摘要
本文从终极控制权的角度，以我国2007年-2009年沪深两市连续三年披露了R＆D支出的上市公司为样本，从直接产出绩效和会计业绩两方面检验了R＆D支出效果。实证研究结果表明：在直接产出绩效方面，R＆D投入与专利申请量显著正相关，并且非国有控股上市公司R＆D投入的直接产出效应显著大于国有控股上市公司。在会计业绩方面，R＆D投入与总资产利润率显著正相关，且存在一个滞后期，滞后期为一到两年，其中非国有控股上市公司R＆D投入强度与当期总资产利润率显著正相关，与滞后期总资产利润率不相关；国有控股上市公司R＆D投入强度与当期和滞后一期总资产利润率不相关，与滞后二期总资产利润率显著正相关。由此得出结论：非国有企业更关注研发投入的直接产出绩效及当期会计业绩；国有企业则更倾向于能带来中长期会计绩效的研发项目．
tn this paper, from the perspective of ultimate control, we examined the effect of R＆D spending in two aspects, that is, direct output pertbrmance and accounting performance, based on data from the listed company disclosed in 2007-2009, we find that, there is a significantly positive correlation between R＆D intensity and patent applications, and the positive effect of R＆D intensity on patent applications is significantly stronger in non-state-owned enterprises （NSOEs） than state-owned enterprises （SOEs）. We also find that, there is a significantly positive correlation between R＆D intensity and return on assets （ROA） as well as a lag effect of one or two years. In detail, R＆D intensity in NSOEs is significantly positive-correlated with current ROA but non-correlated with that in years followed, while SOEs is opposite, which means a significantly positive correlation between R＆D intensity and two-year-delayed ROA but no correlation with the current and one-year-delayed ROAs. We conclude that NSOEs focus more on direct output of R＆D input and current accounting performance, while SOEs tend to pursue those that could promote medium or long-term accounting performance
出处
《中大管理研究》
2011年第4期26-45,共20页
China Management Studies
基金
中山大学管理学院作者感谢国家自然科学基金重点项目(批准号:71032006)
广东省科技厅社会发展重点引导项目(2008B080703025)
广东省普通高校人文社会科学重点研究基地重大项目(10JDXM79001)
教育部人文社会科学研究规划基金项目(11YJA790094)的支持
关键词
R&D支出
R&D投入强度
终极控制权
会计业绩
R＆D investment. R＆D input intensity, ultimate control, accounting perlbrmance
