多元化战略、企业研发支出与企业绩效的关系  

Relationship between Diversification Strategy,R&D Expenditure and Firm Performance

作　　者：孙维峰[1] 孙华平[2] 

机构地区：[1]运城学院经济管理系,山西运城044000 [2]江苏大学财经学院,江苏镇江212013

出　　处：《技术经济》2013年第3期18-23,99,共7页Journal of Technology Economics

基　　金：山西省重点扶持学科管理科学与工程学科项目"企业研发支出的经济效应研究"(XK-2012011)

摘　　要：以2009—2011年我国沪深两市制造业上市公司为研究样本,考察了多元化战略对企业R&D支出的影响,以及多元化战略对企业R&D支出与企业绩效间关系的调节作用。结果显示:多元化战略与企业R&D支出显著负相关;无论用ROA还是Tobin′s q度量企业绩效,企业R&D支出都与企业绩效显著正相关。进一步分析的结果表明:企业R&D支出与企业绩效的关系受多元化战略的调节,而两者间显著的正相关关系仅在专业化企业中存在。稳健性检验结果表明,上述研究结论不受样本选择的影响。Taking the listed companies in manufacturing industry during 2009-2011 as the sample,this paper investigates the impact of diversification strategy on enterprise＇s R＆D expenditure and the regulating effect of diversification strategy on the relationship between enterprise＇s R＆D expenditure and enterprise performance. The result shows as follows：there is significantly negative relationship between diversification strategy and R ＆ D expenditure; whether using ROA or Tobin＇s q to measure enterprise performance, R ＆ D expenditure is significantly positively related to corporate performance. Further analysis result shows that the relationship between R＆D expenditure and corporate performance are affected by diversification strategy,and this significantly positive relationship only exists in specialized enterprises. Robustness test result shows that these conclusions are not affected by the sample selection.

关 键 词：多元化战略 研发支出 企业绩效 

分 类 号：F272[经济管理—企业管理]