医药行业上市公司研发投入对企业成长性的影响研究

发布时间：2018-08-18 16:27

【摘要】：全球经济的快速发展以及科学技术进步的速度加快,我国企业也逐渐的意识到研发活动是企业提升自身核心能力的唯一方法。在国民经济中,医药行业一直都是出于支柱的地位,是典型的高科技行业。对于高技术产业来说,研发一直是其增长自身规模和发展的重要手段。我国对于医药行业的研发对其发展的影响研究一直不多,所以研发对企业成长性的影响方面也缺乏实证研究。医药行业的研发活动对于行业的发展越来越重要,但是我国对于研发支出的披露又是非强制性的,这就对医药行业研发投入和企业成长性的关系研究增加了难度。这不仅影响着医药行业研发投入的研究,也影响着其他行业的研发投入的研究。所以本文对医药行业研发投入对企业成长性影响的研究,具有十分重要的理论和现实意义。本文先对的背景以及研究的n的意义进行了交代,然后界定了研发投入和企业成长性的相关概念和理论。其次,对研究的内容进行了现状分析。从139家公司中选出数据齐全且上市情况正常的59家公司三年的数据作为研究样本,选取能反映企业成长性的财务指标运用因子分析法计算出企业成长性的综合指标,作为因变量。然后,在根据研发投入的特性,选取研发经费强度和研发与技术人员比例作为自变量,以总资产对数、总资产增长率和财务敢杠杆为控制变量,进行了回归分析。对我国研究内容进行了实证研究,实证分析的结论说明：我国医药行业上市公司中,当期的研发费用强度、研发与技术人员比例与企业成长性呈正相关,并通过了显著性检验；当期的研发费用强度与后一期的企业成长性呈正相关关系,也通过了显著性检验,说明研发投入对企业成长性的影响存在滞后性；当期的研发投入对后两期的企业成长性虽然呈正相关,但是没有通过显著性检验,说明研发投入对企业成长的促进作用是短期的：总资产对数、总资产增长率与企业成长性正相关,并通过了显著性检验,财务杠杆与企业成长性负相关,也通过了显著性检验。最后,本文根据实证结果对通过完善研发投入促进我国企业成长提出了适当的增加研发支出、提高研发与技术人员比例、持续的进行研发投入、定期对研发人员进行培训、完善研发投入信息披露等建议。
[Abstract]:With the rapid development of global economy and the rapid development of science and technology, Chinese enterprises gradually realize that R & D is the only way to improve their core competence. In the national economy, the pharmaceutical industry has always been out of the status of pillar, is a typical high-tech industry. For high-tech industry, R & D has been an important means to increase its own scale and development. There is not much research on the impact of R & D on the development of pharmaceutical industry in China, so there is a lack of empirical research on the impact of R & D on the growth of enterprises. The R & D activities of the pharmaceutical industry are becoming more and more important for the development of the industry, but the disclosure of R & D expenditure in China is not mandatory, which increases the difficulty of the research on the relationship between R & D investment and enterprise growth in the pharmaceutical industry. This not only affects the research of R & D investment in pharmaceutical industry, but also affects the research of R D investment in other industries. Therefore, the research on the impact of R & D investment on the growth of the pharmaceutical industry is of great theoretical and practical significance. In this paper, the background and the significance of the research are explained, and then the concepts and theories of R & D investment and enterprise growth are defined. Secondly, the content of the study is analyzed. The data of 59 companies with complete data and normal listing condition were selected as the research samples from 139 companies, and the financial indexes which can reflect the growth of enterprises were selected to calculate the comprehensive indicators of enterprise growth by factor analysis. As a dependent variable. Then, according to the characteristics of R & D investment, the paper selects R & D expenditure intensity and R & D / R / T ratio as independent variables, taking total asset logarithm, total asset growth rate and financial leverage as control variables, and carries out regression analysis. The conclusion of the empirical analysis shows that the R & D expenditure intensity, R & D and R & D personnel ratio of the listed companies in the pharmaceutical industry are positively correlated with the enterprise growth, and have passed the significant test. The current R & D expense intensity has positive correlation with the enterprise growth in the following period, and has also passed the significant test, which shows that R & D investment has a lag effect on the enterprise growth. Although the R & D investment of the current period is positively correlated with the growth of the enterprise in the latter two periods, it does not pass the significant test, which shows that the promotion effect of R & D investment on the growth of the enterprise is short term: the logarithm of total assets, The growth rate of total assets is positively correlated with the growth of enterprises and has passed the significance test. The financial leverage has negative correlation with the growth of enterprises and has also passed the significance test. Finally, according to the empirical results, this paper puts forward the appropriate increase of R & D expenditure, the proportion of R & D and technical personnel, the continuous R & D investment, and the regular training of R & D personnel through improving R & D investment to promote the growth of Chinese enterprises. Improve R & D investment information disclosure and other suggestions.
【学位授予单位】：东北农业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.72;F273.1;F272.5

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