创业板上市公司研发投入对公司绩效的影响研究

发布时间：2018-04-01 11:12

本文选题：创业板　切入点：研发投入　出处：《广西大学》2017年硕士论文

【摘要】：随着创新科技的快速发展,研发活动对公司的成长越来越重要。研发活动促进技术创新,技术的创新可以提升公司的综合发展能力,提高公司的市场竞争力,使公司获得更快更好的成长,但同时研发活动会加大公司财务的负担且存在一定风险。因此,公司应当如何正确认识研发活动的双面性,合理进行资源配置,这些问题受到了广泛学者的关注。本文通过对研发投入与公司绩效的内涵界定,基于人力资本理论、信号传递理论以及技术创新理论,运用实证分析方法,以2009年-2010年创业板上市的184家公司为研究样本,使用样本公司2013年-2015年连续三年年度财务报表中的数据,选取研发费用投入强度、研发人员投入强度作为自变量、反映公司盈利绩效与成长绩效的财务指标作为因变量、公司规模与资产负债率作为控制变量,构造多元线性回归模型讨论研发投入与公司绩效二者之间的关系。实证结果表明:研发投入与盈利指标呈显著负相关,与当期成长指标相关性不强,同时,研发投入对公司绩效的影响具有滞后性和累积性,不同行业研发投入对公司绩效的滞后性和累积性影响显著不同。基于上述研究发现,本文从投资者、公司、政府三个方面提出对策意见:投资要有长远规划、要加强研发费用的投入、优化研发人员结构、提高研发人员工作效率、提高公司的研发效率、规范研发活动信息的披露、拓宽对研发活动的融资渠道。
[Abstract]:With the rapid development of innovation and technology, R & D activities are becoming more and more important to the growth of the company. In order to make the company grow faster and better, but at the same time, R & D activities will increase the financial burden of the company and there are certain risks. Therefore, how should the company correctly understand the dual nature of R & D activities and allocate resources reasonably. By defining the connotation of R & D investment and corporate performance, based on human capital theory, signal transmission theory and technology innovation theory, this paper uses empirical analysis method. Taking 184 companies listed on the gem from 2009 to 2010 as the research samples, using the data of the sample companies' financial statements for three consecutive years from 2013 to 2015, the paper selects the investment intensity of R & D expenditure and the input intensity of R & D personnel as independent variables. The financial index reflecting the profit performance and growth performance of the company is taken as dependent variable, and the company size and asset-liability ratio are taken as control variables. A multivariate linear regression model is constructed to discuss the relationship between R & D investment and corporate performance. The empirical results show that R & D investment has a significant negative correlation with profit indicators, but not strong correlation with current growth indicators, at the same time, The impact of R & D investment on corporate performance is lagging and cumulative, and the impact of R & D investment on corporate performance is significantly different in different industries. The government put forward countermeasures in three aspects: investment should have long-term planning, investment in R & D expenses should be strengthened, the structure of R & D personnel should be optimized, the work efficiency of R & D personnel should be improved, the R & D efficiency of the company should be improved, and the disclosure of information on R & D activities should be standardized. Broaden the financing channels for R & D activities.
【学位授予单位】：广西大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F273.1;F272.5

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