摘要
创业板上市公司多为高科技公司,研发支出对其盈利能力发挥重要影响。本文以2010年前上市的153家创业板公司为样本,以总资产报酬率、净资产收益率、托宾Q值和营业利润率作为盈利能力的代理变量,以研发强度作为研发支出的代理变量,进行面板门槛检验。结果发现,研发强度对公司盈利能力存在单一门槛效应,使之呈现门槛值上下不对称的非线性关系。因此,创业板上市公司应结合行业特点进行研发活动,以实现公司价值最大化的目标。
Since most companies in Growth Enterprises Market (GEM) are high-tech companies, R&D activity plays an important role in their profitability. We sample from 153 companies listed in GEM since 2009 and 2010, using panel threshold regression to verify the relationship between R&D activities and corporate profitability. The result shows that the relationship is nonlinear. R&D intensity has a positive impact on corporate profitability, while the impact is more evident when R&D intensity is below the threshold. Thus companies listed in GEM should carry out R&D activities moderately in order to improve their profitability and to realize the goal of corporate value maximization.
出处
《证券市场导报》
CSSCI
北大核心
2015年第8期23-30,37,共9页
Securities Market Herald
基金
教育部青年项目"金融资源集聚对实体经济的影响研究"(2013YJC790207)
山东省社科规划重大项目"金融产业优化与区域发展管理协同创新研究"(14AWTJ01-11)]
关键词
创业板
研发支出
盈利能力
研发强度
创业板公司
growth enterprise market(GEM), R&D spending, profitability, R&D intensity, companies listed in GEM