中国汽车制造企业研发投入与财务绩效的关系研究
发布时间：2018-07-14 15:03
【摘要】：国际上的竞争变得日益激烈，技术创新对于企业的发展来说是越来越重要了。尤其对于汽车制造行业来说，技术创新更是起着决定性的作用。但是相较于国外，我国的资本市场成立的较晚，还不是很健全，而且我国企业的研发投入信息的披露不是很规范，随意性很强，所以研发投入对企业的财务绩效是否具有正向的影响作用这个问题还缺乏实证研究方面的理论的支持。 本文就是基于这种需要，在借鉴前人研究的基础上，通过对研究开发理论、技术创新理论、人力资本理论和企业的财务绩效评价等相关理论的整理，以深沪两市主板上市的47家汽车制造业企业为研究对象，选取了2010年到2012年间的基础数据，研究企业的研发投入与财务绩效之间的关系，运用的方法有因子分析法、描述性统计分析和多元线性回归分析法。 本文首先对汽车制造业企业的财务绩效进行了评价，采用的是因子分析法，提出了四个主因子，分别将其命名为：企业的偿债能力因子、营运能力因子、盈利能力因子和企业的发展能力因子。然后基于研发投入的两个方面：研发经费强度和研发人员强度，提出了四个假设，，对其进行描述性统计和多元线性回归分析。本文得出的结论是：企业单期和连续三年的研发经费强度对企业的财务绩效都有着显著的正向的影响；企业研发人员强度对企业的财务绩效无显著的正向影响；企业的研发经费强度对企业的财务绩效具有滞后性的影响。 本文最后对研究的结果进行了进一步的较深层次的分析，得出了与本文研究相关的一些启示、研究的局限性以及下一步应该进行研究的方向，希望为以后的学者在汽车制造业方面的研发投入的研究提供一些参考价值。
[Abstract]:International competition is becoming increasingly fierce, technological innovation is becoming more and more important for the development of enterprises. Especially for the automobile industry, technological innovation plays a decisive role. However, compared with foreign countries, the capital market in our country was established relatively late, and it is not very sound. Moreover, the disclosure of R & D investment information of Chinese enterprises is not very standardized, and it is very arbitrary. Therefore, the question of whether R & D investment has a positive impact on the financial performance of enterprises is still lack of theoretical support in empirical research. This paper is based on this need, on the basis of previous studies, through the research and development theory, technology innovation theory, human capital theory and enterprise financial performance evaluation and other related theories. Taking 47 automobile manufacturing enterprises listed on the main board of Shenzhen and Shanghai Stock Exchange as research objects, this paper selects the basic data from 2010 to 2012 to study the relationship between R & D investment and financial performance of enterprises. The methods used are factor analysis. Descriptive statistical analysis and multiple linear regression analysis. Firstly, this paper evaluates the financial performance of automobile manufacturing enterprises, adopts factor analysis, and puts forward four main factors, which are named as solvency factor, operating ability factor, and so on. Profitability factor and enterprise development ability factor. Then, based on the two aspects of R & D investment: R D funding intensity and R D personnel intensity, four assumptions are proposed, and descriptive statistics and multiple linear regression analysis are carried out. The conclusions of this paper are as follows: the intensity of R & D funds for a single period and three consecutive years has a significant positive impact on the financial performance of the enterprise, while the intensity of R & D personnel has no significant positive effect on the financial performance of the enterprise. The intensity of R & D funds has a lag effect on the financial performance of enterprises. At the end of this paper, the results of the study are analyzed at a deeper level, and some enlightenment, limitations and the direction of further research are obtained. Hope to provide some reference value for the future research on R & D investment in automobile manufacturing.
【学位授予单位】：新疆财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.7;F426.471
本文编号：2122026
[Abstract]:International competition is becoming increasingly fierce, technological innovation is becoming more and more important for the development of enterprises. Especially for the automobile industry, technological innovation plays a decisive role. However, compared with foreign countries, the capital market in our country was established relatively late, and it is not very sound. Moreover, the disclosure of R & D investment information of Chinese enterprises is not very standardized, and it is very arbitrary. Therefore, the question of whether R & D investment has a positive impact on the financial performance of enterprises is still lack of theoretical support in empirical research. This paper is based on this need, on the basis of previous studies, through the research and development theory, technology innovation theory, human capital theory and enterprise financial performance evaluation and other related theories. Taking 47 automobile manufacturing enterprises listed on the main board of Shenzhen and Shanghai Stock Exchange as research objects, this paper selects the basic data from 2010 to 2012 to study the relationship between R & D investment and financial performance of enterprises. The methods used are factor analysis. Descriptive statistical analysis and multiple linear regression analysis. Firstly, this paper evaluates the financial performance of automobile manufacturing enterprises, adopts factor analysis, and puts forward four main factors, which are named as solvency factor, operating ability factor, and so on. Profitability factor and enterprise development ability factor. Then, based on the two aspects of R & D investment: R D funding intensity and R D personnel intensity, four assumptions are proposed, and descriptive statistics and multiple linear regression analysis are carried out. The conclusions of this paper are as follows: the intensity of R & D funds for a single period and three consecutive years has a significant positive impact on the financial performance of the enterprise, while the intensity of R & D personnel has no significant positive effect on the financial performance of the enterprise. The intensity of R & D funds has a lag effect on the financial performance of enterprises. At the end of this paper, the results of the study are analyzed at a deeper level, and some enlightenment, limitations and the direction of further research are obtained. Hope to provide some reference value for the future research on R & D investment in automobile manufacturing.
【学位授予单位】：新疆财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.7;F426.471
【参考文献】
相关期刊论文 前10条
1 周亚虹;许玲丽;;民营企业R&D投入对企业业绩的影响——对浙江省桐乡市民营企业的实证研究[J];财经研究;2007年07期
2 李丹蒙;夏立军;;股权性质、制度环境与上市公司R&D强度[J];财经研究;2008年04期
3 王烨;游春;;R&D投入与绩效相关关系实证研究——基于中小企业板上市公司面板数据[J];财会通讯;2009年12期
4 王玉春;郭媛嫣;;上市公司R&D投入与产出效果的实证分析[J];产业经济研究;2008年06期
5 游春;;我国中小企业研发投入与财务绩效关系的实证研究——基于中小企业板上市公司的面板数据[J];南方金融;2010年01期
6 周江燕;;研发投入与企业业绩相关性研究——基于中国制造业上市公司的实证分析[J];工业技术经济;2012年01期
7 王芷萱;;开发支出与绩效的相关性研究——基于沪深股市的经验数据[J];中国管理信息化;2011年14期
8 于宁;我国R&D经费支出绩效评价:体系构建与实证研究(1995~2003)[J];上海经济研究;2005年09期
9 何玮;我国大中型工业企业研究与开发费用支出对产出的影响——1990—2000年大中型工业企业数据的实证分析[J];经济科学;2003年03期
10 冯文娜;;高新技术企业研发投入与创新产出的关系研究——基于山东省高新技术企业的实证[J];经济问题;2010年09期
本文编号：2122026
本文链接：https://www.wllwen.com/jingjilunwen/kuaiji/2122026.html
