上市公司融资及科技创新投入现状调查

An Investigation of the Status Quo of the Financing for Listed Companies and Their Input of Science & Technology Innovation

我国上市公司自1990年至2002年,通过股市共融资6,217亿元,但历年用于R＆D的投入比例不高,整体水平在7%～9%,创新研究投入总量明显不足,结构也不尽合理。原因可能有两个方面:第一,存在一种创新投入的障碍,从而阻止上市公司的创新投入;第二,存在一种无需创新就可获利的机制,从而诱使上市公司失去对创新投入的动力。

From 1990 to 2002, the listed companies in our countries raised, through the stock markets, 621.7 billion yuan (RMB), but their annual R&D input maintains at a low level of 7% to 9 %, and their innovation input was also inadequate with a poor structure. The cause lies in the following two aspects: 1.There is a barrier for the innovation input that prevents listed companies from increasing innovation input. And 2. There is a mechanism that enables them to make profits without innovation so that they are lured to lose their motive force in innovation input.