我国创业板上市公司研发投入对成长性影响的实证研究

发布时间：2018-07-18 16:09

【摘要】：从2009年我国创业板开板以来至2012年12月31日,已经有355家公司成功在创业板市场上市,这批公司大多具备高成长性、高科技含量的特点,其发展也备受相关利益者关注。本文以已有相关研究为基础上,结合我国创业板上市公司的主要特点,对我国创业板上市公司研发投入与其成长性的影响关系进行了实证研究。科学合理地配置人力、财力、物力与技术的组合是企业财务活动的主要任务之一,将技术资本转化为企业的现实生产力,因此,研究技术研发投入与企业成长性的关系具有重要的意义。本文从我国创业板市场的现状出发,以人力资本理论、技术创新理论及核心竞争力理论作为理论基础,首先对本文最重要的两个概念研发投入和成长性进行界定,分析了两者之间的依存关系,并以此为依据从人力资本投入和物力资本投入两个层面选取技术人员素质、技术及研发人员比率和研发强度、研发费用四个指标来评价研发投入,从六个层面选取了十二个指标来量化企业的成长性,构建回归模型。本文以我国创业板上市公司作为研究对象,选取了2010-2012年的指标数据作为研究样本并进行相关实证研究,首先将354家创业板上市公司样本采用主成分分析法量化其成长性,进而对技术人员素质、技术及研发人员比率、研发强度、研发费用进行描述性统计分析,最后采用一元线性回归方法验证了人力资本投入和物力资本投入与成长性的相关性。实证结果表明：技术及研发人员比率和研发强度对公司成长性具有显著影响,呈正相关,而技术人员素质和研发费用对公司成长性影响不显著的结论。根据实证研究得出的结果,提出了合理配置企业的研发资源,重视研发人才的引入,保持研发经费的稳步投入,不能盲目投入的政策性建议,为我国创业板上市公司在市场竞争中获得长期优势提供了有利保证。
[Abstract]:From the opening of gem in 2009 to December 31, 2012, 355 companies have been listed on gem successfully. Most of these companies have the characteristics of high growth, high technology content, and their development has been concerned by relevant stakeholders. Based on the existing research and the main characteristics of the gem listed companies, this paper makes an empirical study on the relationship between the R & D investment and the growth of the gem listed companies. Scientific and rational allocation of human, financial, material and technological combination is one of the main tasks of enterprise financial activities. It is of great significance to study the relationship between R & D investment and enterprise growth. Based on the theory of human capital, the theory of technological innovation and the theory of core competitiveness, this paper defines the two most important concepts of this paper, namely, R & D investment and growth, according to the current situation of the gem market in China, and based on the theory of human capital, the theory of technological innovation and the theory of core competitiveness. Based on the analysis of the relationship between them, this paper selects four indexes: the quality of technical personnel, the ratio of technical and R & D personnel, the R & D intensity, and the R & D expenditure to evaluate R & D investment from the two aspects of human and material capital investment. Twelve indexes are selected from six levels to quantify the growth of enterprises and build a regression model. This paper takes the gem listed companies as the research object, selects the index data from 2010 to 2012 as the research sample and carries on the related empirical research. Firstly, 354 gem listed companies are quantified by the principal component analysis method (PCA). Then, the quality of technical personnel, the ratio of technical and R D personnel, R D intensity, R D cost are analyzed by descriptive statistics. Finally, the correlation between human capital investment and material capital investment and growth is verified by linear regression method. The empirical results show that the ratio of technology and R & D personnel and R & D intensity have a significant impact on the growth of the company, positive correlation, while the quality of technical personnel and R & D expenses have no significant impact on the growth of the company. According to the results of the empirical research, this paper puts forward some policy suggestions, such as rational allocation of R & D resources, attention to the introduction of R & D talents, keeping the steady investment of R & D funds, and not blindly investing in R & D resources. It provides a favorable guarantee for Chinese gem companies to gain long-term advantages in market competition.
【学位授予单位】：长沙理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F273.1;F832.51

【相似文献】