基于现金流的装备制造业经营业绩对R&D投入的影响研究——以上市公司为例

Research on the Impact of the Business Performance Based on Cash Flow in the Equipment Manufacturing Industry on the R&D Investment——A Case Study of the Listed Companies

随着经济快速发展,科学技术不断进步,国际竞争愈演愈烈,越来越多的企业意识到研发投入对其生存和发展有着重要意义,因此很多企业开始重视研发投入。装备制造业作为国民经济发展的支柱产业之一,其竞争力的提升对我国综合国力的提高尤为重要,而研发投入作为技术创新的基础,是提升企业竞争力的根本。以我国装备制造业上市公司为研究对象,探讨基于现金流下R&D资金的保障问题。通过实证分析得到:装备制造业在现金流的保障下具有研发投入的动力,处于经营业绩—R&D投入—增大业绩的良性循环中,但企业间研发投入差异太大,且整体看来还处于较低的水平,说明我国装备制造业上市公司还应继续加大对研发投入的力度。

With the rapid development of economy and the progress of science and technology, international competition is becoming increasingly fierce. More and more companies start to focus on R＆D investment because they realize the great sig- nificance of R＆D investment to their survival and development. As the pillar industry of national economic development, en- hancing the competitiveness of the equipment manufacturing industry is particularly important to improve China＇ s compre- hensive national strength, and as a basis for technological innovation, the R＆D investment of a company is fundamental to enhance its competitiveness. Therefore, independent research and development of equipment manufacturing industry is par- ticularly significant. Based on that, this paper took the listed companies in China＇ s equipment manufacturing industry as the research object to discuss the protection of R＆D funds based on cash flow. Through empirical analysis ,we can get the con- clusion that under the guarantee of cash flow, the equipment manufacturing industry has the power to do the R＆D invest- ment, and is in a virtuous cycle of operating results-R＆D investment-increasing performance. The gap of R＆D investment between different companies is big, and as a whole it＇ s still in a lower level. All of these indicate that the equipment manu- facturing listed companies should continue to put emphasis on R＆D investment.