摘要
研发投入是极具战略意义、高风险的企业投资项目,对于企业未来竞争实力的变化发挥着重大的作用。单纯地以会计绩效来评价研发投入的质量无助于人们对研发投入价值的判断。对于具有一流研发平台和优良研发传统的企业来讲,高风险的研发投入反而会有助于企业整体风险的降低,提升企业价值。本文站在股东和资本成本的角度,考察了研发投入之于企业的贡献。数据显示,投资者对于企业的研发投入会做出正向的反映,这种反映将降低企业的资本成本水平;研发投入与滞后期的资本成本呈现负相关关系;同时,本文还发现,非国有资本更加青睐研发投资。伴随着混合所有制改革的不断深化,相信中国企业的研发投入会出现一个持续的增长态势,对中国科技水平的提高做出更大的贡献。
R&D is a strategic and high-risk enterprise investment project,which plays a significant role in the change of future competitiveness of enterprises.Simply evaluating the quality of R&D investment with accounting performance is not helpful for people to judge the value of R&D.For the enterprises with a first-class R&D platform and excellent R&D tradition,high-risk R&D investment will help to reduce the overall risk of the enterprise and enhance the enterprise value.From the perspective of shareholders and the cost of capital,this paper examines the contribution of R&D investment to enterprises.Data shows that investors will make a positive response to R&D investment.This will reduce the cost of capital.Moreover,the R&D investment has a negative correlation with the cost of capital of the lag period.At the same time,we also find that the nonstate owned capital is more favored of R&D investment.With the continuous deepening of the reform of mixed ownership,it is believed that R&D investment of Chinese companies will continue to grow and make more contributions to improve the level of China's science and technology.
出处
《现代财经（天津财经大学学报）》
CSSCI
北大核心
2017年第11期88-102,共15页
Modern Finance and Economics：Journal of Tianjin University of Finance and Economics
基金
国家自然基金面上项目(71572117)
国家社会科学基金一般项目(15BGL066)
关键词
研发投入
控股股东
资本成本
R&D investment
controlling shareholder
the cost of capital
