研发投入、融资能力与公司业绩——来自中国工业企业的大样本证据  

R&D Investment,Financing Capability and Performance——Large-sample Evidence from Chinese Industrial Enterprises

作　　者：陈超[1] 赵武阳[1] 潘晶晶[1] 

机构地区：[1]复旦大学管理学院,上海200433

出　　处：《研究与发展管理》2014年第3期1-11,共11页R&D Management

基　　金：国家自然科学基金面上项目"债券融资;信用风险与公司治理"(71072004)

摘　　要：本文探讨了企业研发投入对其后续业绩的影响,并检验了企业的融资能力对这种影响的调节作用.利用中国工业企业数据库所提供的大样本数据,结果发现:研发投入能显著提升公司后续业绩;同时,公司融资能力越强,同等研发强度对后续业绩的提升越大.采用主营业务利润率和主营业务增长率两个指标度量公司业绩,同时考察后一期和后两期的业绩,研究结果具有稳健性.It examined the effect of R＆D investment on firms＇ subsequent performance, and the moderating role of firms＇ financing capability between them. Using large sample of Chinese Industrial Enterprise Database, it finds that R＆D investment can significantly enhance firms＇ subsequent performance, and further inquiries reveal that the enhancement is more pronounced when firms can access financial resource easily. The results remain significant and robust when it used ahhernative measures of performance and defined subsequent periods differently （ ＂t ＋ 1＂ or ＂t ＋ 2＂ ）.

关 键 词：研发投入 融资能力 公司业绩 

分 类 号：F272[经济管理—企业管理]