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研发投入是极具战略意义、高风险的企业投资项目,对于企业未来竞争实力的变化发挥着重大的作用。单纯地以会计绩效来评价研发投入的质量无助于人们对研发投入价值的判断。对于具有一流研发平台和优良研发传统的企业来讲,高风险的研发投入反而会有助于企业整体风险的降低,提升企业价值。本文站在股东和资本成本的角度,考察了研发投入之于企业的贡献。数据显示,投资者对于企业的研发投入会做出正向的反映,这种反映将降低企业的资本成本水平;研发投入与滞后期的资本成本呈现负相关关系;同时,本文还发现,非国有资本更加青睐研发投资。伴随着混合所有制改革的不断深化,相信中国企业的研发投入会出现一个持续的增长态势,对中国科技水平的提高做出更大的贡献。
R & D investment is a strategic and high-risk corporate investment project, which plays a significant role in the change of the future competitive power of the enterprise. Evaluating the quality of R & D investment simply by accounting performance does not help people judge the value of R & D investment. For enterprises with first-class R & D platforms and excellent R & D traditions, high-risk R & D investment will instead help to reduce the overall risk of the enterprise and enhance enterprise value. This article stands in the perspective of shareholders and capital costs, examines the R & D investment in the contribution of enterprises. The data show that investors will make a positive reflection on the R & D investment of enterprises. Such a reflection will reduce the level of capital costs of enterprises. R & D investment has a negative correlation with the cost of capital in lag times. At the same time, this paper also finds that non-state-owned Capital more favor R & D investment. With the continuous deepening of the reform of mixed ownership, I believe there will be a sustained increase in R & D investment by Chinese enterprises and a greater contribution to the improvement of China’s scientific and technological level.