我国上市高新技术企业R&D投入与企业业绩相关性的实证研究
摘要
技术创新是实现科技进步、促进经济增长的根本源泉,是企业竞争力的核心能力。R&D是技术创新最重要、最主要内涵。企业是一个国家R&D投入来源与支出的最大主体。随着国际间竞争的加剧,企业如何有效地选择和管理科研活动项目,恰当地对R&D进行评估,直接影响企业的经济增长和竞争力。因此,R&D投入与企业业绩相关性的研究,也成为关注的研究热点之一。
本文根据我国上市高新技术企业R&D投入的现状,在对国内外R&D理论、R&D与技术创新等相关理论进行研究和文献回顾的基础上,采用实证研究的方法,以66家高新技术上市公司自2003年到2007年的数据为样本,选取R&D投入强度指标为解释变量、主营业务利润率等4个业绩指标为被解释变量,建立了面板数据模型,从盈利能力、成长能力等方面对R&D投入与企业业绩之间的相关关系进行了分析。
经实证研究得到以下结论:R&D投入能增强企业的核心竞争力并产生良好的经济效益;R&D投入能给企业带来良好的成长性;R&D投入对企业业绩没有滞后影响。最后,基于本文的研究结论,提出加大政府激励企业技术创新的力度;高新技术企业应完善体制,增强研发成果转化为现实生产力的能力;高新技术企业研发投入应重视技术创新的发展潜力;改善上市公司R&D费用披露等几个方面的建议。
本文所提出的研究方法和研究结论,不仅对我国高新技术企业正确认识R&D投入有着重要的影响,而且也对企业研究和提高其国际竞争力提供了有价值的实证。
Technical innovation is the core of the competitive edge as well as the basic source of achieving the advancement of science and technology and accelerating the economic growth,while R&D is the most important and primary connotation of the technical innovation.The enterprises constituted the major force carrying out the R&D activities in a country. As the international competition became increasingly severe,how to choose projects and manage the activities in R&D and,more importantly, how to properly evaluate the R&D effectiveness would directly influence the economic growth and the competitive edge of an enterprise.The research on relationship between R&D investment and company performance constituted a hot issue that attracts attentions.
Based on the R&D investment status of China's listed high-tech enterprises,the author researched R&D theory,R&D and technological innovation,and other relevant theoretical literature reviews in the domestic and international.On the basis of empirical research methods, the author established a panel date model to explain the relationship between high-tech enterprises's R&D and the company performance
using 66 observations of listed high-tech enterprises between the years 2003-2007.
By empirical study,we found that R&D investment has an influence to the company performance,especially has a significant influence to the growth of company.It has also proved that R&D investment can not produce good economic results in a long-term.Finally,according to the conclusion,the author presented some proposals to Chinese high-tech enterprises such as improving government's financing support,enhancing the capacity of transferring R&D investment into productive forces, attaching importance to the development potential of technological innovation,strengthening enterprise R&D information disclosure regulation.
The research method in this thesis can help high-tech enterprises recognize the influence of R&D investment correctly;also provide an approach to improve the competitive edge for high-tech enterprises in China.
本文根据我国上市高新技术企业R&D投入的现状,在对国内外R&D理论、R&D与技术创新等相关理论进行研究和文献回顾的基础上,采用实证研究的方法,以66家高新技术上市公司自2003年到2007年的数据为样本,选取R&D投入强度指标为解释变量、主营业务利润率等4个业绩指标为被解释变量,建立了面板数据模型,从盈利能力、成长能力等方面对R&D投入与企业业绩之间的相关关系进行了分析。
经实证研究得到以下结论:R&D投入能增强企业的核心竞争力并产生良好的经济效益;R&D投入能给企业带来良好的成长性;R&D投入对企业业绩没有滞后影响。最后,基于本文的研究结论,提出加大政府激励企业技术创新的力度;高新技术企业应完善体制,增强研发成果转化为现实生产力的能力;高新技术企业研发投入应重视技术创新的发展潜力;改善上市公司R&D费用披露等几个方面的建议。
本文所提出的研究方法和研究结论,不仅对我国高新技术企业正确认识R&D投入有着重要的影响,而且也对企业研究和提高其国际竞争力提供了有价值的实证。
Technical innovation is the core of the competitive edge as well as the basic source of achieving the advancement of science and technology and accelerating the economic growth,while R&D is the most important and primary connotation of the technical innovation.The enterprises constituted the major force carrying out the R&D activities in a country. As the international competition became increasingly severe,how to choose projects and manage the activities in R&D and,more importantly, how to properly evaluate the R&D effectiveness would directly influence the economic growth and the competitive edge of an enterprise.The research on relationship between R&D investment and company performance constituted a hot issue that attracts attentions.
