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随着我国经济的快速发展,企业R&D资金的投入力度也在逐年增加。企业研发投入与业绩之间的相关性如何,也是实务界较为关注的问题。本文以62家在上交所上市的制造业企业2009—2011年的数据为样本,利用Stata软件对数据进行面板回归分析,对R&D投入与企业业绩之间的关系进行研究。结果发现,研发资金投入与企业Roa与Tobin’s Q等业绩指标存在不显著的相关关系,亦未发现研发强度对企业业绩的滞后效应。
With the rapid economic development in our country, the input of R & D funds of enterprises is also increasing year by year. R & D investment and performance of the business how the correlation between, but also more concerned about the practical sector issues. Based on the data of 62 manufacturing companies listed on the Shanghai Stock Exchange from 2009 to 2011, this paper uses Stata software to conduct panel regression analysis on the data and studies the relationship between R & D investment and business performance. The results showed that there was no significant correlation between R & D investment and performance indicators such as Roa and Tobin’s Q, and no lag effect of R & D intensity on business performance was found.