研发投入与企业业绩相关性研究——基于中国制造业上市公司的实证分析

研发投入是企业增强核心竞争力和实现可持续发展的关键因素。我国企业的研发投入主要集中在制造业。本文以制造业71家上市公司为研究对象,通过对样本公司R&D投入与企业业绩及企业价值的相关性分析,揭示企业R&D投入对企业业绩的影响作用及对公司价值提升的促进作用。研究结果表明,我国制造业上市公司的R&D投入强度偏低,R&D投入明显不足,但R&D投入强度在2007~2009年3年中逐年上升。企业当期R&D投入与企业当期营业毛利率有显著的正相关关系,滞后一期R&D投入与企业当期营业毛利率仍然存在较为显著的正相关关系,但滞后两期R&D投入与企业当期营业毛利率不存在显著的正相关关系。表明企业R&D投入对企业业绩有一定的影响,且存在一年的滞后性,滞后期较短。同时,企业的R&D投入与托宾Q值存在显著的正相关关系,说明企业的R&D投入与企业价值相关,R&D投入通过对企业业绩的影响来提升公司价值。

A Research on the Relationship between R&D Expenditure and Performance An Empirical Analysis on Listed Companies of Manufacturing Industry in China

R&D expenditure is important for companies to enhance their core-competitiveness and get sustainable development.Manufacturing industry has most of R&D expenditure.This paper analyzes the relationship between R&D expenditure and performance of listed companies in manufacturing industry in China based on 71 samples,and then shows the effect of R&D expenditure on performance and value added.The research result indicates that R&D expenditure of listed companies in manufacturing industry is insufficient and the intensity of R&D expenditure is low,but the intensity is higher and higher from 2007 to 2009.There is significant positive correlation between R&D expenditure in current and last period and operating profit margin.But there is no significant positive correlation between R&D expenditure in the period before last period and operating profit margin.So,R&D expenditure has effect on performance of company.This effect will last a short term.Otherwise,there is significant positive correlation between R&D expenditure in current and Tobin’s Q.It shows the relationship between R&D expenditure and company value.The effect of R&D expenditure on company performance can increase company value.