中小企业研发投入与业绩相关性研究
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摘要
科学技术的迅猛发展带动了知识经济时代的竞争,许多企业已经意识到技术创新对企业生存与发展的重要影响,也已纷纷加入以科技创新为导向经济的改革中去。然而,我国企业在技术创新过程呈现出一些问题,例如创新意识薄弱,技术创新能力不足,研发投入产出效果较差等等。因此,有必要对企业研发投入与企业业绩的相关关系以及企业技术资源的有效利用作一分析。
本文根据我国企业研发投入的现状,在对国内外研发投入与技术创新理论以及研发与技术创新、企业核心竞争力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,选取了2007年12月31日以前中小企业板81家上市公司为研究对象,利用公开发布的研发投入数据,选取研发投入强度指标、技术人员比重指标为解释变量、主营业务利润率等5个业绩指标为被解释变量,资产规模、资本结构指标为控制变量,构建了一个中小企业研发投入与企业业绩相关性研究模型,从盈利能力、成长能力和现金偿债能力等方面对研发投入与企业业绩之间的相关关系进行了分析。
本文的实证研究发现:第一,中小企业研发费用投入能够增强企业的盈利能力;第二,研发投入与企业成长能力不存在明显的正相关关系;第三,研发费用投入对企业的现金偿债能力有正向作用;第四,研发投入的产出有滞后性;第五,累积研发投入对企业业绩的贡献更佳。本文利用可靠的数据和严谨的数学模型解释了我国企业的研发投入对公司业绩增长是否有正向影响这一有争论的问题,这对企业正确认识研发投资活动有重要的意义。最后,根据本文的研究结论,提出我国企业应继续提高创新能力,加大研发投入;政府应继续加大中小企业扶持力度,为中小企业创造良好发展环境;相关部门应该做好上市公司的信息披露监管等几方面的建议。
The rapid development of technology has accelerated the competition of times of knowledge economy. Since many enterprises have recognized that technology innovation has great influence on their survival and development, they are involved in the economic innovation led by Science and Technology Innovation. However, in this process some defects appeared, such as poor innovative consciousnesses, unsufficient technological creative abilities, bad input against output and so on. So it is neccessary to have a research on the relationship between R&D investment and enterprises’performance and on the effective usage of technology resources.
According the present situation of domestic interprises’R&D investment, we explored the domestic and foreign R&D investment and technological innovation theory, as well as core competence theory. Then we used empirical research methods to choose eighty one companies which were listed before 31st December 2007 in the SME board in our sample. Using the publicly available R&D investment data, we selected the R&D intensity indicators and the proportion of technical indicators as the dependent variable,and selected five performance index (including the main business profit margin) as the explanatory variable. Then we chose asset size, capital structure indicators as control variables. In the end, we built a R&D and business performance of SMEs correlation model,to analyse the relationship between R&D investment and business performance from the aspects such as profitability, growth, cash solvency and so on.
Through the empirical analysis, we found several results below: first, the SME R&D investment can enhance their profitability; second, there is no significant positive correlation between R&D capabilities and business growth; third, the R&D investment has a positive effect on the cash solvency of enterprises; fourth, the output of R&D investment has hysteresis; fifth, the cumulative R&D investment contribute to better corporate performance. We explained a disputed question whether enterprises’R&D investment in our country has a positive impact of companys' performance by using reliable data and rigorous mathematical model. The solution of this question has significant influence on correctly understanding corporate R&D investment. Finally, according the conclusions of this study, we proposed enterprises should continue to improve innovationary ability, increase investment in research; the Government should continue to increase efforts to support small and medium enterprises, to create a good environment for the development of SMEs; relevant departments should regulate the information disclosure of listed companies.