Based on the R&D investment status of China's listed high-tech enterprises,the author researched R&D theory,R&D and technological innovation,and other relevant theoretical literature reviews in the domestic and international.On the basis of empirical research methods, the author established a panel date model to explain the relationship between high-tech enterprises's R&D and the company performance
using 66 observations of listed high-tech enterprises between the years 2003-2007.
By empirical study,we found that R&D investment has an influence to the company performance,especially has a significant influence to the growth of company.It has also proved that R&D investment can not produce good economic results in a long-term.Finally,according to the conclusion,the author presented some proposals to Chinese high-tech enterprises such as improving government's financing support,enhancing the capacity of transferring R&D investment into productive forces, attaching importance to the development potential of technological innovation,strengthening enterprise R&D information disclosure regulation.
The research method in this thesis can help high-tech enterprises recognize the influence of R&D investment correctly;also provide an approach to improve the competitive edge for high-tech enterprises in China.
引文
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[2]Ruekert,R.W,O.C and Roering,K.J.The Organization of Marketing Activities:A Contingency Theory of Structure and Performance.Journal of Marketing.1985(49):13-25
[3]T.C.Koopmans.An Analysis of Production as an Efficient Combination of Activities.In:T.C.Koopmans(Ed),Activity Analysis of Production and Allocation,Cowles Commission for Research in Economics.Monograph No.13.New York:Willy,1951
[4]Shephard,R.W.Cost and Production Functions.Princeton,N.J:Princeton University Press,1953
[5]Myers & Majluf.The capital structure Puzzle.Journal of finance.1984(39)
[6]Sougiannis,T.The accounting based Valuation of Corporate R&D.The Accounting Review 1994(69):44-68
[7]Lev,B.and T.Sougiannis.The Capitalization,Amortization,and Value Relevance of R&DJournal of Accounting and Economics.l996(21):107-138
[8]Deng,Z.B.Lev,and F.Narin.Science and Technology as Predictors of Stock Performance.Financial Analysts Journal.1999:20-32
[9]Amir,Lev & Sougiannis.What value analysts? Working paper,Tel Aviv University,New York University,and University of Illiois at Urbana-Champaign.1999:
[10]Lee M,etal.Measuring R&D effectiveness in Korean companies.Journal of Business Venturing.1996,Fall 986:23-25
[11]SzakonjinR.Measuring R&D effectiveness.Research Technology Management.1994,37(2):19-26
