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应用《企业会计准则》(2006)之后中国A股上市公司R & D投资结构数据,实证考察了研究(R)投资、开发(D)投资对企业价值的影响。研究发现:研究(R)、开发(D)相结合投资时,能提高企业经营利润,存在显著的协同效应;其中,独立投资时,研究(R)投资与企业未来经营利润显著正相关,开发(D)投资与企业当期经营利润显著正相关。本文的研究结论为政府制定企业科技扶持政策,企业在研究(R)投资、开发(D)投资之间的选择和平衡提供了决策参考。
Applying the data of R & D investment structure of Chinese A-share listed companies after applying Accounting Standards for Business Enterprises (2006), this paper empirically examines the influence of research (R) investment and development (D) investment on the enterprise value. The research found that: (R), (D) combined investment, can improve the operating profit of enterprises, there is a significant synergies; Among them, independent investment, research (R) investment and business operating profit was significantly positive correlation, the development (D) The investment is significantly and positively related to the current operating profit of the enterprise. The conclusion of this paper provides the decision-making reference for the government to formulate the policy of enterprise science and technology support and the choice and balance of enterprises in researching (R) investment and developing (D) investment.