研发投入累积效应、超常收益与企业价值研究

Cumulative Effect of R&D Investment,Abnormal Returns and Enterprise Value

本文旨在探究两个问题:(1)研发投入、超常收益、企业价值三者的关系;(2)研发投入的累积效应。基于经济租金理论原理及股利现金流量折现模型对上述问题进行理论分析后,本文选择2015~2018年高研发投入的制造业上市公司为样本公司,检验研发投入与企业价值的相关关系,并研究其对企业价值的累积影响,并进一步引入超常收益作为中介变量,探索研发投入提升企业价值的作用机理。研究结果表明:2017年、2018年样本公司的研发投入与企业价值存在显著、正向线性相关关系;样本公司研发投入对企业价值的影响存在明显的累积效应;研发投入促使企业获得超常收益,超常收益正是企业价值增长的重要因素。

This article aims to explore two issues:one is the relationship between R&D investment,abnormal return and enterprise value;the second is the cumulative effect of R&D investment.Based on theory of rent of enterprise and the dividend discount cash flow model,the above issues are theoretically analyzed.Then this article selects manufacturing companies with high R&D investment from 2015 to 2018 as samples to test the correlation between R&D investment and EV,and to test the cumulative effect of R&D investment on corporate value.It also introduces abnormal return as an intermediary variable to explore how R&D investment can enhance corporate value.Research conclusions:in 2017 and 2018,there is a positive linear correlation between the R&D investment of the sample enterprises and EV;R&D investment of sample companies has obvious cumulative effect on EV;R&D investment promotes enterprises to obtain extraordinary return,which is an important factor of EV's growth.