[12]S.David young and Stephen F.O Byren.Eva and Value-Based Management:A Practical Guide to Implementation.McGraw-Hill Press,2000
[13]Garner,Nam and Ottoot.Determinats of Corporate Growth Opportunities of Emerging Firms.Journal of Economics and Business.2002(03):35-66
[14]中国科学院可持续发展研究组.中国可持续发展战略报告.北京:科学出版社,2000:489-517
[15]连燕华,郑弈荣,孟宪棠,王友顺,穆索娉,马晓光,于浩.企业研究开发与技术创新分析.科学管理研究.2004(04):6-10
[16]邓小红,熊红芳.创新的现状分析和思考.广州市经济管理干部学院学报.2001(04):30-33
[17]李欣,林晓言.中国与美国R&D经费比较研究.科技与管理.2004(05):121-123,129
[18]王娅莉.影响我国基础研究投入的因素分析-我国基础研究资源结构与部分国家差异比较.科技管理研究.2005(01):34-37
[19]秦丽娜,李凯.我国R&D投资现状及对策分析.东北大学学报(社会科学版).2005(03):104-106
[20]王核成.R&D投入与企业成长的相关性研究.科学管理研究.2001(03):13-16
[21]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.经济科学.2003(03):5-11
[22]蔡虹,高杰,许晓雯.R&D投资经济效果的实证分析.科学学研究.2004(01):53-58
[23]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).上海经济研究.2005(09):3-14
[24]刘丹鹤,杨舰.R&D投入、经济增长与科技管理.科学学与科学技术管理.2006(09):14-18
[25]岳金桂冲国R&D投入与经济增长的协整分析.河海大学学报(自然科学版).2007(05):605-609
[26]屠文娟.基于灰色关联分析的江苏省科技投入与经济增长实证研究.企业经济.2008(01):133-135
[27]薛云奎,王志台.无形资产信息披露及价值相关性研究.来自上海股市的经验数据.会计研究.2001(11):40-47
[28]朱卫平,伦蕊.高新技术企业科技投入与绩效相关性的实证分析.科技管理研究.2004(05):8-10
[29]梁莱歆,张焕凤.高科技上市公司R&D投入绩效的实证研究.中南大学学报(社会科学版).2005(02):232-236
[30]侯晓红,张艳华.R&D投入对企业业绩的影响.科技管理研究.2006(12):108-110
[31]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科学管理研究.2006(03):110-113
[32]周亚虹,许玲丽.民营企业R&D投入对企业业绩的影响.财经研究.2007(07):101-112
[33]财政部.企业会计准则第6号--无形资产.2006
[34]王小荣,卜伟.我国高新技术类上市公司R&D支出披露的现状考察.中国管理信息化.2008(03):26-28
[35]金永红.我国企业R&D投入不足的原因与对策研究.科技与经济.2008(02):87-89
[36]梁莱歆,熊艳.我国上市公司研发费用披露现状及其改进意见.财务与会计.2005(10):47-49
[37]张芹秀,骆革新.浅谈企业研究与开发费用的处理.中国科技信息.2005(15):118
[38]安同良.企业技术发展能力.人民出版社,2004:11-37
[39]赖国毅.工业上市公司成长性的归因分析.四川教育学院学.2007(01):88-92
[40]岑成德.上市公司成长性的实证研究.商业研究.2002(08):32-34
[41]傅家骥.技术创新学.北京:清华大学出版社,1999:255-256
[42]约瑟夫·熊彼特(Joseph Schumpeter).经济发展理论.北京:商务印书馆,1990:354-356
[43]财政部统计评价司.企业绩效评价工作指南.北京:经济科学出版社,2002
[44]张蕊.企业战略经营业绩评价指标体系研究.北京:中国财政经济出版社,2002
[45]冯丽霞.企业绩效及其决定因素研究.长沙理工大学学报(社会科学版)2004(09):65-57
[2]Ruekert,R.W,O.C and Roering,K.J.The Organization of Marketing Activities:A Contingency Theory of Structure and Performance.Journal of Marketing.1985(49):13-25
[3]T.C.Koopmans.An Analysis of Production as an Efficient Combination of Activities.In:T.C.Koopmans(Ed),Activity Analysis of Production and Allocation,Cowles Commission for Research in Economics.Monograph No.13.New York:Willy,1951
[4]Shephard,R.W.Cost and Production Functions.Princeton,N.J:Princeton University Press,1953
[5]Myers & Majluf.The capital structure Puzzle.Journal of finance.1984(39)
[6]Sougiannis,T.The accounting based Valuation of Corporate R&D.The Accounting Review 1994(69):44-68