本文根据我国企业研发投入的现状,在对国内外研发投入与技术创新理论以及研发与技术创新、企业核心竞争力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,选取了2007年12月31日以前中小企业板81家上市公司为研究对象,利用公开发布的研发投入数据,选取研发投入强度指标、技术人员比重指标为解释变量、主营业务利润率等5个业绩指标为被解释变量,资产规模、资本结构指标为控制变量,构建了一个中小企业研发投入与企业业绩相关性研究模型,从盈利能力、成长能力和现金偿债能力等方面对研发投入与企业业绩之间的相关关系进行了分析。
本文的实证研究发现:第一,中小企业研发费用投入能够增强企业的盈利能力;第二,研发投入与企业成长能力不存在明显的正相关关系;第三,研发费用投入对企业的现金偿债能力有正向作用;第四,研发投入的产出有滞后性;第五,累积研发投入对企业业绩的贡献更佳。本文利用可靠的数据和严谨的数学模型解释了我国企业的研发投入对公司业绩增长是否有正向影响这一有争论的问题,这对企业正确认识研发投资活动有重要的意义。最后,根据本文的研究结论,提出我国企业应继续提高创新能力,加大研发投入;政府应继续加大中小企业扶持力度,为中小企业创造良好发展环境;相关部门应该做好上市公司的信息披露监管等几方面的建议。
The rapid development of technology has accelerated the competition of times of knowledge economy. Since many enterprises have recognized that technology innovation has great influence on their survival and development, they are involved in the economic innovation led by Science and Technology Innovation. However, in this process some defects appeared, such as poor innovative consciousnesses, unsufficient technological creative abilities, bad input against output and so on. So it is neccessary to have a research on the relationship between R&D investment and enterprises’performance and on the effective usage of technology resources.
According the present situation of domestic interprises’R&D investment, we explored the domestic and foreign R&D investment and technological innovation theory, as well as core competence theory. Then we used empirical research methods to choose eighty one companies which were listed before 31st December 2007 in the SME board in our sample. Using the publicly available R&D investment data, we selected the R&D intensity indicators and the proportion of technical indicators as the dependent variable,and selected five performance index (including the main business profit margin) as the explanatory variable. Then we chose asset size, capital structure indicators as control variables. In the end, we built a R&D and business performance of SMEs correlation model,to analyse the relationship between R&D investment and business performance from the aspects such as profitability, growth, cash solvency and so on.
Through the empirical analysis, we found several results below: first, the SME R&D investment can enhance their profitability; second, there is no significant positive correlation between R&D capabilities and business growth; third, the R&D investment has a positive effect on the cash solvency of enterprises; fourth, the output of R&D investment has hysteresis; fifth, the cumulative R&D investment contribute to better corporate performance. We explained a disputed question whether enterprises’R&D investment in our country has a positive impact of companys' performance by using reliable data and rigorous mathematical model. The solution of this question has significant influence on correctly understanding corporate R&D investment. Finally, according the conclusions of this study, we proposed enterprises should continue to improve innovationary ability, increase investment in research; the Government should continue to increase efforts to support small and medium enterprises, to create a good environment for the development of SMEs; relevant departments should regulate the information disclosure of listed companies.
引文
[1]《国家中长期科学和技术发展规划纲要2006-2020》,国发[2005]第044号
[2]科技统计年鉴(2009),中国主要科技指标数据库
[3]聚焦中小企业发展,中国经济信息网http://www.cei.gov.cn/
[4]《高新技术企业认定管理工作指引》,国发[2008]362号
[5]《中央企业综合绩效评价管理暂行办法》,国资委令第14号
[6] http://baike.baidu.com/view/58855.htm#sub58855
[7]《科技型中小高科技企业创新基金项目申请受理实施方案》,国发[1999]47号
[8] Werner Güth and Hartmut Kliemt .From teleology to evolution Bridging the gap between rationality and adaptation in social explanation [J]. Journal of Evolutionary Economics,1990(4):385-410
[9] Barney. J. Stopford-Based Theories of CmoPetitive Advantage: Aten-YearRetrosPeetive on the Resouree-BasedView[J]. Journal of Management,1994,27(6):643-650
[10] Edward B.Roberts. Teehnology. Innovationand Competitive Advantage [J].Makingalof Innovation Management,1995,5(3):351-376
[11] Albert Guangzhou Hu and Fujita Jefferson. Returns to research and development in Chinese industry: Evidence from state-owned enterprises in Beijing[J].China Economic Review,1997 ,(15):18-107
[12] Brown.R Core Competencies and the Strategic Management of R&D[J].R&D Management,1998, (26):345-355
[13] Markides. Brown.Adyamic view of strategy[J].Sloan Management Review,2001,(14):123-125
[14] Baruch Lev. Namandottootoeterminatsofeorporate Growthopp or tunities of Eme Firms. Joumalof Eeonomiesand Business. 2003(03):35-66
[15] Sharma. Technology Manangement in the Company of the Future.Analysis&Strategic Manangement. 2003(8):175-189
[16] Jefferson. Produetinnovation and small business growth, UkandIrishcom Panies [J] .Small Business Eeonomies,2003,(9):523-537.
