联系我们

论文查询结果	返回搜索

论文编号：	10010
作者编号：	2120162708
上传时间：	2018/6/6 18:26:59
中文题目：	创业板上市公司研发投入对企业成长性影响的研究
英文题目：	Research on the Impact of R&D Investment on the Growth of GEM Listed Companies
指导老师：	王志红
中文关键字：	创业板上市公司；成长性；研发投入
英文关键字：	GEM Listed Companies; Growth; R&D Investment
中文摘要：	随着我国现代化进程的不断推进，经济社会的不断发展，企业间的竞争愈来愈激烈，作为给企业带来新技术新产品的关键因素——创新，越来越得到企业的重视，将其作为提高自身竞争力的有力武器。“十三五”规划提出要通过提升企业的自主创新能力来促进经济转型，由过去的“中国制造”转向“中国创造”。创业板的成立为众多技术密集型的公司创造了便捷的筹资环境。2009年成立至今，创业板在鼓励公司研发和成长、推动企业转型和升级方面做出了重要贡献。本文以技术创新理论、核心竞争力理论、信号传递理论、人力资本理论和生命周期理论等为基础选取409家创业板上市公司，通过数据库和上市公司年报总结其研发投入的现状，通过因子分析法作为被解释变量成长性，并构建模型对当期和滞后一期、滞后两期的R&D强度、研发支出资本化率及研发人员占比与成长性进行回归，分析其对成长性的影响程度及方向。然后以当期被解释变量的中位数为标准，将样本数据分为高速成长和缓慢发展两组，讨论对于不同成长性的创业板上市公司来说研发投入与企业成长性的影响方向和力度是否相同，更深入的讨论二者之间的关系。结果发现，研发投入能够促进当期成长性的提高，但在滞后期间三个解释变量结果不同：其中R&D强度在滞后两期最显著，研发支出资本化率在滞后一期最显著，而研发人员占比不具有明显滞后性。对于不同成长性的公司来说，研发投入对成长性的促进作用也不同，这在RDI、CRD和RDP三个解释变量上都得到了证明。对于高速成长的创业板上市公司来说，研发投入对成长性的促进作用会更强。最后，本文基于实证结果及创业板现状，提出重视并加强研发投入、完善会计信息披露与计量、重视人才引进和激励等三点建议。
英文摘要：	With the continuous advancement of China’s modernization process and continuous economic and social development, the competition among enterprises has become increasingly fierce. As the key factor that brings new technologies and new products to enterprises, innovation has increasingly attracted the attention of companies and will as a powerful weapon to improve its own competitiveness. The “Thirteenth Five-Year Plan” proposes to promote economic transformation by improving the capability of independent innovation of enterprises from “Made in China” to “Created in China.” The establishment of the GEM has created a convenient financing environment for many technology-intensive companies. Since its establishment in 2009, GEM has made important contributions in encouraging companies' R&D and growth, and promoting enterprise transformation and upgrading. This paper selects 408 GEM listed companies based on technology innovation theory, core competitiveness theory, signal transmission theory, human capital theory, and life cycle theory, and summarizes the status quo of its R&D investment through database and annual reports of listed companies, through factor analysis. As the growth of the explanatory variable, a model was constructed to perform panel data regression on the R&D intensity, capitalization rate of R&D expenditure, R&D expenditure, and growth of the current period, the one-lag period, and the two-lag period, and analyze their impact on growth. And direction. Then, based on the median of the explanatory variables of the current period, the sample data is divided into two groups: rapid growth and slow development. The direction and intensity of the impact of R&D investment and business growth on different growth companies listed on the GEM are discussed. Whether the same, more in-depth discussion of the relationship between the two. The results show that R&D investment can promote the growth of current period, but the results of three explanatory variables are different during the lag period: Among them, the R&D intensity is most significant in the lagging period, the R&D expenditure capitalization rate is most significant in the lag phase, and R&D personnel account for the ratio does not have obvious hysteresis. For different growth companies, R&D investment has a different promotion effect on growth, which has been proved in three explanatory variables: RDI, CRD and RDP. For high-growth GEM listed companies, R&D investment will have a stronger effect on growth. Finally, based on the empirical results and the status quo of the GEM, this paper puts forward three suggestions: attach importance to and strengthen R&D investment, improve accounting information disclosure and measurement, and attach importance to talent introduction and incentive.
查看全文：	预览  下载(下载需要进行登录)