發(fā)布時間：2018-05-31 02:36

  本文選題：研發(fā)投入 + 盈利能力　； 參考：《長沙理工大學》2013年碩士論文

【摘要】：企業(yè)開展研發(fā)活動是進行技術創(chuàng)新的前提條件，是形成企業(yè)核心競爭力的關鍵保證，國內(nèi)外企業(yè)紛紛將研發(fā)列為重要發(fā)展戰(zhàn)略之一，以期在激烈的市場競爭中取勝。而中小型企業(yè)在世界經(jīng)濟與社會發(fā)展中一直占據(jù)著非常重要的位置，它在活躍市場、擴大就業(yè)、增加收入、穩(wěn)定社會、調(diào)整國民經(jīng)濟結(jié)構(gòu)等方面做出了不容忽視的貢獻。在我國，中小企業(yè)也是社會發(fā)展和經(jīng)濟進步的中堅力量，現(xiàn)已成為建設我國市場經(jīng)濟體系的主力軍。將自主研發(fā)不斷轉(zhuǎn)化為增強競爭實力、提升盈利水平的催化劑，是中小企業(yè)立足市場、把握市場先機的制勝法寶。但是與發(fā)達國家相比，中小企業(yè)整體的自主創(chuàng)新能力仍處于較弱水平，企業(yè)盈利能力尚未得到應有的提升。本文立足于在深市中小板上市的公司，試圖從微觀層面和企業(yè)財務視角出發(fā)，分析企業(yè)研發(fā)投入的效果，通過增加研發(fā)投入的有效性來提升企業(yè)盈利能力，具有一定的理論和實踐指導意義。 本文從我國研發(fā)投入的現(xiàn)狀出發(fā)，回顧了研發(fā)投入與盈利能力的相關文獻，以技術創(chuàng)新理論、投入產(chǎn)出理論等理論為基礎，對研發(fā)投入和盈利能力的相關概念進行界定，用充分的理論支持，分析了兩者之間的依存關系，并以此為依據(jù)選取研發(fā)費用投入強度和技術人員投入強度指標來評價研發(fā)投入，選取主營業(yè)務利潤率、總資產(chǎn)收益率、每股收益和營業(yè)利潤現(xiàn)金比率指標來評價盈利能力，構(gòu)建回歸模型。本文選取2009年以前在我國深市中小板上市的公司作為研究對象，以2009-2011年間的經(jīng)驗數(shù)據(jù)作為研究樣本進行實證研究。首先對236家中小板上市公司全樣本研發(fā)投入情況和不同研發(fā)投入強度下盈利能力情況進行描述性統(tǒng)計分析，，進而采用多元線性回歸方法驗證了研發(fā)投入強度指標與盈利能力的相關性，并在此基礎上進一步研究了研發(fā)投入對盈利能力的影響是否存在滯后性和累積性。 實證結(jié)果表明：中小板上市公司研發(fā)費用投入強度與主營業(yè)務利潤率、總資產(chǎn)收益率、每股收益顯著正相關，技術人員投入強度與主營業(yè)務利潤率顯著正相關，與總資產(chǎn)收益率和每股收益正相關，而無論是研發(fā)費用投入強度還是技術人員投入強度均與描述盈利質(zhì)量的營業(yè)利潤現(xiàn)金比率相關性不顯著。通過滯后性檢驗發(fā)現(xiàn)，研發(fā)費用投入強度對盈利能力的影響存在滯后性和累積性，而技術人員投入強度對盈利能力基本不具有滯后性。根據(jù)實證研究得出的結(jié)果，本文從完善研發(fā)信息披露制度、加大知識產(chǎn)權(quán)保護力度、建立內(nèi)在研發(fā)機制、加強研發(fā)投入強度及其持續(xù)性、引進高素質(zhì)人才等方面提出相關政策建議，對我國中小板上市公司在市場競爭中獲得長期優(yōu)勢具有積極作用。
[Abstract]:Enterprise R & D is a prerequisite for technological innovation and a key guarantee to form the core competitiveness of enterprises. Domestic and foreign enterprises have listed R & D as one of the important development strategies in order to win in the fierce market competition. The small and medium-sized enterprises have been occupying a very important position in the world economy and social development. They have made great contributions in the aspects of active market, expanding employment, increasing income, stabilizing society, adjusting the structure of national economy and so on. In China, small and medium-sized enterprises are also the backbone of social development and economic progress, and have become the main force in the construction of our market economy system. Transforming independent R & D into a catalyst for enhancing competitive strength and improving profit level is a magic weapon for small and medium-sized enterprises to gain a foothold in the market and grasp the market opportunity. However, compared with the developed countries, the overall independent innovation ability of SMEs is still in a weak level, and the profitability of enterprises has not been improved. Based on the listed companies in Shenzhen small and medium-sized board, this paper tries to analyze the effect of enterprise R & D investment from the micro level and enterprise financial perspective, and improve the profitability of the enterprise by increasing the effectiveness of R & D investment. It has certain guiding significance in theory and practice. Starting from the current situation of R & D investment in China, this paper reviews the relevant literature on R & D investment and profitability, and defines the related concepts of R & D input and profitability based on the theories of technological innovation and input-output theory. With sufficient theoretical support, this paper analyzes the relationship between them, and selects R & D cost input intensity and technical personnel input intensity index to evaluate R & D investment, select the main business profit rate, total asset return rate, and select the R & D investment intensity index based on the R & D expenditure intensity and the technical personnel input intensity index. Earnings per share and operating profit cash ratio index to evaluate profitability, build a regression model. This paper selects the companies listed on the small and medium-sized board of Shenzhen Stock Exchange before 2009 as the research object, and takes the empirical data from 2009-2011 as the research sample to carry on the empirical research. First of all, the full sample R & D investment of 236 small and medium-sized board listed companies and the profitability under different R & D investment intensity were analyzed by descriptive statistics. Then, the correlation between R & D investment intensity index and profitability is verified by using multiple linear regression method, and the influence of R & D investment on profitability is further studied. The empirical results show that the investment intensity of R & D costs is positively correlated with the profit margin of the main business, the return on total assets, the earnings per share, and the investment intensity of technical personnel is positively correlated with the profit margin of the main business. It has a positive correlation with the total return on assets and earnings per share, but the investment intensity of R & D and technical personnel is not significantly related to the operating profit cash ratio which describes the profit quality. It is found that the impact of R & D cost input intensity on profitability is lagging and cumulative, while the technical personnel investment intensity has no lag on profitability. According to the results of the empirical research, this paper improves the information disclosure system of R & D, strengthens the protection of intellectual property, establishes the internal R & D mechanism, and strengthens the intensity and sustainability of R & D investment. The introduction of high-quality talents and other related policy recommendations will play a positive role in gaining long-term advantages for Chinese small and medium-sized board listed companies in the market competition.
【學位授予單位】：長沙理工大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F273.1;F832.51

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本文編號：1957979