创业板上市公司研发投入与成长性的实证研究

发布时间：2018-01-01 20:30

本文关键词：创业板上市公司研发投入与成长性的实证研究　出处：《山西大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着市场竞争的日益激烈,研发活动作为自主创新能力的来源,是企业保持核心竞争优势,取得持续发展的关键所在。中小企业在资金、规模方面均不占优势,想要生存唯有通过技术创新掌握核心竞争力。因此,研发活动作为技术创新的源泉,越来越受到政府以及企业的重视。据统计资料显示,企业在我国研发活动中处于主体地位,并且创业板的研发能力和盈利能力均强于主板和中小板。因此,本文以创业板上市公司为例研究公司研发投入对成长性的影响。在简述研发投入和企业成长相关理论的基础上,对2000-2013年我国整体的研发投入现状及2009-2012年创业板的发展状况进行了比较分析。然后,整理,统计2009年、2010年在创业板上市的上市公司2009-2012年的财务数据。通过构建回归模型,检验创业板上市公司研发投入对成长性的影响,并且分别对五个行业进行分行业检验,最后对于各行业的回归结果进行比较分析。通过实证研究,得到如下结论：(1)本文对总体企业研发投入与企业成长性做线性回归和非线性回归。回归结果显示,非线性回归方程的拟合度高于线性回归方程的拟合度,且非线性回归方程对现实问题的解释力度强于线性回归方程,说明非线性回归更能准确表达公司成长性与研发投入强度,资产负债率等变量之间的关系,公司当年度成长性与研发投入强度呈倒“U"型关系。(2)由于行业特征不同,经营方式不同,公司成长的影响因素也不完全一致。机械设备业、化工行业、医药生物、电子行业的成长能力受研发投入的影响显著高于信息服务业。(3)无论行业特征如何,经营特点如何,公司成长能力均与员工素质,公司盈利能力呈正相关关系。(4)信息服务业、化工行业、电子行业企业的成长性与资产负债率呈正相关关系；机械设备业、医药生物行业企业的成长性与资产负债率呈负相关关系。
[Abstract]:With the increasingly fierce market competition, R & D activities, as a source of independent innovation ability, is the key for enterprises to maintain their core competitive advantage and achieve sustainable development. Small and medium-sized enterprises do not have advantages in terms of capital and scale. Therefore, as the source of technological innovation, R & D activities are paid more and more attention by the government and enterprises. Enterprises in our country's R & D activities in the main position, and the gem R & D ability and profitability are stronger than the main board and small and medium board. In this paper, the gem listed companies as an example to study the impact of R & D investment on growth, on the basis of a brief introduction of R & D investment and enterprise growth related theory. This paper makes a comparative analysis of the current situation of R & D investment in China from 2000 to 2013 and the development of gem in 2009-2012. In 2010, the financial data of listed companies listed on the gem in 2009-2012. Through the establishment of regression model, the impact of R & D investment on growth of gem listed companies is tested. Finally, the regression results of each industry are compared and analyzed. Through empirical research. The conclusion is as follows: 1) in this paper, linear regression and nonlinear regression are made for the total enterprise R & D investment and enterprise growth. The regression results show that the fitting degree of the nonlinear regression equation is higher than that of the linear regression equation. The nonlinear regression equation is more powerful than the linear regression equation in explaining the practical problems, which shows that nonlinear regression can more accurately express the relationship between the growth of the company and the R & D investment intensity, asset-liability ratio and other variables. The growth of the company and R & D investment intensity of the inverted "U" type relationship. 2) because of different industry characteristics, different business methods, the factors affecting the growth of the company are not completely consistent. Machinery and equipment industry, chemical industry. The growth ability of pharmaceutical biology and electronic industry is significantly higher than that of information service industry by R & D investment.) regardless of the industry characteristics and management characteristics, the growth ability of the company and the quality of its employees. There is a positive correlation between the growth of enterprises in information service industry, chemical industry and electronic industry and the ratio of assets and liabilities. There is a negative correlation between the growth of enterprises and the ratio of assets and liabilities.
【学位授予单位】：山西大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F224

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