摘要
通过运用Stata15.0对91家中国上市制药企业2008-2017年数据进行实证分析,旨在找到制药企业中各年份研发强度(R&D intensity)与企业价值(enterprise value)之间存在的内在联系和规律。研究结果显示,各年份研发强度与选取的企业价值指标托宾Q值之间显著正相关,表明研发强度作用于企业价值具有较长时间的滞后效应,且各滞后年份研发强度对企业价值的滞后效应强度呈现倒U趋势,并在第t-3年达到最强。
By using Stata15.0 to analyze the data of 91 Chinese listed pharmaceutical companies from 2008 to 2017,this paper aims to find the internal relationship and law between R&D intensity and enterprise value in each year.The results show that there is a significant positive correlation between R&D intensity in each year and Tobin Q value,which indicates that R&D intensity has a long time-lag effect on enterprise value,and the lag effect intensity of R&D intensity on enterprise value in each lag year presents an inverted U trend,and reaches the strongest in the T-3 year.
作者
谢洪明
吴文施
Xie Hongming;Wu Wenshi(Zhejiang University of Technology,Hangzhou 310023,China)
出处
《科技管理研究》
CSSCI
北大核心
2019年第24期188-194,共7页
Science and Technology Management Research
关键词
上市制药企业
研发强度
企业价值
listed pharmaceutical enterprises
R&D intensity
enterprise value