摘要
企业是研发创新的微观主体,R&D投资绩效必然对其后续R&D投资偏好形成有效的激励。本文以1999～2006年中国上市公司为研究对象,在对样本选择偏误进行检验的基础上,实证分析了R&D投资对公司盈利能力的影响。研究发现,中国上市公司R&D投资绩效爆发性较好而持久性较差,R&D投资对公司盈利能力的显著正向作用力只能持续三年左右,产权性质是公司R&D投资绩效的重要影响因素,有助于降低公司代理成本的机制将有助于提高R&D投资绩效。
As the micro foundation of innovation, firm＇ s R＆D investment performance will have effective incentive on ensuing R＆D investment. This paper studies the influence of R＆D investment on corporate profit ability for Chinese listed companies in 1999-2006. It is found that the R＆D investment has only short-run influence on firm＇ s profit ability for about 3 years. The property right nature is an important factor in determining the R＆D investment performance, and it will reduce agency cost so as to increase investment performance.
出处
《证券市场导报》
CSSCI
北大核心
2009年第6期71-77,共7页
Securities Market Herald
关键词
R&D投资
盈利能力
公司治理
R＆D Investment, Profit Ability, Corporate Governance
