企业研发投入的价值与研发投入的策略选择——基于我国上市公司的实证研究

Study on the Value of R&D Investment and R&D Strategy Choices——Based on Empirical Research of Chinese Listed Companies

在我国经济增长模式的转型中,面临的最大困境是我国企业如何进行技术和产业升级,如何将研发创新融入到价值链管理中。实现高附加值。对此,文章通过研发投入与价值链上控制权关系的理论和实证分析,得到的主要结论是:创新投入高的企业无论处于价值链上的什么位置,都能取得更高价值,特别是高科技企业获得了更高的毛利率和主业收益率,是价值创造的领头羊;对以大量固定资产投入的制造型企业,在所有模型中都不显著,难以取得明显的经济效果;而营销投入的价值创造能力在所有模型中都显著正相关,是能否成为龙头企业的基石。因此,企业研发投入是反映转型升级与取得高端价值的重要信息。

In China＇s transformation of economic growth mode, the biggest dilemma is how to upgrade China＇s technology and industry and how to combine R＆D and innovation with value chain management so as to achieve high attachment value. This paper explores theoretically and empirically relationships between R＆D investment and control rights in value chains and comes to the main conclusions： enterprises with high investment in R＆D, no matter what the position is in value chains, are able to achieve higher value, especially those high-tech enterprises which are bellwethers for gross profit ratio in value creation; there exists no significant value in all models for manufacturing enterprises with large quantity of fixed assets investment; the value of marketing investment in all models is significantly and positively correlated, which is the corner stone for leading enterprises. Thus, the enterprises＇ R＆D investment tend to indicate the important information of-the enterprise＇ transforming and updating and obtaining high-end value as well.