| R&D投入与公司价值相关性的实证分析——以我国生物制药和电子信息技术行业上市公司为例 |
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| 引用本文： | 龚志文,陈金龙.R&D投入与公司价值相关性的实证分析——以我国生物制药和电子信息技术行业上市公司为例[J].科技进步与对策,2011,28(22):10-13. |
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| 作者姓名： | 龚志文 陈金龙 |
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| 作者单位： | 华侨大学工商管理学院;景德镇陶瓷学院; |
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| 基金项目： | 国家自然科学基金项目(70573033); 福建省高等学校新世纪优秀人才支持计划项目(07FJRC08) |
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| 摘 要： | 以2007—2009年我国生物制药和电子信息技术行业上市公司为研究样本,实证考察R&D投入与公司价值的相关性。首先检验R&D投入对公司经营业绩的作用,然后运用改进的Fama-French三因子模型,检验R&D投入的市场估值效应。结果显示,R&D投入与公司本年主营业务利润正相关,与同期股价和未来一年的股价变动正相关,但不显著。说明生物制药和电子信息技术企业研发投入的价值,在新会计准则实施和股权分置改革完成后,仍未得到市场的有效认可。
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| 关 键 词： | R&D投入 公司价值 股票收益 经营业绩 |
Empirical Analysis of the Correlation between R&D Investment and Firm Value Analysis -An Example of Bio-pharmaceutical and Electronic Information Technology Listed Companies in China |
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| Gong Zhiwen,Chen Jinlong.Empirical Analysis of the Correlation between R&D Investment and Firm Value Analysis -An Example of Bio-pharmaceutical and Electronic Information Technology Listed Companies in China[J].Science & Technology Progress and Policy,2011,28(22):10-13. |
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| Authors: | Gong Zhiwen Chen Jinlong |
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| Institution: | Gong Zhiwen1,2,Chen Jinlong1 (1.School of Business Administration,Huaqiao University,Quanzhou 36202,China,2.Jingdezhen Ceramic Institute,Jingdezhen 333001,China) |
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| Abstract: | Using a firm-level dataset of Chinese bio-pharmaceutical and electronic information technology listed companies from 2007 to 2009 as sample, the paper empirically studies the correlation between R&D investment and company's R&D value. This paper first examines the role of R&D investment on business performance, and then uses an improved model of Fama-French three-factor test R&D investment effects on the market valuation. The results show that, R&D investment is related to operating profits in the same year... |
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| Keywords: | R&D Investment Company Value Stock Returns Operation Performance |
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