創(chuàng)業(yè)板上市公司研發(fā)支出與企業(yè)績效關(guān)系實(shí)證研究

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摘 要
隨著現(xiàn)代社會(huì)的發(fā)展，企業(yè)的科技創(chuàng)新是企業(yè)在激烈競爭市場環(huán)境中生存以及發(fā)展的重要因素之一。研發(fā)活動(dòng)帶來的科技創(chuàng)新是企業(yè)形成無形資產(chǎn)的重要來源，研發(fā)活動(dòng)對企業(yè)在激烈競爭市場中保持競爭優(yōu)勢就至關(guān)重要。然而我國企業(yè)對研發(fā)活動(dòng)的重視程度不足，研發(fā)投入也不多,其質(zhì)量也相相對較薄弱。
在2007年新會(huì)計(jì)準(zhǔn)則實(shí)施以后，對符合條件的研發(fā)支出資本化，這一政策使得企業(yè)對研發(fā)支出的核算更加真實(shí)與準(zhǔn)確。在這樣的背景下，對企業(yè)的研發(fā)支出與企業(yè)業(yè)績進(jìn)行分析就具有重要的理論意義與實(shí)踐價(jià)值，是十分有必要的。
同時(shí)相對于其他企業(yè)而言，創(chuàng)業(yè)板上市公司的研發(fā)支出較多。研究創(chuàng)業(yè)板上市公司研發(fā)支出與企業(yè)績效的關(guān)系就更具有代表性和現(xiàn)實(shí)意義?；诖?，本文分析了2010年至2012年中國48家創(chuàng)業(yè)板上市公司的研發(fā)支出與企業(yè)績效之間的關(guān)系。通過使用相關(guān)分析、最小二乘法分析、Hausman檢驗(yàn)、最小二乘虛擬變量估計(jì)等分析，研究發(fā)現(xiàn)研發(fā)支出與企業(yè)績效呈負(fù)相關(guān)關(guān)系，并在討論中針對此結(jié)果，提出可能的原因及相關(guān)的建議，以加快公司的轉(zhuǎn)型與升級。

關(guān)鍵詞：研發(fā)支出 企業(yè)績效 公司的轉(zhuǎn)型與升級

ABSTRACT

With the development of the modern society,innovation of technology is one of the most important factor for enterprise to survive in the fierce competition in the market environment and development.The innovation of technology of R&D activities bring is an important source of the formation of intangible assets of enterprises,R&D activities is crucial for enterprises to maintain competitive advantage in the fierce competition in the market.But Chinese enterprises attach importance to the research and development activities is inadequate,R&D investment is not large,its quality is also relativelyweak.
After the implementation of new accounting standards in 2007,the new accounting standards stipulate that in line with the conditions of R&D expenditure should be capitalized,this policy makes the enterprise of R&D expenditure accounting more true and accurate.In this contest,it is necessary to congsider the relationship of listing Corporation R&D expenditures and enterprise performance.
At the same time,compared with other enterprises,the R&D spending of listing corporationof growth enterprise market more than theirs.The analysis of R&D expenditures and enterprise performance in the Chinese listing corporation of growth enterprise market is more representative and practical significance.Based on this,This paper analyzes the relationship among the R&D expenditures and enterprise performance of China 's 48 the growth enterprise market of listing Corporation from 2010 to 2012. Through Correlation analysis,ordinary least squares, Hausman test,ordinary least dummy variable,the findings are as follows: enterprise performance is negatively related to R&D expenditures.In the discussion of this result, the author advises probabilistic explanation and related suggestion,and facilitate firm restructure and upgrading.

Key words：R&D expenditures, enterprise performance, firm restructure and
upgrading

目 錄
前 言 - 1 -
1 研發(fā)支出與企業(yè)績效概述 - 2 -
1.1 研發(fā)支出的概述 - 2 -
1.1.1 研發(fā)支出的定義 - 2 -
1.1.2 研發(fā)支出的內(nèi)容 - 2 -
1.1.3 研發(fā)支出的核算 - 2 -
1.2 企業(yè)績效的概述 - 3 -
1.2.1 企業(yè)績效的涵義 - 3 -
1.2.2 企業(yè)績效的衡量指標(biāo) - 3 -
1.2.3 衡量企業(yè)績效的意義 - 4 -
2 我國企業(yè)研發(fā)支出的現(xiàn)狀及存在的問題 - 4 -
2.1 我國企業(yè)研發(fā)支出的現(xiàn)狀 - 4 -
2.1.1 對研發(fā)項(xiàng)目的投入持續(xù)增加 - 4 -
2.1.2 從事研發(fā)的科研人員持續(xù)增加 - 5 -
2.1.3 產(chǎn)權(quán)專利申請受理和申請授權(quán)數(shù)量在不斷增加 - 5 -
2.2 我國企業(yè)研發(fā)支出存在的問題 - 6 -
2.2.1 研發(fā)的效率不高 - 6 -
2.2.2 我國企業(yè)的管理人員缺乏對研發(fā)活動(dòng)管理的理論知識和經(jīng)驗(yàn) - 7 -
2.2.3 我國對研發(fā)形成的無形資產(chǎn)保護(hù)力度不足 - 7 -
3 研發(fā)支出對企業(yè)績效影響的實(shí)證分析 - 7 -
3.1 研究假說 - 7 -
3.2 模型構(gòu)建 - 8 -
3.3 變量處理 - 8 -
3.4 數(shù)據(jù)收集 - 9 -
3.5 實(shí)證分析 - 9 -
3.5.1 描述統(tǒng)計(jì)分析 - 9 -
3.5.2 相關(guān)性分析 - 10 -
3.5.3 最小二乘法分析 - 10 -
3.5.4 面板數(shù)據(jù)混合最小二乘法分析 - 12 -
3.5.5 最小二乘虛擬變量估計(jì)分析 - 13 -
3.5.6 研發(fā)支出與企業(yè)業(yè)績兩個(gè)變量的分析 - 15 -
4 研究結(jié)論與政策建議 - 15 -
4.1 結(jié)論 - 15 -
4.2 建議 - 16 -
結(jié) 束 語 - 17 -
參考文獻(xiàn) - 18 -
研究樣本相關(guān)數(shù)據(jù) - 19 -
致 謝 - 23 -