【作者】 王亚芳；

【导师】 冯雪莲；

【作者基本信息】 河北大学 ， 会计学， 2011， 硕士

【摘要】 科学技术的迅猛发展带动了知识经济时代的竞争,许多企业已经意识到技术创新对企业生存与发展的重要影响,也已纷纷加入以科技创新为导向经济的改革中去。然而,我国企业在技术创新过程呈现出一些问题,例如创新意识薄弱,技术创新能力不足,研发投入产出效果较差等等。因此,有必要对企业研发投入与企业业绩的相关关系以及企业技术资源的有效利用作一分析。本文根据我国企业研发投入的现状,在对国内外研发投入与技术创新理论以及研发与技术创新、企业核心竞争力等相关理论进行研究和文献回顾的基础上,采用实证研究的方法,选取了2007年12月31日以前中小企业板81家上市公司为研究对象,利用公开发布的研发投入数据,选取研发投入强度指标、技术人员比重指标为解释变量、主营业务利润率等5个业绩指标为被解释变量,资产规模、资本结构指标为控制变量,构建了一个中小企业研发投入与企业业绩相关性研究模型,从盈利能力、成长能力和现金偿债能力等方面对研发投入与企业业绩之间的相关关系进行了分析。本文的实证研究发现:第一,中小企业研发费用投入能够增强企业的盈利能力;第二,研发投入与企业成长能力不存在明显的正相关关系;第三,研发费用投入对企业的现金偿债能力有正向作用;第四,研发投入的产出有滞后性;第五,累积研发投入对企业业绩的贡献更佳。本文利用可靠的数据和严谨的数学模型解释了我国企业的研发投入对公司业绩增长是否有正向影响这一有争论的问题,这对企业正确认识研发投资活动有重要的意义。最后,根据本文的研究结论,提出我国企业应继续提高创新能力,加大研发投入;政府应继续加大中小企业扶持力度,为中小企业创造良好发展环境;相关部门应该做好上市公司的信息披露监管等几方面的建议。更多还原

【Abstract】 The rapid development of technology has accelerated the competition of times of knowledge economy. Since many enterprises have recognized that technology innovation has great influence on their survival and development, they are involved in the economic innovation led by Science and Technology Innovation. However, in this process some defects appeared, such as poor innovative consciousnesses, unsufficient technological creative abilities, bad input against output and so on. So it is neccessary to have a research on the relationship between R&D investment and enterprises’performance and on the effective usage of technology resources.According the present situation of domestic interprises’R&D investment, we explored the domestic and foreign R&D investment and technological innovation theory, as well as core competence theory. Then we used empirical research methods to choose eighty one companies which were listed before 31st December 2007 in the SME board in our sample. Using the publicly available R&D investment data, we selected the R&D intensity indicators and the proportion of technical indicators as the dependent variable,and selected five performance index (including the main business profit margin) as the explanatory variable. Then we chose asset size, capital structure indicators as control variables. In the end, we built a R&D and business performance of SMEs correlation model,to analyse the relationship between R&D investment and business performance from the aspects such as profitability, growth, cash solvency and so on.Through the empirical analysis, we found several results below: first, the SME R&D investment can enhance their profitability; second, there is no significant positive correlation between R&D capabilities and business growth; third, the R&D investment has a positive effect on the cash solvency of enterprises; fourth, the output of R&D investment has hysteresis; fifth, the cumulative R&D investment contribute to better corporate performance. We explained a disputed question whether enterprises’R&D investment in our country has a positive impact of companys’ performance by using reliable data and rigorous mathematical model. The solution of this question has significant influence on correctly understanding corporate R&D investment. Finally, according the conclusions of this study, we proposed enterprises should continue to improve innovationary ability, increase investment in research; the Government should continue to increase efforts to support small and medium enterprises, to create a good environment for the development of SMEs; relevant departments should regulate the information disclosure of listed companies.更多还原