负债介入的技术创新投入对财务绩效的影响研究——以计算机、通信和其他电子设备制造业为例
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摘要
在"双创"和中兴事件的时代背景下,技术创新投入重要性不言而喻,当下我国科技实力进一步增强,技术创新投入支出超过欧盟15国平均水平,尤其以计算机、通信和其他电子设备制造业见长,研发投入强度超过10%,此外该行业伴随着高负债、高收益和高渗透性。本文研究技术创新投入和财务绩效以及负债的中介效应,基于2013—2017年计算机、通信及其他电子设备制造业的数据,研究表明,技术创新投入与短期绩效显著负相关,与长期绩效显著正相关;资产负债率在二者之间有明显中介效应。
In the context of the "double creation" and ZTE events, the importance of technological innovation investment is self-evident. At present, China's scientific and technological strength is further enhanced, and technological innovation investment expenditure exceeds the average level of the EU-15, with its computers, communications and other electronic devices. The manufacturing industry is known for its R&D investment intensity of more than 10%, and the industry is accompanied by high debt, high returns and high permeability. This paper examines the technological innovation input and financial performance and the mediating effect of liabilities. Based on data from 2013 to 2017 in computer,communications and other electronic equipment manufacturing, research shows that technology innovation investment is significantly negatively correlated with short-term performance, and significant long-term performance. Relevant; the asset-liability ratio has a significant mediating effect between the two.
In the context of the "double creation" and ZTE events, the importance of technological innovation investment is self-evident. At present, China's scientific and technological strength is further enhanced, and technological innovation investment expenditure exceeds the average level of the EU-15, with its computers, communications and other electronic devices. The manufacturing industry is known for its R&D investment intensity of more than 10%, and the industry is accompanied by high debt, high returns and high permeability. This paper examines the technological innovation input and financial performance and the mediating effect of liabilities. Based on data from 2013 to 2017 in computer,communications and other electronic equipment manufacturing, research shows that technology innovation investment is significantly negatively correlated with short-term performance, and significant long-term performance. Relevant; the asset-liability ratio has a significant mediating effect between the two.
引文
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[16]周丽萍,陈燕,金玉健.企业社会责任与财务绩效关系的实证研究:基于企业声誉视角的分析解释[J].江苏社会科学,2016(03):95-102.
[2]邹函,邓满.声誉资本、创新水平与企业财务绩效[J].财会通讯,2018(06):56-59.
[3]罗如芳,周运兰,潘泽江.债务融资结构对财务绩效的影响研究:以我国民族地区上市公司为例[J].会计之友2015(10):64-69.
[4]齐岳,李晓琳,亓先玲,齐竹君.控制系统性金融风险下互联网企业财务风险分析及未来展望:以乐视公司和暴风集团为例[J].未来与发展,2018(10):25-31.
[5]朱乃平,朱丽,孔玉生,沈阳.技术创新投入、社会责任承担对财务绩效的协同影响研究[J].会计研究,2014(02).
[6]苏秀花,赵息.我国高端装备制造业研发投入与财务绩效研究[J].财会通讯,2013(24):104-106.
[7]程宏伟,张永海,常勇.公司R&D投入与业绩相关性的实证研究[J].科学管理研究,2006(03):110-113.
[8]GEORGE L.The Economic Assessment of Research Development[J].Management science,1969,16(1):33-66.
[9]周艳,曾静.企业R&D投入与企业价值相关关系实证研究:基于沪深两市上市公司的数据挖掘[J].科学学与科学技术管理,2011,32(01):146-151.
[10]陈晓红,马鸿烈.中小企业技术创新对成长性影响:科技型企业不同于非科技型企业[J].科学学研究,2012,30(11):1749-1760.
[11]杜兴强,曾泉,王亚男.寻租、R&D投资与公司业绩:基于民营上市公司的经验证据[J].投资研究,2012,31(01)57-70.
[12]白立红.技术创新对上市公司财务绩效影响实证研究[J].财会通讯,2011(26):19-21.
[13]OGAWA K.Debt,R&-D investment and technological progress:a panel study of Japanese manufacturing firms'behavior during the 90's[Z].ISER Discussion Paper,2001.
[14]袁玉芳.资本结构、R&D投入与公司业绩的相关性研究[D].大连:东北财经大学,2016.
[15]李显君,王巍,刘文超,王京伦.中国上市汽车公司所有权属性、创新投入与企业绩效的关联研究[J].管理评论,2018,30(02):71-82.
[16]周丽萍,陈燕,金玉健.企业社会责任与财务绩效关系的实证研究:基于企业声誉视角的分析解释[J].江苏社会科学,2016(03):95-102.