中小板上市公司研发投入与盈利能力的相关性研究

发布时间：2018-05-31 02:36

本文选题：研发投入 + 盈利能力　；参考：《长沙理工大学》2013年硕士论文

【摘要】：企业开展研发活动是进行技术创新的前提条件，是形成企业核心竞争力的关键保证，国内外企业纷纷将研发列为重要发展战略之一，以期在激烈的市场竞争中取胜。而中小型企业在世界经济与社会发展中一直占据着非常重要的位置，它在活跃市场、扩大就业、增加收入、稳定社会、调整国民经济结构等方面做出了不容忽视的贡献。在我国，中小企业也是社会发展和经济进步的中坚力量，现已成为建设我国市场经济体系的主力军。将自主研发不断转化为增强竞争实力、提升盈利水平的催化剂，是中小企业立足市场、把握市场先机的制胜法宝。但是与发达国家相比，中小企业整体的自主创新能力仍处于较弱水平，企业盈利能力尚未得到应有的提升。本文立足于在深市中小板上市的公司，试图从微观层面和企业财务视角出发，分析企业研发投入的效果，通过增加研发投入的有效性来提升企业盈利能力，具有一定的理论和实践指导意义。本文从我国研发投入的现状出发，回顾了研发投入与盈利能力的相关文献，以技术创新理论、投入产出理论等理论为基础，对研发投入和盈利能力的相关概念进行界定，用充分的理论支持，分析了两者之间的依存关系，并以此为依据选取研发费用投入强度和技术人员投入强度指标来评价研发投入，选取主营业务利润率、总资产收益率、每股收益和营业利润现金比率指标来评价盈利能力，构建回归模型。本文选取2009年以前在我国深市中小板上市的公司作为研究对象，以2009-2011年间的经验数据作为研究样本进行实证研究。首先对236家中小板上市公司全样本研发投入情况和不同研发投入强度下盈利能力情况进行描述性统计分析，，进而采用多元线性回归方法验证了研发投入强度指标与盈利能力的相关性，并在此基础上进一步研究了研发投入对盈利能力的影响是否存在滞后性和累积性。实证结果表明：中小板上市公司研发费用投入强度与主营业务利润率、总资产收益率、每股收益显著正相关，技术人员投入强度与主营业务利润率显著正相关，与总资产收益率和每股收益正相关，而无论是研发费用投入强度还是技术人员投入强度均与描述盈利质量的营业利润现金比率相关性不显著。通过滞后性检验发现，研发费用投入强度对盈利能力的影响存在滞后性和累积性，而技术人员投入强度对盈利能力基本不具有滞后性。根据实证研究得出的结果，本文从完善研发信息披露制度、加大知识产权保护力度、建立内在研发机制、加强研发投入强度及其持续性、引进高素质人才等方面提出相关政策建议，对我国中小板上市公司在市场竞争中获得长期优势具有积极作用。
[Abstract]:Enterprise R & D is a prerequisite for technological innovation and a key guarantee to form the core competitiveness of enterprises. Domestic and foreign enterprises have listed R & D as one of the important development strategies in order to win in the fierce market competition. The small and medium-sized enterprises have been occupying a very important position in the world economy and social development. They have made great contributions in the aspects of active market, expanding employment, increasing income, stabilizing society, adjusting the structure of national economy and so on. In China, small and medium-sized enterprises are also the backbone of social development and economic progress, and have become the main force in the construction of our market economy system. Transforming independent R & D into a catalyst for enhancing competitive strength and improving profit level is a magic weapon for small and medium-sized enterprises to gain a foothold in the market and grasp the market opportunity. However, compared with the developed countries, the overall independent innovation ability of SMEs is still in a weak level, and the profitability of enterprises has not been improved. Based on the listed companies in Shenzhen small and medium-sized board, this paper tries to analyze the effect of enterprise R & D investment from the micro level and enterprise financial perspective, and improve the profitability of the enterprise by increasing the effectiveness of R & D investment. It has certain guiding significance in theory and practice. Starting from the current situation of R & D investment in China, this paper reviews the relevant literature on R & D investment and profitability, and defines the related concepts of R & D input and profitability based on the theories of technological innovation and input-output theory. With sufficient theoretical support, this paper analyzes the relationship between them, and selects R & D cost input intensity and technical personnel input intensity index to evaluate R & D investment, select the main business profit rate, total asset return rate, and select the R & D investment intensity index based on the R & D expenditure intensity and the technical personnel input intensity index. Earnings per share and operating profit cash ratio index to evaluate profitability, build a regression model. This paper selects the companies listed on the small and medium-sized board of Shenzhen Stock Exchange before 2009 as the research object, and takes the empirical data from 2009-2011 as the research sample to carry on the empirical research. First of all, the full sample R & D investment of 236 small and medium-sized board listed companies and the profitability under different R & D investment intensity were analyzed by descriptive statistics. Then, the correlation between R & D investment intensity index and profitability is verified by using multiple linear regression method, and the influence of R & D investment on profitability is further studied. The empirical results show that the investment intensity of R & D costs is positively correlated with the profit margin of the main business, the return on total assets, the earnings per share, and the investment intensity of technical personnel is positively correlated with the profit margin of the main business. It has a positive correlation with the total return on assets and earnings per share, but the investment intensity of R & D and technical personnel is not significantly related to the operating profit cash ratio which describes the profit quality. It is found that the impact of R & D cost input intensity on profitability is lagging and cumulative, while the technical personnel investment intensity has no lag on profitability. According to the results of the empirical research, this paper improves the information disclosure system of R & D, strengthens the protection of intellectual property, establishes the internal R & D mechanism, and strengthens the intensity and sustainability of R & D investment. The introduction of high-quality talents and other related policy recommendations will play a positive role in gaining long-term advantages for Chinese small and medium-sized board listed companies in the 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】：2013
【分类号】：F275;F273.1;F832.51

【参考文献】