企业研发投入与业绩的相关性——基于电子信息行业的实证分析

A Study on Correlation between Research and Development Input and Performance——An empiric analysis of electronic information industry

在以知识、信息为特征的新经济社会中,企业的发展离不开R&D。R&D是企业成长的源泉和内动力,是企业在市场竞争中取得长期优势的基本保证。那么,企业研发投入与业绩的相关性到底如何,就是理论界和实务界颇为关注的问题。限于企业个体研发数据的非公开披露,国内从微观层面研究研发投入与业绩的相关性的文献较少,而且实证研究也多以一元线性模型为主,本文利用电子信息行业的相关数据,对企业研发投入和业绩的相关性从微观层面进行多元回归的实证分析。结果显示,我国企业研发投入和企业业绩存在不显著的正相关关系,研发强度对企业业绩的影响存在滞后效应。

Under the new economy which based on knowledge and information, a company can not be developed without research and development input. R＆D is the inner source and drive of a company＇s growing; it is the basic guarantee of company＇s prosperity in intense market competition. How R＆D input and performance are connected is one of the questions that come to the academic and practitioners＇ attention. Because the data regarding to the R＆D input is not disclosed in public, few researches in our country examined the relevance between the performance and R＆D input on micro level. Among the empiric studies, most are based on the linear regression model in one unknown. This paper aims to analyze the correlation between R＆D input and performance based on the empiric studies using multivariate linear model on micro level. Our result shows that there is non-significant positive correlation between R＆D input and performance; R＆D intensity＇s influence on the performance is time delayed.