本文選題：制藥業(yè)上市公司　切入點：研發(fā)投入　出處：《哈爾濱工業(yè)大學》2014年碩士論文

【摘要】：作為朝陽行業(yè)的醫(yī)藥行業(yè)，與國計民生息息相關。醫(yī)藥行業(yè)是一個高技術產業(yè)，該行業(yè)的公司治理在發(fā)達國家中水平是很高的，其能夠使企業(yè)具有極強的創(chuàng)新性和自主研發(fā)能力，十分重視研發(fā)投入，并能夠很好地轉化為經濟效益，推動企業(yè)業(yè)績的大幅提升。雖然我國的醫(yī)藥產業(yè)正處于蓬勃發(fā)展的時期，但發(fā)展水平和國際醫(yī)藥產業(yè)還有很大的差距，公司治理水平也參差不齊，尤其是研發(fā)水平之間有巨大差距，而研發(fā)水平的高低是高新技術產業(yè)的衡量標準之一。 本文主要是研究我國制藥業(yè)上市公司研發(fā)投入對企業(yè)業(yè)績的推動作用，以及作用體現的滯后性。本文通過國際和國內學者的各類研究，對企業(yè)業(yè)績明顯受研發(fā)投入影響、企業(yè)通過公司治理水平不同而影響兩者關系等問題和現象進行闡釋，在這些研究中RD存在滯后期的問題不夠被重視，而對于滯后期數的研究也存在時限短的問題。根據制藥業(yè)研發(fā)時間長、需求剛性、投入大等行業(yè)特點，因此本文選擇的研究對象是2007-2013年上海和深圳兩交易所的A股制藥業(yè)上市公司，運用多元回歸模型，研究構成研發(fā)投入的無形資產、開發(fā)支出對企業(yè)業(yè)績的影響和滯后性，比較不同公司治理水平下研發(fā)投入對企業(yè)業(yè)績的影響和滯后性，以及企業(yè)業(yè)績和作為保證研發(fā)投入發(fā)揮作用的要素——固定資產、流動資產之間的相關性。 研究發(fā)現，，作為研發(fā)投入構成內容的無形資產和開發(fā)支出對企業(yè)業(yè)績的推動作用是正向的，且開發(fā)支出對企業(yè)業(yè)績的推動作用滯后三期；公司規(guī)模大、獨立董事比例高、機構持股比例大的企業(yè)研發(fā)投入對企業(yè)業(yè)績的促進作用更大更顯著；而作為研發(fā)投入保證條件的固定資產對企業(yè)業(yè)績的貢獻性不顯著，流動資產的促進作用和顯著性低于無形資產和開發(fā)支出。通過上述研究，本文建議未來我國制藥業(yè)應該合理擴大公司規(guī)模，發(fā)揮規(guī)模效應；提高公司治理水平，監(jiān)督企業(yè)決策；加強自主創(chuàng)新，掌握先進技術。
[Abstract]:As a sunrise industry, the pharmaceutical industry is closely related to the national economy and people's livelihood.The pharmaceutical industry is a high-tech industry, and its corporate governance is very high in developed countries. It enables enterprises to have extremely strong innovative and independent R & D capabilities, and attaches great importance to R & D investment.And can well transform into economic benefits, promote the enterprise performance of the substantial improvement.Although the pharmaceutical industry in our country is in a period of vigorous development, there is still a big gap between the level of development and the international pharmaceutical industry, and the level of corporate governance is also uneven, especially the huge gap between the level of R & D.The level of R & D is one of the measuring standards of high-tech industry.This paper mainly studies the role of R & D investment of listed companies in pharmaceutical industry to promote the performance of enterprises, as well as the lagging effect.In this paper, through the research of international and domestic scholars, we explain the problems and phenomena that the enterprise performance is obviously influenced by the R & D investment, and the enterprise affects the relationship between the two through different corporate governance level.In these studies, the problem of lag in Rd is not paid enough attention to, and there is also a problem of short time limit in the study of lag number.According to the characteristics of pharmaceutical industry, such as long time of R & D, rigid demand and large investment, the research object of this paper is listed companies of A share pharmaceutical industry in Shanghai and Shenzhen Stock Exchange from 2007 to 2013, using multivariate regression model.This paper studies the intangible assets of R & D investment, the impact and lag of development expenditure on enterprise performance, and compares the impact and lag of R & D investment on enterprise performance under different corporate governance levels.As well as corporate performance and as a guarantee of R & D inputs to play a role-fixed assets, the correlation between current assets.It is found that the impelling effect of intangible assets and development expenditure on enterprise performance is positive, and the promotion effect of development expenditure on enterprise performance lags behind by three periods, and the scale of the company is large and the proportion of independent directors is high.Enterprise R & D investment with large proportion of institutional shareholding plays a greater and more significant role in promoting enterprise performance, while fixed assets, which are the guarantee conditions of R & D investment, have no significant contribution to enterprise performance.The promotion and significance of current assets are lower than intangible assets and development expenditure.Through the above research, this paper suggests that the pharmaceutical industry in our country should reasonably expand the scale of the company in the future, bring into play the scale effect, improve the level of corporate governance, supervise the decision of the enterprise, strengthen independent innovation and master the advanced technology.
【學位授予單位】：哈爾濱工業(yè)大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F426.72;F406.7;F273.1

【參考文獻】

相關期刊論文 前10條

1 祝捷;倪麗娜;;高新技術企業(yè)無形資產披露狀況分析[J];財會通訊;2009年11期

2 王燁;游春;;R&D投入與績效相關關系實證研究——基于中小企業(yè)板上市公司面板數據[J];財會通訊;2009年12期

3 孔慶景;;研發(fā)對企業(yè)業(yè)績影響的實證研究——基于A股上市公司[J];財會通訊;2010年18期

4 程小可;蔣順才;孫健;;上市公司開發(fā)支出對市場績效的影響——基于中國資本市場的實證研究[J];系統(tǒng)工程;2010年09期

5 周江燕;;研發(fā)投入與企業(yè)業(yè)績相關性研究——基于中國制造業(yè)上市公司的實證分析[J];工業(yè)技術經濟;2012年01期

6 任海云;;公司治理對R&D投入與企業(yè)績效關系調節(jié)效應研究[J];管理科學;2011年05期

7 羅婷;朱青;李丹;;解析R&D投入和公司價值之間的關系[J];金融研究;2009年06期

8 王佩;黃園園;;從無形資產構成看企業(yè)自主創(chuàng)新能力——以生物醫(yī)藥上市公司為例[J];科技管理研究;2009年11期

9 任海云;師萍;;公司R&D投入與績效關系的實證研究——基于滬市A股制造業(yè)上市公司的數據分析[J];科技進步與對策;2009年24期

10 任海云;師萍;張琳;;企業(yè)規(guī)模與R&D投入關系的實證研究——基于滬市A股制造業(yè)上市公司的數據分析[J];科技進步與對策;2010年04期

相關博士學位論文 前1條

1 王宇峰;我國上市公司R&D信息披露及其價值相關性研究[D];中南大學;2010年

本文編號：1730512