规模、研发支出与企业价值

理论分析表明,规模、研发支出与企业价值相关;规模会影响研发支出与企业价值的关系。基于中国上市公司样本的实证研究发现,研发支出与企业价值显著正相关,规模与企业价值之间存在先下降后上升然后再下降的水平的S形关系。研发支出的作用会受到企业规模的影响。研发支出与企业价值之间显著的正相关关系仅存在于小企业中,在大企业里,研发支出与企业价值负相关,但统计上不显著。稳健性检验表明,这些结论不受样本选择的影响。

Size, R&D Expenditure and Firm Value

Theory suggests that firm value is related to size and R&D expenditure,and size may influence the relationship between R&D expenditure and firm value.Based on a sample of Chinese listed corporation,empirical results show that the relationship between R&D expenditure and firm value is statistically significantly positive.The relationship between size and firm value is horizontal S shaped,this means firm value decreases first then increase and then decreases as firm size rises.Size can affect the role of R&D expenditure.The significantly positive relationship between R&D expenditure and firm value exists only in small firms,and in big firms,R&D expenditure is negatively related to firm value,not statistically significant.Robust test shows that these conclusions are not affected by the choice of sample selection.