行业集聚度、研发投入与企业价值

Industrial Agglomeration Degree,RD Investment and Enterprise Value

本文从行业聚集度视角分析研发投入对企业价值的影响,从而检验行业聚集度对企业创新投入与价值提升的作用效果。运用2010~2015年上市公司数据实证分析行业聚集度对研发投入的影响,以及行业聚集度对研发投入价值相关性的调节作用。研究表明行业聚集度对企业研发投入具有促进作用,行业聚集度对企业研发投入价值相关性具有负向调节作用。据此研究结论,对政府与企业提出相应的建议。

From the perspective of industrial agglomeration degree,the paper studies the relationship between RD and enterprise value,so as to test the effects of industrial agglomeration degree. Using the data of listed companies from 2010 to 2015,the paper analyzes the influence of industrial agglomeration degree on RD,and the moderating effect of industrial agglomeration degree on value relevance of RD. Results show that the industrial agglomeration degree has a promoting effect to RD,and has a negative moderating effect on value relevance of RD. On the basis of research conclusion,the paper puts forward suggestions for government and enterprises.