市场环境与研发投资——基于创业板上市公司的经验证据

Market environment and R&D investment——Evidence from GEM listed companies

以深圳证券市场2009-2014年创业板上市公司为研究样本,检验了市场环境和公司研发投资之间的关系。实证检验的结果显示:宏观治理环境、创新氛围和辅助创新条件与研发投资显著正相关,表明改善市场创新环境能促进公司创新。进一步,在区分公司类型和公司年龄的情况下,研究表明,相比较非制造业的上市公司,制造业上市公司的市场环境与研发投资之间显著正相关;相比较高年龄的上市公司:低年龄上市公司的市场环境与研发投资之间显著正相关。

Based on the data,from 2009 to 2014,on the GEM listed companies,I have,in this article,explored the relationship between the market environment and the RD investment. The result of my study shows that the macro governance environment,the innovation atmosphere and the auxiliary innovation conditions are positively related to RD investment,which indicates that improving the market innovation environment can promote the innovation of the companies. Furthermore,distinguishing of companies＇ type and companies＇ age,the study shows that,compared with the non- manufacturing listed companies and the old companies,there is a significant positive correlation between the market environment and the RD investment in the manufacturing listed companies and in the old companies.