资源型企业R&D投入与企业价值研究

The Research Between R&D Investment and Firm Value in the Resources Company

在技术经济一体化的推动下，经济发展模式已从消耗自然资源的粗放式增长逐渐转变为依靠自主创新促进经济腾飞的模式。资源型企业应加大R＆D投入，开展自主创新，试图增强持续发展的动力。如何检验资源型企业R＆D投入的价值成为需要解决的问题，本文选取沪深两市资源型企业2007—2009年的R＆D投入数据以及相关财务指标作为研究样本。基于R＆D投入因素，通过对Fama—French三因子模型的改进，建立多元线性回归模型，检验企业R＆D投入与公司价值的相关性。发现，资源型企业R＆D投入会对资源型企业未来价值产生重大影响，对于上市公司，R助投入可能带来公司价值的提升并反映到企业价值即股票市价当中。但是，R＆D投入在带来公司价值提升的同时也能增加风险。从而提出进一步加大R＆D投入，创新资源型企业已有的发展模式，坚持走创新研究，集约化发展道路；加快关于企业技术创新的财税政策体系改革，以优惠的税收政策带动企业持续R＆D投入活动以及对R＆D投入引入风险管理机制，完善信息披露制度等政策建议。

At the push of technology and economic, the mode of economic development has changed from consuming the resourees to depending on aetlng for innovation. The resoure~ company should increase their R＆D investment and act for themselves innovation to enhance the power of contlnous development. How to examine the value of R＆D investment is a Gordian knot. By using the data of R＆D investment and other financial on China＇s listed company from 2007 to 2009 and the model of Fama- French, we investigate the relevance between R＆I） invesmaont and firm value. We find that, in the resoumes company the R＆D investment will make an important role on the finn＇s future value, especially on the listed company, it will retleet on the stock price. But, it will also bring the increase of risk. So, we proposed that we must increase the R＆D investment and remain the innovation research; we must speed up the reform of taxation policies to stimulate the company＇s action; we also must import of the risk management mechanism and improve the information disclosure sys tem.