高新技术上市公司科技开发支出与其资本结构的相关性研究  

Relationship between Capitalized R&D Expenditure and Capital Structure of High-tech Listed Company

作　　者：曾蕾[1] 金余泉[1] 

机构地区：[1]安徽大学商学院,合肥230039

出　　处：《技术经济》2011年第8期26-31,50,共7页Journal of Technology Economics

摘　　要：基于新《企业会计准则》的规定,利用2008—2010年我国高新技术上市公司的非平衡面板数据,对企业的科技开发支出与其资本结构的相关性进行了回归分析。结果显示:我国高新技术上市公司的科技开发支出与其资本结构呈显著的"U"型非线性关系;国有高新技术上市公司的科技开发支出与其资本结构呈显著的倒"U"型非线性关系,非国有高新技术上市公司的科技开发支出与其资本结构呈"U"型非线性关系,但并不显著。要提升企业的科技开发强度,完善资本市场、拓展多层次的融资渠道以及不断优化企业的资本结构是关键。Using the data of high-tech listed companies in China during 2008-2010,this paper analyzes the relationship between high-tech listed company＇s capitalized RD expenditures and capital structure.The results show as follows：there exists the obvious U-shaped relationship between high-tech listed company＇s capitalized RD expenditures and capital structure;the relationship between them in state-owned listed companies takes on obvious reverse U-shape;that in non-state-owned listed companies takes on the unobvious U-shape.It considers that it is the key for enhancing the scientific and technological development strength that improving capital market,and expanding financing channels and optimizing capital structure.

关 键 词：研发投入 资本结构 高新技术 研发管理 

分 类 号：F275[经济管理—企业管理]