高新技术企业R＆D投入强度与企业业绩--基于会计和市场业绩对比的激励契约设计  

R&D Intensity and Firm Performance of High-tech Enterprises——Incentive Contract Design Based on Accounting and Market Performance Contrast

作　　者：吴卫华[1] 万迪防[1] 吴祖光[2,1] 

机构地区：[1]西安交通大学管理学院 [2]西安理工大学经管学院

出　　处：《经济与管理研究》2014年第5期93-102,共10页Research on Economics and Management

基　　金：国家自然科学基金“基于金融契约及机制设计的中国金融衍生品交易市场自律监管的研究”(71173166)和“基于动态不完全契约的中国经济转型期金融期货市场风险监控研究”(71373202);陕西省教育厅人文社科研究计划项目“政府支持与企业研发投入的关系及其影响因素研究--以创业板上市公司为例”(2013JK0107)

摘　　要：以2009～2012年中国创业板高新技术上市公司的面板数据作为样本,使用会计和市场业绩计量指标,研究了高新技术企业业绩与R＆D投入之间的关系.结果表明高新技术企业业绩与其R＆D投入强度之间存在倒U型关系,随着R＆D投入强度的增加,公司业绩先逐渐上升而后逐步下降.进一步的研究还发现：（1）实现最高市场业绩时的R＆D投入强度要高于会计业绩最高时的R＆D投入强度;（2）与业绩下降时相比,上升阶段业绩对R＆D投入强度的敏感性更高;（3）市场业绩对R＆D投入强度的敏感性高于会计业绩对R＆D投入强度的敏感性.因此,企业需根据其要实现的会计或市场业绩权衡R＆D投入强度.基于市场业绩的激励政策更有利于企业加大R＆D投入,提高研发投资活动效率.This paper takes the panel data of high-tech companies listed in Chinese Growth Enterprise Market from 2009 to 2012 as samples,and uses accounting and market performanee measures to study the relationship between highteeh companies＇ performance and R＆D intensity. The result shows thai there is an inverted U-shaped relationship between high-teeh companies＇ performance and R＆D imensity. Further researches also show thai： （1）R＆D intensity which achieves the highest market performance is higher than the accounting one;（2）compared with the decreasing performance proceed,the sensitivity of performance to R＆D imensity when the performance is increasing is higher ; （3） the sensitivity of aeeouming performance to R＆D intensity is lower than the market perfbrmanee. Therefore,the companies have to weigh the R＆D intensity level according to expecting its performanee,and the incentives based on market performance are more conducive for enterprises to increase R＆D investment and improve the efficiency of R＆D activities.

关 键 词：高新技术企业 研发投入 公司业绩 激励契约 

分 类 号：F230.9[经济管理—会计学] F270[经济管理—国民经济]