創(chuàng)業(yè)板上市公司銷售費用、研發(fā)支出與企業(yè)績效的實證研究
發(fā)布時間：2018-12-09 15:15
【摘要】：面對當今多元化、復雜化的經濟環(huán)境,企業(yè)未來經營的不確定性和風險性越來越高。我國創(chuàng)業(yè)板市場成立不超過六年時間,在該板塊上市的公司主要是成立時間短,處于高速發(fā)展階段的中小規(guī)模高技術企業(yè)。由于這些高技術企業(yè)的發(fā)展前景不如傳統(tǒng)行業(yè)那么清晰,這些企業(yè)的盈利能力和成長能力如何以及哪些方面有改進提高,還需學者們去深入研究。創(chuàng)新和營銷是商業(yè)企業(yè)需要具備兩種基本功能。研發(fā)活動是創(chuàng)造價值的活動,營銷活動則為企業(yè)開辟傳遞價值的途徑。企業(yè)想要在競爭日益激烈的市場環(huán)境中保持競爭優(yōu)勢,就需要開展研發(fā)和營銷活動,使價值創(chuàng)造和價值傳遞并駕齊驅。在這種背景下,對我國創(chuàng)業(yè)板上市公司銷售費用、研發(fā)支出與企業(yè)績效三者之間的關系進行深入剖析顯得非常必要。本文的框架結構及主要內容可以歸納為：第一章引言部分,對文章的研究背景及意義進行介紹,并描述了研究思路、方法已經創(chuàng)新點和存在的不足之處。第二章相關理論基礎和文獻綜述,闡述了本研究所參考的基本理論,即差異化理論、核心競爭力理論、創(chuàng)新及創(chuàng)新擴散理論,對研究領域已有的文獻進行了梳理和評價。第三章對我國創(chuàng)業(yè)板市場以及創(chuàng)業(yè)板上市公司的特征和現(xiàn)狀進行介紹。第四章闡述了銷售費用、研發(fā)支出對企業(yè)盈利能力和成長能力的作用機理,并建立了相關假設。第五章使用多元回歸模型對所選取的樣本數(shù)據和各相關變量進行回歸分析。第六章對研究結論進行梳理總結,提出建議并指出本研究存在的不足之處和對今后研究的展望。本文的創(chuàng)新點在于結合我國創(chuàng)新板市場的特征,將創(chuàng)業(yè)板上市公司作為研究樣本,將銷售費用和研發(fā)支出同時引入模型,研究它們對企業(yè)盈利能力和成長能力的影響,并且對分布最多的兩個行業(yè)制造業(yè)和信息技術業(yè)進行了專門研究。本文通過實證分析發(fā)現(xiàn),對于創(chuàng)業(yè)板上市公司來說,銷售費用支出和研究開發(fā)支出對企業(yè)的盈利能力和成長能力均具有正向促進作用,但研發(fā)支出的這種促進作用具有滯后效應。對于不同的行業(yè),二者的效果也存在不同,制造業(yè)企業(yè)的銷售費用與績效的正向相關性強于信息技術業(yè)企業(yè),而信息技術業(yè)企業(yè)的研發(fā)支出與績效的正向相關性強于制造企業(yè)并且不存在滯后性。
[Abstract]:Facing the diversified and complicated economic environment, the uncertainty and risk of enterprises' future operation are becoming higher and higher. The gem market of our country has been established for less than six years. The companies listed in this market are mainly small and medium-sized high-tech enterprises with short time and high speed development. As the development prospects of these high-tech enterprises are not as clear as those of traditional industries, the profitability and growth ability of these enterprises, and what aspects have been improved and improved, need further study by scholars. Innovation and marketing are two basic functions that commercial enterprises need to have. R & D activities are value-creating activities, while marketing activities open up ways for enterprises to transfer value. In order to maintain the competitive advantage in the increasingly competitive market environment, enterprises need to carry out R & D and marketing activities so that value creation and value transmission can keep pace with each other. Under this background, it is necessary to analyze the relationship among sales expenses, R & D expenditure and enterprise performance of listed companies in gem. The frame structure and main contents of this paper can be summarized as follows: the first chapter introduces the background and significance of the research, and describes the research ideas, innovative methods and shortcomings. In the second chapter, the related theoretical basis and literature review are discussed, including the theory of differentiation, the theory of core competence, the theory of innovation and innovation diffusion, and the review and evaluation of the existing literature in the field of research. The third chapter introduces the characteristics and present situation of gem market and gem listed companies. The fourth chapter expounds the mechanism of sales expense, R & D expenditure on the profitability and growth ability of enterprises, and establishes the relevant assumptions. In chapter 5, regression analysis of the selected sample data and related variables is carried out using multivariate regression model. The sixth chapter summarizes the conclusions of the study, puts forward some suggestions and points out the shortcomings of this study and the prospects for future research. The innovation of this paper is to combine the characteristics of China's innovation board market, take the gem listed companies as the research sample, introduce the sales expenses and R & D expenditure into the model at the same time, and study their influence on the profitability and growth ability of enterprises. And the two most distributed industries manufacturing industry and information technology industry for special research. Through the empirical analysis, this paper finds that, for the gem listed companies, sales expenses and R & D expenditures have a positive role in promoting the profitability and growth ability of enterprises. But the promotion of R & D spending has a lag effect. For different industries, the effects of the two are different. The positive correlation between sales costs and performance of manufacturing enterprises is stronger than that of information technology enterprises. The positive correlation between R & D expenditure and performance of IT firms is stronger than that of manufacturing enterprises and there is no lag.
