本文選題：醫(yī)藥上市公司 + 研發(fā)投入�。� 參考：《西北農(nóng)林科技大學》2017年碩士論文

【摘要】：在全球市場競爭越發(fā)激烈的今天,研發(fā)活動對于企業(yè)核心競爭力的培育發(fā)揮著越來越重要的作用。國內(nèi)外的理論和實證研究都表明,高新技術企業(yè)的研發(fā)投入與其成長性成正相關關系,與企業(yè)的盈利能力也呈正相關關系。醫(yī)藥行業(yè)恰好是技術密集型的高新技術產(chǎn)業(yè)之一,技術資本的邊際報酬遞增規(guī)律具有深厚的理論基礎,因而對于醫(yī)藥行業(yè)來說,以藥品研發(fā)為主導的技術創(chuàng)新對企業(yè)長期占據(jù)有利地位和持續(xù)成長極其重要。目前我國對于企業(yè)研發(fā)投入相關數(shù)據(jù)的披露采取非強制性原則,許多企業(yè)基于保密考慮不予披露,因此可獲取的研發(fā)投入數(shù)據(jù)十分有限,對于研發(fā)投入與企業(yè)成長性之間關系的研究尚缺乏足夠的實證研究支持。本文在對前人研究成果歸納和整理的基礎上,對研發(fā)投入和企業(yè)成長性涉及的相關理論進行整合,選取我國滬深主板上市公司中研發(fā)投入相關數(shù)據(jù)較齊全的98家醫(yī)藥企業(yè)為樣本,采用2012-2015年共四年的研究區(qū)間,運用因子分析、描述性統(tǒng)計分析與多元線性回歸的分析方法,實證研究醫(yī)藥上市公司研發(fā)投入對企業(yè)成長性的影響作用。根據(jù)指標可量化原則,選擇反映企業(yè)成長性的相關指標,通過因子分析得出企業(yè)成長性的指標值作為因變量。選取研發(fā)投入強度和研發(fā)與技術人員比例作為自變量,將企業(yè)規(guī)模、財務杠桿、企業(yè)上市年齡作為控制變量建立多元線性回歸模型。得出研究結論:我國醫(yī)藥上市公司當期的研發(fā)投入強度與企業(yè)成長性正相關,并通過了顯著性檢驗;研發(fā)與技術人員比例與企業(yè)成長性不存在顯著的相關關系,沒有通過顯著性檢驗;當期的研發(fā)投入強度與滯后一年、滯后兩年、滯后三年的企業(yè)成長性呈正相關,說明企業(yè)的研發(fā)投入對成長性的影響有滯后性,并且由于相關系數(shù)呈現(xiàn)出減小的趨勢,說明研發(fā)投入強度對企業(yè)成長性的影響具有短期效應;企業(yè)規(guī)模與企業(yè)成長性正相關,而財務杠桿、上市年齡與企業(yè)成長性的相關關系為負。最后,本文根據(jù)研究結論對我國醫(yī)藥企業(yè)成長提出了增加研發(fā)投入、注重研發(fā)團隊建設、提高研發(fā)效率、完善研發(fā)投入信息披露等針對性建議。
[Abstract]:With the increasingly fierce competition in the global market, R & D activities play a more and more important role in fostering the core competitiveness of enterprises. Theoretical and empirical studies at home and abroad show that R & D investment of high-tech enterprises is positively correlated with their growth and profitability. The pharmaceutical industry happens to be one of the technology-intensive high-tech industries. The law of increasing marginal returns of technological capital has a profound theoretical foundation, so for the pharmaceutical industry, Pharmaceutical R & D-led technological innovation is very important to the long-term favorable position and sustainable growth of enterprises. At present, our country adopts the non-mandatory principle for the disclosure of data related to enterprise R & D input. Many enterprises do not disclose data on the basis of confidentiality, so the available R & D input data are very limited. The research on the relationship between R & D investment and enterprise growth is lack of sufficient empirical research support. On the basis of summing up and sorting out the previous research results, this paper integrates the related theories of R & D investment and enterprise growth. In this paper, 98 pharmaceutical companies with complete data on R & D input from Shanghai and Shenzhen main Board listed companies are selected as samples, using the research interval of four years from 2012 to 2015, using factor analysis, descriptive statistical analysis and multivariate linear regression analysis method. Empirical study on the impact of R & D investment on the growth of listed pharmaceutical companies. According to the principle of quantifiable index, this paper selects the related index which reflects the growth of enterprise, and obtains the index value of enterprise growth as dependent variable by factor analysis. Selecting R & D investment intensity and R & D / R & T ratio as independent variables, the multiple linear regression model is established by taking enterprise size, financial leverage and enterprise listing age as control variables. The conclusion of the study is: the R & D investment intensity of the listed pharmaceutical companies in the current period is positively related to the growth of the enterprises and has passed the significant test, and there is no significant correlation between the R & D and technical personnel ratio and the growth of the enterprises. The intensity of R & D investment in the current period is positively correlated with the growth of enterprises that lag behind for one year, two years, and three years, indicating that the impact of R & D investment on growth is lagging behind. Because of the decreasing trend of correlation coefficient, it shows that R & D investment intensity has short-term effect on enterprise growth, enterprise size is positively related to enterprise growth, and financial leverage, and R & D investment intensity has a short-term effect on enterprise growth. The correlation between listing age and enterprise growth is negative. Finally, according to the conclusion of the research, this paper puts forward some suggestions for the growth of Chinese pharmaceutical enterprises, such as increasing R & D investment, paying attention to R D team building, improving R D efficiency, perfecting R D investment information disclosure and so on.
【學位授予單位】：西北農(nóng)林科技大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F426.72;F273.1;F832.51

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