企业研究(R)投资与开发(D)投资的协同效应——来自中国上市公司的经验证据  

Research on the Synergy Effect between Research（R） Investment and Development （D） Investment ： Empirical Evidence from Chinese Public Companies

作　　者：肖海莲[1] 唐清泉[1] 李萍[1] 

机构地区：[1]中山大学管理学院会计学系

出　　处：《中国会计评论》2012年第1期33-52,共20页China Accounting Review

基　　金：国家自然科学基金项目《我国企业R & D创新投入的风险与有效性研究》(70772084);广东省软科学研究计划项目“企业创新模式与转型升级的机理研究”(2011A070200009)阶段性研究成果;中山大学2010年度“笹川优秀青年奖学基金”博士生重要创新项目《企业R & D投入结构配置与资金约束》对本文的资助

摘　　要：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。Abstract More and more Chinese enterprises increase their R＆D investment in order to cope with industrial upgrading and industrial structure adjustment, because R＆D not only in- crease enterprises＇ performance but also strengthen enterprises＇ sustainable competitiveness, the most important is that R＆D may promote enterprises＇ upgrading and transformation. A lot of evidences indicate that R＆D investment is related to enterprises value, but R＆D is composed of research（R） and development（D）, which are heterogeneity to each other, and empirical studies are still lacking on whether they have different impacts on enterprises value. Moreover, enterprise＇s research（R） investment and development（D） investment can be quite different in practice？ In recent years, research（R） investment ratio is decreasing to 2.4% in Chinese enterprises while development（D） investment is creasing to 97.6%~. In the period of the ＂12th Five-Year Plan＂, Chinese economy will transfer from manufacturing economy to innovation economy, but research（R） investment ratio is too low and synergy effect between research（R） investment and development（D） investment is not enough. From the scientific research process, research（R） and development（D） are two indispensable parts, they influence as well as collaborate with each other. In the process of technology innovation, there will be synergy effect between research（R） and development（D） because they share the physical resources and intangible resources. But how do they influence enterprise value when research（R） and development（D） invest jointly？ There is still no R＆D study on this important issue, which is what this paper attempts to investigate. Firstly, this paper adopts extended C-D production function to investigate the yield effect of research （R） investment and development （D） investment. We find that research （R） investment and development （D） inwestment are not independent from each other, and

关 键 词：协同效应 研究(R)投资 开发(D)投资 

分 类 号：F224[经济管理—国民经济] F276.6F233