R&D投入与公司价值相关性的实证分析——以我国生物制药和电子信息技术行业上市公司为例

Empirical Analysis of the Correlation between R&D Investment and Firm Value Analysis——An Example of Bio-pharmaceutical and Electronic Information Technology Listed Companies in China

以2007—2009年我国生物制药和电子信息技术行业上市公司为研究样本,实证考察R&D投入与公司价值的相关性。首先检验R&D投入对公司经营业绩的作用,然后运用改进的Fama-French三因子模型,检验R&D投入的市场估值效应。结果显示,R&D投入与公司本年主营业务利润正相关,与同期股价和未来一年的股价变动正相关,但不显著。说明生物制药和电子信息技术企业研发投入的价值,在新会计准则实施和股权分置改革完成后,仍未得到市场的有效认可。

Using a firm-level dataset of Chinese bio-pharmaceutical and electronic information technology listed companies from 2007 to 2009 as sample, the paper empirically studies the correlation between R＆D investment and company＇s R＆D value. This paper first examines the role of R＆D investment on business performance, and then uses an improved model of Fama-French three-factor test R＆D investment effects on the market valuation. The results show that, R＆D investment is related to operating profits in the same year. R＆D investment is also associated with the same and next year stock price, but not significant. It is found out that, with the implementation of new accounting standards and the completion of the split share reform, the value of R＆D investment of the Bio-pharmaceutical and electronic information technology listed companies in China has not been effectively recognized bv the market.