研发投入与上市公司业绩——基于机械设备业和生物医药业的比较研究

R&D Investment and Performance of Listed Companies:a Comparison between Machinery Industry and Pharmaceutical Industry

以2003—2007年在上交所上市的机械设备仪器制造业和医药生物制品业企业为样本,对研发投入与公司业绩之间的关系进行实证研究和比较分析。研究发现,研发人员投入与机械设备企业业绩的相关性程度和持续性远远大于生物医药企业;生物医药企业的业绩对研发资金投入的敏感性较强;研发资金投入对企业业绩作用的滞后性在生物医药行业比较明显。此外,相对于收入增长能力,研发投入与企业盈利能力和资产运作效率有更强的正相关关系。研究结论对企业优化其研发投入结构、对政府制定更有针对性的技术创新鼓励政策具有一定借鉴意义。

This article uses yearly reports of machinery and pharmaceutical enterprises which were listed in Shanghai Stock Exchange from 2003 to 2007 to empirically study and compare the correlation between the RD investment and the corporate performance.We find the RD HR investment has a much more significant and long-term correlation with the performance of the machinery companies than the pharmaceuticals,while the latter are sensitive to the capital investment in RD.The time-lag between the RD investment and the corporate performance is more obvious in pharmaceutical industry.And the RD investment has more correlations with the companies＇profitability and asset utilization efficiency.These conclusions will provide instructions for companies to optimize their RD investment structure,and for government to make industry-oriented innovation policies.