企业研发投入对企业经营绩效的影响——基于A股上市工业企业的实证研究

On the Influence of R & D Investment on the Business Performance of Enterprises-an Empirical Study on the A-share Listed Industrial Enterprises

研发投入是提升企业技术竞争力的内部驱动力。本文选取了2013-2016年75家A股上市的工业企业,并根据这些企业的财务报表,获得了所需的财务数据以分析企业的研发投入与企业经营绩效的关系。研究结果发现:我国A股上市的工业企业研发投入不均匀,研发强度不足,自主创新水平不高。企业当期的研发投入对企业当期的盈利能力呈现出显著的负相关,对企业滞后一年和滞后两年的盈利能力呈现出显著的正相关,随之这种相关性开始减弱。企业当期的研发投入与企业的发展能力呈正相关,但相关性不太显著。鉴此,企业应提高研发投入产出效率,税务部门应该加大对企业研发的扶持力度。

R&D investment is the internal driving force to improve the technical competence of enterprises.This paper selects 75 A-share listed industrial enterprises from 2013 to 2016,and obtains the needed financial data according to these financial statements of these companies to analyze the relationship between R&D investment and business performance.The result shows that the R&D investment of our A-share listed industrial enterprises is not well-distributed,poor R&D intensity,and low level of self-innovation.The current R&D investment of the company showed a significant negative correlation with the current profitability,while it shows significant positive correlation to the profitability for enterprises,which are one-year lag and two years lag,and then it starts to weaken.Positive correlation is shown between the current R&D investment and the development capability of the enterprise,but not significant.In view of this,the efficiency of R&D investment should be increased for enterprises,and the support force to R&D should be strengthened by taxation department.