供应商关系、研发创新与企业价值

Supplier Partnership, R & D Innovation and Company Value

为了完善企业供应商关系等外部治理机制,充分利用外部利益相关者(供应商的积极参与),促进公司研发水平,提升公司价值。以2013-2016年A股上市公司面板数据为样本,运用中介效应模型检验了供应商关系集中度如何通过影响公司研发支出从而对企业价值产生影响。研究结果表明:供应商集中度越高,企业研发投资越多,企业价值越大;研发投入对当期及滞后期企业价值均有显著影响,研发投入在供应商集中度与企业价值的关系中具有显著的中介效应。

Taking panel data of A-share listed companies from 2013 to 2016 as samples,an empirical analysis was conducted to investigate the impact of participation of suppliers,RD expenditure on company value by the mediating effect model.The results show:participation of suppliers has significant positive effect on company value;RD has a significant positive influence on the current and lag of enterprise value;meanwhile RD expenditure produces a significant mediating value between participation of suppliers and company value.The research conclusions enlighten the external stakeholder - supplier participation in promoting their development level so as to improve enterprise value.