摘要
通过对机械、医药、电子及信息设备、汽车、信息服务5个行业的192家上市公司2006—2011年研发投入强度与销售净利率、净资产收益率之间的相关关系进行实证检验,从技术研发投入的角度揭示了上市公司财务绩效的差异。得出研究样本中的5个行业研发投入强度与销售净利率、净资产收益率之间均存在显著的正相关关系;研发投入对企业财务绩效的提升有一定的滞后期,研发投入对当年财务绩效的提升不存在显著影响,但对未来1～2年企业财务绩效的提升有显著的正向影响;各个行业研发投入强度与财务绩效指标之间的相关系数差别较大,上述5个行业滞后一期的研发投入强度与销售净利率之间的相关系数分别为0.49、1.86、0.67、1.11、0.47。
In this paper, we conducted an empirical test on the relationship among R＆D input intensity and net profit margin and net assets income rate of 192 listed companies of machinery industry, pharmaceuticals industry, electronics and information equipment industry, automotive industry, information services industry from 2006 to 2011 to reveal the differences in listed companies＇ financial performance from the perspective of technical R＆D input. We drew the conclusion that, there is a significant positive correlation among R＆D input intensity of the 5 industries in the research sample, net-profit-margin, and net assets income rate. The enhancement of R＆D input on the financial performance of enterprise is subject to a lag phase. There is no significant correlation between R＆D input and the financial performance of the current year. But there is a significant positive affect on enhancement of enterprises＇ financial per- formance in the following 1 -2 years. The correlation coefficient between R＆D input intensity and financial performance indicators was significantly different. These five industries＇ correlation coefficient between R＆D input intensity with one lag phase and net-profit-mar- gin were 0.49, 1.86, 0.67, 1.11, and 0.47 respectively.
出处
《科技与经济》
CSSCI
2013年第2期61-65,共5页
Science & Technology and Economy
关键词
上市公司
研发投入
财务绩效
listed Companies
R＆D input
financial performance
作者简介
作者简介：陈一博，管理学博士，复旦大学管理学院博士后流动站暨中国华融资产管理股份有限公司博士后工作站博士后，研究方向：资本市场并购重组与资产定价。
