摘要
以2003～2007年度披露的R&D投入相关信息来研究R&D投入与企业价值之间的关系。研究发现:(1)非国有控股上市公司的R&D投入对下年的经营业绩有显著的促进作用,而国有控股上市公司的R&D投入与企业下年的经营业绩不相关;(2)国有和非国有控股上市公司的R&D投入与企业未来发展能力均不相关;(3)在国有控股上市公司中,R&D投入与托宾Q之间不存在显著相关关系;而在非国有控股上市公司中,R&D投入与托宾Q显著正相关,R&D投入对企业价值的提升有显著正向影响。
This paper investigates the correlation between RD investment and enterprise value by using data from the listed companies which disclose the RD investment information from 2003 to 2007.The major conclusion are as follows：（1） RD investment has a significant effect on the next year＇s operating performance in the non-state-owned listed companies,but RD investment is not related to the operating performance in the state-owned listed companies;（2） RD investment and future development capacity are not relevant in both state-owned and non-state-owned listed companies;（3） RD investment is not related to the Tobin＇s Q in the state-owned listed companies,but RD investment has a significant positive influence on the enterprise value in the non-state-owned listed companies.
出处
《软科学》
CSSCI
北大核心
2011年第2期20-23,共4页
Soft Science
关键词
R&D投入
企业价值
产权性质
企业业绩
发展能力
R＆D investment
enterprise value
ownership type
enterprise performance
development capacity
