基于EVA的央企上市公司研发支出变化研究

The Study of Research and Development Expenditure Transformation of Central Public Companies Based on EVA Assessment

以中央企业集团下属控股的130家上市公司2009—2012年的研发支出为分析对象,根据生产要素密集程度和行业技术水平的不同进行分类,通过T检验来比较样本公司在实行经济增加值考核前后,研发支出是否产生显著性差异;通过分位数回归来分析EVA考核方法在研发支出处于不同的水平上的影响程度。认为经济增加值考核是促进中央上市公司,尤其是高技术产业中的央企上市公司,技术转型升级、提升研发能力的有效手段,应该坚定不移地继续深入推进。

In this context,it is still a pending problem whether the conduct of central enterprises’s research and develop-ment has made a substantial transformation.This paper is based on the 130 public companies’R＆D expenditures between 2009 and 2012 controlled by central enterprises.We classified them by intensity of production factors and technical level in the whole industry,compared the R＆D expenditures of these public companies before and after EVA Assessment through T-testing to survey whether R＆D expenditures have made a remarkable difference,and analysed the the extent of the R＆D expenditures impact of EVA Assessment while R＆D expenditures at various level by quartile regression.We assert EVA Assessment is an effective means for central public companies to transform theirtechnical mode and promote their capacity of research and development.We should continue to firmly and further practice EVA Assessment.