本文選題：醫(yī)藥生物行業(yè) + 研發(fā)投資��； 參考：《蘭州理工大學(xué)》2013年碩士論文

【摘要】：近些年來,隨著經(jīng)濟(jì)全球化的不斷深入以及市場競爭的激烈化,研發(fā)活動已經(jīng)成為了企業(yè)生存和發(fā)展的生命線,為企業(yè)利潤的增長以及競爭力的提升發(fā)揮著越來越重要的作用。因此,從某種意義上來講,現(xiàn)今的企業(yè)在進(jìn)行發(fā)展的過程中對于研發(fā)資本的投入比例也是越來越大,特別是對于醫(yī)藥、生物制品行業(yè)來說,這些行業(yè)在進(jìn)行生產(chǎn)的過程中會涉及到很多先進(jìn)的科技,是高科技產(chǎn)業(yè)的高度融合,因此對于研發(fā)創(chuàng)新能力的要求也就更高。 當(dāng)然,從目前來看我國的醫(yī)藥、生物制品行業(yè)對于研發(fā)經(jīng)費的支出也呈現(xiàn)出了穩(wěn)步增長的趨勢,但是與其它的一些發(fā)達(dá)國家相比,依舊還是存在著一些不足,比如在研發(fā)支出的費用支持方面還是比較欠缺,在研發(fā)投資的處理方式方面還是存在著一些不足,這都在一定的程度上限制了我國醫(yī)藥、生物制品行業(yè)的發(fā)展,也讓其在國際市場競爭中處于不利的地位。因此,對于該行業(yè)來說,進(jìn)行研發(fā)投資的價值相關(guān)性研究,既是企業(yè)獲得發(fā)展提升核心競爭力的需要,也是企業(yè)在知識經(jīng)濟(jì)下獲得可持續(xù)發(fā)展的重要途徑。 基于對國內(nèi)外相關(guān)文獻(xiàn)的閱讀與研究,發(fā)現(xiàn)雖然企業(yè)對于價值相關(guān)性的研究不少,但是研究更多的是泛化,僅僅是對價值相關(guān)性是否顯著進(jìn)行討論,而針對醫(yī)藥、生物制品行業(yè)價值相關(guān)性的研究相對較少,并且對于開發(fā)支出披露對企業(yè)價值影響的研究不多,沒有進(jìn)行研發(fā)支出的細(xì)化,研究不夠精細(xì)。所以本文選取了醫(yī)藥、生物行業(yè)上市公司為研究的對象,基于企業(yè)經(jīng)營業(yè)績的視角,進(jìn)行研發(fā)投資價值相關(guān)性的研究。 本文以92家A股醫(yī)藥、生物制品行業(yè)上市公司為例,基于股權(quán)價值和企業(yè)經(jīng)營業(yè)績的視角,在控制企業(yè)總資產(chǎn)、凈資產(chǎn)的影響下,運用多元線性回歸的方法進(jìn)行研發(fā)投資對企業(yè)價值影響的實證檢驗。結(jié)果顯示,對于醫(yī)藥、生物制品行業(yè)的上市公司來說,短期內(nèi),研發(fā)投資支出對企業(yè)經(jīng)營業(yè)績的影響是不顯著的,但是隨著時間的逐漸推移,卻與公司的經(jīng)營管理業(yè)績呈現(xiàn)出了正相關(guān)的關(guān)系；每支股票研發(fā)支出雖然說與股價有著正向的相關(guān)性關(guān)系,但并不顯著。因此本文提出建議：第一,醫(yī)藥、生物制品上市公司在市場競爭中應(yīng)該增強自主研發(fā)意識,不斷的加大研發(fā)投資；第二,醫(yī)藥、生物制品上市公司應(yīng)該對其研發(fā)的相關(guān)信息進(jìn)行規(guī)范性的披露,增加其決策有用性。 本文的研究創(chuàng)新點在于(1)視角創(chuàng)新。目前國內(nèi)針對醫(yī)藥、生物制品行業(yè)的價值相關(guān)性的研究并不是很多,而本文選取醫(yī)藥、生物制品上市公司為研究對象,進(jìn)行其價值相關(guān)性的研究。(2)研究內(nèi)容創(chuàng)新。在目前國內(nèi)對于價值相關(guān)性的討論更多的是集中在有沒有相關(guān)性之上,而在本文的研究中是分布進(jìn)行研究支出、開發(fā)支出以及最后無形資產(chǎn)確認(rèn)這三個部分,使得研究的內(nèi)容得以創(chuàng)新。
[Abstract]:In recent years, with the deepening of economic globalization and the fierce competition in the market, R & D activities have become the lifeline for the survival and development of enterprises, and play an increasingly important role in the growth of profits and the promotion of competitiveness.Therefore, in a sense, the proportion of R & D capital invested by today's enterprises in the process of development is also increasing, especially for the pharmaceutical and biological products industry.These industries will involve a lot of advanced technology in the process of production, which is a high degree of integration of high-tech industries, so the demand for R & D innovation ability is even higher.Of course, from the current point of view of China's medicine and biological products industry, expenditure on R & D has also shown a steady increase trend, but compared with some other developed countries, there are still some shortcomings.For example, the cost support for R & D expenditure is still relatively deficient, and there are still some deficiencies in the way of handling R & D investment. To a certain extent, this has restricted the development of the pharmaceutical and biological products industry in China.Also let it in the international market competition in a disadvantageous position.Therefore, for this industry, the research on the value correlation of R & D investment is not only the need for enterprises to achieve development and enhance their core competitiveness, but also an important way for enterprises to obtain sustainable development under the knowledge economy.Based on the reading and research of relevant literature at home and abroad, it is found that although there are a lot of research on the value correlation of enterprises, but the research is more extensive, just to discuss whether the value correlation is significant or not, and to focus on medicine.The research on the value correlation of biological products industry is relatively few, and the research on the impact of development expenditure disclosure on enterprise value is not much, there is no detailed research and development expenditure, the research is not precise enough.So this paper selects the listed companies of pharmaceutical and biological industries as the research object, based on the perspective of business performance, research on the relevance of R & D investment value.This paper takes 92 A share pharmaceutical and biological products listed companies as an example, based on the perspective of equity value and business performance, under the influence of controlling the total assets and net assets of the enterprises.This paper uses multiple linear regression method to test the effect of R & D investment on enterprise value.The results show that, for the listed companies in the pharmaceutical and biological products industry, the impact of R & D investment expenditure on business performance is not significant in the short term, but with the gradual passage of time,However, there is a positive correlation between the R & D expenditure of each stock and the stock price, but it is not significant.Therefore, this paper puts forward some suggestions: first, the listed companies of pharmaceutical and biological products should enhance their awareness of independent research and development in the market competition, and increase their R & D investment constantly; second, medicine,The listed companies of biological products should disclose the relevant information of their research and development in a normative way to increase the usefulness of their decision-making.The innovation of this paper lies in the innovation of angle of view.At present, there are not many researches on the value relevance of pharmaceutical and biological products industry in China. However, this paper selects pharmaceutical and biological products listed companies as the research object, and carries out the research on the value relevance of the research content innovation.At present, the discussion of value correlation in China is more focused on whether there is relevance, but in the research of this paper, there are three parts: research expenditure, development expenditure and the confirmation of intangible assets.So that the content of the research can be innovative.
【學(xué)位授予單位】：蘭州理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F426.72

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