[17] Valdemarsmith,MoementgensDiiling-Hansen. Implementing value strstegy through the value [J].Management decision,2004,(3):76-84
[18]王核成. R&D投入与企业成长的相关性研究[J].科学管理研究,2001,(3):13-16.
[19]王同律.技术创新与企业价值增长[J].中南财经政法大学学报,2004,(2):126-131.
[20]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[J].科技管理研究,2004,(5):35-40.
[21]梁莱歆,张焕凤.高科技上市公司R&D投入绩效的实证研究[J].中南大学学报,2005,(2): 47-52.
[22]侯晓红,张艳华. R&D投入对企业业绩的影响[J].科技管理研究,2006,(12):78-92.
[23]王君彩,王淑芳.论我国企业研究与开发人员的绩效评价[J].中央财经大学学报,2008,(2):34-37.
[24]张济建,李春香. R&D投入对高新技术企业业绩的影响[J].江苏大学学报,2009,(2): 55-59.
[25]文芳. R&D投资对公司盈利能力的影响研究[J].证券市场导报,2009,(6):71-77.
[26]陈晓红,李喜华和曹裕.技术创新对中小企业成长的影响——基于我国中小企业板上市公司的实证分析[J].科学学与科学技术管理,2009,(4):140-145.
[27]傅家骥.中国技术创新理论研究[J].政策与管理,2001,(12):14-17.
[28]薛云奎,王志台.无形资产信息披露及其价值相关性研究——来自上海股市的经验证据[J].会计研究, 2001, (11):42-43.
[29]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,(3):11-15.
[30]郭媛嫣.上市公司R&D投入与企业绩效的实证研究[D],南京财经大学,2008.5
[31]刘秀玲.上市公司成长性与规模、上市年龄关系研究——基于福建省上市公司面板数据[J].福州大学学报,2009,(3):43-47.
[32]罗卡明.企业R&D费用与企业资本结构和企业成长性的相关性实证研究[D]. 2006,5
[33]申海霞.我国电力行业上市公司债务结构对公司业绩影响的研究[J].中国集体经济,2010,(12):15-19.
[34]肖作平.资本结构影响因素实证研究综述[J]证券市场导报,2005,(11):11-15.
[35]华锦阳.技术创新管理[M].北京:清华大学出版社, 2007年.
[36]张仁侠.研究与开发战略[M].广东:广东经济出版社, 1998年.
[37]葛新权.技术创新与企业价值增长及评估[M].北京:社会科学文献出版社, 2008年.
