上市公司研发投入强度与绩效的相关性研究——基于医药制造业板块的实证分析

Correlation between the R&D Investment Intensity and Performance in Listed Companies: An Empirical Analysis based on Pharmaceutical Companies Listed on the Main Board

以2010年～2012年医药制造业主板上市公司研发投入强度为研究对象，从研发投入强度与企业绩效是否呈正相关和研发投入强度对企业绩效影响是否具有滞后性影响两方面考虑上市公司研发投入强度与绩效的相关关系后发现，我国医药制造业主板上市公司的研发投入强度不高；同时研发效率低下；研发经费投入强度与反映绩效的部分指标呈正相关，2011年研发投入强度的滞后效果较显著。

This paper takes the R＆amp;D investment intensity of pharmaceutical companies listed on the Main Board in 2010-2012 as the research objective , and investigates the correlation between R＆amp;D investment intensity and company performance through the two aspects of positive correlation and latency between R＆amp;D investment and performance .It is found that R＆amp;D investment of the pharmaceutical companies listed on the main board in China is not high and the efficiency is low .There exists positive correlation between investment intensity and some performance indicators , and the investment in 2011 shows relatively significant latency .