我国企业研发投入对经营绩效滞后性影响的研究——以医药制造企业为例

Research on the correlation about R&D investment and firm operation performance——Based on pharmaceutical manufacturing industry

本文以2012-2015年医药制造企业的79家上市公司作为研究对象,选取研发经费投入强度,技术人员投入强度两个指标作为研发投入的衡量指标,选取营业利润率、每股收益等6个指标作为企业综合绩效的衡量指标,运用因子分析、多元线性回归分析等方法,研究研发投入对医药制造企业综合绩效的滞后性影响。研究结果显示:当期研发经费投入对企业综合绩效产生显著的负影响;滞后一期的研发经费投入对企业经营绩效不存在显著影响;滞后二期研发费用投入对企业绩效具有显著的正向促进作用;研发人员投入对企业综合绩效呈现显著的正相关关系。同时,这种影响也具有一定滞后性,且滞后影响程度显示不断增强。文章最后提出了提高医药制造企业绩效的相关建议。

The adoption of theoretical research and empirical analysis, based on the data-based panels from 2012 to 2015 of pharmaceutical manufacturing enterprises as samples, the RD investment intensity as explanatory variables and together six variables as explained variables. The analysis includes descriptive statistics correlation test and regression analysis.The empirical study indicates that the kind of correlation dependence has the hysteresis quality. The study indicates that there is a significant negative correlation between RD expenditure investment and the present period operation performance. There is no correlation between RD expenditure and operation performance during the following one year period. While the positive impact of the RD investment has lagging effect during the following two years. At the same time, this kind of influence also has certain lag, and the lag influence will be strengthen. At the end of the article, I put forward some suggestions like increasing investment in RD, paying attention to the introduction of high-quality talent.