[38]巨潮咨询网http://www.cninfo.com.cn
[39]新浪财经网站http://finance.sina.com.cn
[40]中小企业信息网http://www.sme.gov.cn/
[2]科技统计年鉴(2009),中国主要科技指标数据库
[3]聚焦中小企业发展,中国经济信息网http://www.cei.gov.cn/
[4]《高新技术企业认定管理工作指引》,国发[2008]362号
[5]《中央企业综合绩效评价管理暂行办法》,国资委令第14号
[6] http://baike.baidu.com/view/58855.htm#sub58855
[7]《科技型中小高科技企业创新基金项目申请受理实施方案》,国发[1999]47号
[8] Werner Güth and Hartmut Kliemt .From teleology to evolution Bridging the gap between rationality and adaptation in social explanation [J]. Journal of Evolutionary Economics,1990(4):385-410
[9] Barney. J. Stopford-Based Theories of CmoPetitive Advantage: Aten-YearRetrosPeetive on the Resouree-BasedView[J]. Journal of Management,1994,27(6):643-650
[10] Edward B.Roberts. Teehnology. Innovationand Competitive Advantage [J].Makingalof Innovation Management,1995,5(3):351-376
[11] Albert Guangzhou Hu and Fujita Jefferson. Returns to research and development in Chinese industry: Evidence from state-owned enterprises in Beijing[J].China Economic Review,1997 ,(15):18-107
[12] Brown.R Core Competencies and the Strategic Management of R&D[J].R&D Management,1998, (26):345-355
[13] Markides. Brown.Adyamic view of strategy[J].Sloan Management Review,2001,(14):123-125
[14] Baruch Lev. Namandottootoeterminatsofeorporate Growthopp or tunities of Eme Firms. Joumalof Eeonomiesand Business. 2003(03):35-66
[15] Sharma. Technology Manangement in the Company of the Future.Analysis&Strategic Manangement. 2003(8):175-189
[16] Jefferson. Produetinnovation and small business growth, UkandIrishcom Panies [J] .Small Business Eeonomies,2003,(9):523-537.
[17] Valdemarsmith,MoementgensDiiling-Hansen. Implementing value strstegy through the value [J].Management decision,2004,(3):76-84
[18]王核成. R&D投入与企业成长的相关性研究[J].科学管理研究,2001,(3):13-16.
[19]王同律.技术创新与企业价值增长[J].中南财经政法大学学报,2004,(2):126-131.
[20]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[J].科技管理研究,2004,(5):35-40.
[21]梁莱歆,张焕凤.高科技上市公司R&D投入绩效的实证研究[J].中南大学学报,2005,(2): 47-52.
[22]侯晓红,张艳华. R&D投入对企业业绩的影响[J].科技管理研究,2006,(12):78-92.
[23]王君彩,王淑芳.论我国企业研究与开发人员的绩效评价[J].中央财经大学学报,2008,(2):34-37.
[24]张济建,李春香. R&D投入对高新技术企业业绩的影响[J].江苏大学学报,2009,(2): 55-59.
[25]文芳. R&D投资对公司盈利能力的影响研究[J].证券市场导报,2009,(6):71-77.
[26]陈晓红,李喜华和曹裕.技术创新对中小企业成长的影响——基于我国中小企业板上市公司的实证分析[J].科学学与科学技术管理,2009,(4):140-145.
[27]傅家骥.中国技术创新理论研究[J].政策与管理,2001,(12):14-17.
[28]薛云奎,王志台.无形资产信息披露及其价值相关性研究——来自上海股市的经验证据[J].会计研究, 2001, (11):42-43.
[29]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,(3):11-15.
[30]郭媛嫣.上市公司R&D投入与企业绩效的实证研究[D],南京财经大学,2008.5
[31]刘秀玲.上市公司成长性与规模、上市年龄关系研究——基于福建省上市公司面板数据[J].福州大学学报,2009,(3):43-47.
[32]罗卡明.企业R&D费用与企业资本结构和企业成长性的相关性实证研究[D]. 2006,5
[33]申海霞.我国电力行业上市公司债务结构对公司业绩影响的研究[J].中国集体经济,2010,(12):15-19.
[34]肖作平.资本结构影响因素实证研究综述[J]证券市场导报,2005,(11):11-15.
[35]华锦阳.技术创新管理[M].北京:清华大学出版社, 2007年.
[36]张仁侠.研究与开发战略[M].广东:广东经济出版社, 1998年.
[37]葛新权.技术创新与企业价值增长及评估[M].北京:社会科学文献出版社, 2008年.
[38]巨潮咨询网http://www.cninfo.com.cn
[39]新浪财经网站http://finance.sina.com.cn
[40]中小企业信息网http://www.sme.gov.cn/