研发投入与企业业绩相关性研究——基于中国制造业上市公司的实证分析

A Research on the Relationship between R&D Expenditure and Performance——An Empirical Analysis on Listed Companies of Manufacturing Industry in China

研发投入是企业增强核心竞争力和实现可持续发展的关键因素。我国企业的研发投入主要集中在制造业。本文以制造业71家上市公司为研究对象,通过对样本公司R＆D投入与企业业绩及企业价值的相关性分析,揭示企业R＆D投入对企业业绩的影响作用及对公司价值提升的促进作用。研究结果表明,我国制造业上市公司的R＆D投入强度偏低,R＆D投入明显不足,但R＆D投入强度在2007~2009年3年中逐年上升。企业当期R＆D投入与企业当期营业毛利率有显著的正相关关系,滞后一期R＆D投入与企业当期营业毛利率仍然存在较为显著的正相关关系,但滞后两期R＆D投入与企业当期营业毛利率不存在显著的正相关关系。表明企业R＆D投入对企业业绩有一定的影响,且存在一年的滞后性,滞后期较短。同时,企业的R＆D投入与托宾Q值存在显著的正相关关系,说明企业的R＆D投入与企业价值相关,R＆D投入通过对企业业绩的影响来提升公司价值。

RD expenditure is important for companies to enhance their core-competitiveness and get sustainable development.Manufacturing industry has most of RD expenditure.This paper analyzes the relationship between RD expenditure and performance of listed companies in manufacturing industry in China based on 71 samples,and then shows the effect of RD expenditure on performance and value added.The research result indicates that RD expenditure of listed companies in manufacturing industry is insufficient and the intensity of RD expenditure is low,but the intensity is higher and higher from 2007 to 2009.There is significant positive correlation between RD expenditure in current and last period and operating profit margin.But there is no significant positive correlation between RD expenditure in the period before last period and operating profit margin.So,RD expenditure has effect on performance of company.This effect will last a short term.Otherwise,there is significant positive correlation between RD expenditure in current and Tobin＇s Q.It shows the relationship between RD expenditure and company value.The effect of RD expenditure on company performance can increase company value.