[7]Lev,B.and T.Sougiannis.The Capitalization,Amortization,and Value Relevance of R&DJournal of Accounting and Economics.l996(21):107-138
[8]Deng,Z.B.Lev,and F.Narin.Science and Technology as Predictors of Stock Performance.Financial Analysts Journal.1999:20-32
[9]Amir,Lev & Sougiannis.What value analysts? Working paper,Tel Aviv University,New York University,and University of Illiois at Urbana-Champaign.1999:
[10]Lee M,etal.Measuring R&D effectiveness in Korean companies.Journal of Business Venturing.1996,Fall 986:23-25
[11]SzakonjinR.Measuring R&D effectiveness.Research Technology Management.1994,37(2):19-26
[12]S.David young and Stephen F.O Byren.Eva and Value-Based Management:A Practical Guide to Implementation.McGraw-Hill Press,2000
[13]Garner,Nam and Ottoot.Determinats of Corporate Growth Opportunities of Emerging Firms.Journal of Economics and Business.2002(03):35-66
[14]中国科学院可持续发展研究组.中国可持续发展战略报告.北京:科学出版社,2000:489-517
[15]连燕华,郑弈荣,孟宪棠,王友顺,穆索娉,马晓光,于浩.企业研究开发与技术创新分析.科学管理研究.2004(04):6-10
[16]邓小红,熊红芳.创新的现状分析和思考.广州市经济管理干部学院学报.2001(04):30-33
[17]李欣,林晓言.中国与美国R&D经费比较研究.科技与管理.2004(05):121-123,129
[18]王娅莉.影响我国基础研究投入的因素分析-我国基础研究资源结构与部分国家差异比较.科技管理研究.2005(01):34-37
[19]秦丽娜,李凯.我国R&D投资现状及对策分析.东北大学学报(社会科学版).2005(03):104-106
[20]王核成.R&D投入与企业成长的相关性研究.科学管理研究.2001(03):13-16
[21]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.经济科学.2003(03):5-11
[22]蔡虹,高杰,许晓雯.R&D投资经济效果的实证分析.科学学研究.2004(01):53-58
[23]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).上海经济研究.2005(09):3-14
[24]刘丹鹤,杨舰.R&D投入、经济增长与科技管理.科学学与科学技术管理.2006(09):14-18
[25]岳金桂冲国R&D投入与经济增长的协整分析.河海大学学报(自然科学版).2007(05):605-609
[26]屠文娟.基于灰色关联分析的江苏省科技投入与经济增长实证研究.企业经济.2008(01):133-135
[27]薛云奎,王志台.无形资产信息披露及价值相关性研究.来自上海股市的经验数据.会计研究.2001(11):40-47
[28]朱卫平,伦蕊.高新技术企业科技投入与绩效相关性的实证分析.科技管理研究.2004(05):8-10
[29]梁莱歆,张焕凤.高科技上市公司R&D投入绩效的实证研究.中南大学学报(社会科学版).2005(02):232-236
[30]侯晓红,张艳华.R&D投入对企业业绩的影响.科技管理研究.2006(12):108-110
[31]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科学管理研究.2006(03):110-113
[32]周亚虹,许玲丽.民营企业R&D投入对企业业绩的影响.财经研究.2007(07):101-112
[33]财政部.企业会计准则第6号--无形资产.2006
[34]王小荣,卜伟.我国高新技术类上市公司R&D支出披露的现状考察.中国管理信息化.2008(03):26-28
[35]金永红.我国企业R&D投入不足的原因与对策研究.科技与经济.2008(02):87-89
[36]梁莱歆,熊艳.我国上市公司研发费用披露现状及其改进意见.财务与会计.2005(10):47-49
[37]张芹秀,骆革新.浅谈企业研究与开发费用的处理.中国科技信息.2005(15):118
[38]安同良.企业技术发展能力.人民出版社,2004:11-37
[39]赖国毅.工业上市公司成长性的归因分析.四川教育学院学.2007(01):88-92
[40]岑成德.上市公司成长性的实证研究.商业研究.2002(08):32-34
[41]傅家骥.技术创新学.北京:清华大学出版社,1999:255-256
[42]约瑟夫·熊彼特(Joseph Schumpeter).经济发展理论.北京:商务印书馆,1990:354-356
[43]财政部统计评价司.企业绩效评价工作指南.北京:经济科学出版社,2002
[44]张蕊.企业战略经营业绩评价指标体系研究.北京:中国财政经济出版社,2002
[45]冯丽霞.企业绩效及其决定因素研究.长沙理工大学学报(社会科学版)2004(09):65-57