【學位授予單位】：北京化工大學
【學位級別】：碩士
【學位授予年份】：2015
【分類號】：F275;F273.1
本文編號：2369598
[Abstract]:Facing the diversified and complicated economic environment, the uncertainty and risk of enterprises' future operation are becoming higher and higher. The gem market of our country has been established for less than six years. The companies listed in this market are mainly small and medium-sized high-tech enterprises with short time and high speed development. As the development prospects of these high-tech enterprises are not as clear as those of traditional industries, the profitability and growth ability of these enterprises, and what aspects have been improved and improved, need further study by scholars. Innovation and marketing are two basic functions that commercial enterprises need to have. R & D activities are value-creating activities, while marketing activities open up ways for enterprises to transfer value. In order to maintain the competitive advantage in the increasingly competitive market environment, enterprises need to carry out R & D and marketing activities so that value creation and value transmission can keep pace with each other. Under this background, it is necessary to analyze the relationship among sales expenses, R & D expenditure and enterprise performance of listed companies in gem. The frame structure and main contents of this paper can be summarized as follows: the first chapter introduces the background and significance of the research, and describes the research ideas, innovative methods and shortcomings. In the second chapter, the related theoretical basis and literature review are discussed, including the theory of differentiation, the theory of core competence, the theory of innovation and innovation diffusion, and the review and evaluation of the existing literature in the field of research. The third chapter introduces the characteristics and present situation of gem market and gem listed companies. The fourth chapter expounds the mechanism of sales expense, R & D expenditure on the profitability and growth ability of enterprises, and establishes the relevant assumptions. In chapter 5, regression analysis of the selected sample data and related variables is carried out using multivariate regression model. The sixth chapter summarizes the conclusions of the study, puts forward some suggestions and points out the shortcomings of this study and the prospects for future research. The innovation of this paper is to combine the characteristics of China's innovation board market, take the gem listed companies as the research sample, introduce the sales expenses and R & D expenditure into the model at the same time, and study their influence on the profitability and growth ability of enterprises. And the two most distributed industries manufacturing industry and information technology industry for special research. Through the empirical analysis, this paper finds that, for the gem listed companies, sales expenses and R & D expenditures have a positive role in promoting the profitability and growth ability of enterprises. But the promotion of R & D spending has a lag effect. For different industries, the effects of the two are different. The positive correlation between sales costs and performance of manufacturing enterprises is stronger than that of information technology enterprises. The positive correlation between R & D expenditure and performance of IT firms is stronger than that of manufacturing enterprises and there is no lag.
【學位授予單位】：北京化工大學
【學位級別】：碩士
【學位授予年份】：2015
【分類號】：F275;F273.1
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