投入发挥作用的要素——固定资产、流动资产之间的相关性。研究发现，，作为研发投入构成内容的无形资产和开发支出对企业业绩的推动作用是正向的，且开发支出对企业业绩的推动作用滞后三期；公司规模大、独立董事比例高、机构持股比例大的企业研发投入对企业业绩的促进作用更大更显著；而作为研发投入保证条件的固定资产对企业业绩的贡献性不显著，流动资产的促进作用和显著性低于无形资产和开发支出。通过上述研究，本文建议未来我国制药业应该合理扩大公司规模，发挥规模效应；提高公司治理水平，监督企业决策；加强自主创新，掌握先进技术。
[Abstract]:As a sunrise industry, the pharmaceutical industry is closely related to the national economy and people's livelihood.The pharmaceutical industry is a high-tech industry, and its corporate governance is very high in developed countries. It enables enterprises to have extremely strong innovative and independent R & D capabilities, and attaches great importance to R & D investment.And can well transform into economic benefits, promote the enterprise performance of the substantial improvement.Although the pharmaceutical industry in our country is in a period of vigorous development, there is still a big gap between the level of development and the international pharmaceutical industry, and the level of corporate governance is also uneven, especially the huge gap between the level of R & D.The level of R & D is one of the measuring standards of high-tech industry.This paper mainly studies the role of R & D investment of listed companies in pharmaceutical industry to promote the performance of enterprises, as well as the lagging effect.In this paper, through the research of international and domestic scholars, we explain the problems and phenomena that the enterprise performance is obviously influenced by the R & D investment, and the enterprise affects the relationship between the two through different corporate governance level.In these studies, the problem of lag in Rd is not paid enough attention to, and there is also a problem of short time limit in the study of lag number.According to the characteristics of pharmaceutical industry, such as long time of R & D, rigid demand and large investment, the research object of this paper is listed companies of A share pharmaceutical industry in Shanghai and Shenzhen Stock Exchange from 2007 to 2013, using multivariate regression model.This paper studies the intangible assets of R & D investment, the impact and lag of development expenditure on enterprise performance, and compares the impact and lag of R & D investment on enterprise performance under different corporate governance levels.As well as corporate performance and as a guarantee of R & D inputs to play a role-fixed assets, the correlation between current assets.It is found that the impelling effect of intangible assets and development expenditure on enterprise performance is positive, and the promotion effect of development expenditure on enterprise performance lags behind by three periods, and the scale of the company is large and the proportion of independent directors is high.Enterprise R & D investment with large proportion of institutional shareholding plays a greater and more significant role in promoting enterprise performance, while fixed assets, which are the guarantee conditions of R & D investment, have no significant contribution to enterprise performance.The promotion and significance of current assets are lower than intangible assets and development expenditure.Through the above research, this paper suggests that the pharmaceutical industry in our country should reasonably expand the scale of the company in the future, bring into play the scale effect, improve the level of corporate governance, supervise the decision of the enterprise, strengthen independent innovation and master the advanced technology.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.72;F406.7;F273.1

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