经济下行中研发投入对煤炭企业价值的影响

Impact of R and D Investment on Coal Enterprise Value in Economic Downturn

随着市场经济的不断发展,科学技术成为推动企业价值提升的主要力量,公司的研究与开发与公司价值之间的关系成为人们日益关注的重点,因此科学地分析研发投入对煤炭上市公司价值的影响具有重要的现实意义。通过分析国内外研究文献,利用20家煤炭行业上市公司2012年~2016年年财务报表中披露的相关财务指标,采用实证分析法研究了研发投入对煤炭行业上市公司企业价值的影响,得出研发投入强度与主营业务利润率、资产收益率有显著正相关关系;与托宾Q无显著的线性相关关系,并在此结论的基础上提出相关建议。

With the continuous development of market economy, science and technology has become the main force to promote the promotion of enterprise value, the relationship between the company＇s research and development and the value of the company has become the focus of increasing concern to the people, so the scientific analysis has important practical significance to R and D investment impact on the coal listed companies. Through the analysis of the domestic and foreign research literature, research disclosure the financial statements in 2012 to 2016 using the 20 listed companies in the coal industry, the main business profit margin, return on assets, the value of Tobin Q and other financial indicators representing the value of the company, using the literature research method, statistical analysis method, studies the investment in research and development of coal industry influence of enterprise value of listed companies, the R and D investment intensity and main business profit margin, return on assets has a significant positive correlation; R and D investment intensity and Tobin Q had nosignificant linear correlation, and based on the conclusion and puts forward some rational suggestions.