研发支出越多越好吗?——基于创业板上市公司的面板门槛效果检验  

The Relationship Between R&D Spending and Profitability Panel Threshold Test of Listed Companies in Growth Enterprises Market

作　　者：张晓燕[1] 赵艳平[2] 苏志伟[2] 

机构地区：[1]山东师范大学商学院,山东济南250014 [2]中国海洋大学经济学院,山东青岛266100

出　　处：《证券市场导报》2015年第8期23-30,37,共9页Securities Market Herald

基　　金：教育部青年项目"金融资源集聚对实体经济的影响研究"(2013YJC790207);山东省社科规划重大项目"金融产业优化与区域发展管理协同创新研究"(14AWTJ01-11)]

摘　　要：创业板上市公司多为高科技公司,研发支出对其盈利能力发挥重要影响。本文以2010年前上市的153家创业板公司为样本,以总资产报酬率、净资产收益率、托宾Q值和营业利润率作为盈利能力的代理变量,以研发强度作为研发支出的代理变量,进行面板门槛检验。结果发现,研发强度对公司盈利能力存在单一门槛效应,使之呈现门槛值上下不对称的非线性关系。因此,创业板上市公司应结合行业特点进行研发活动,以实现公司价值最大化的目标。Since most companies in Growth Enterprises Market （GEM） are high-tech companies, R＆D activity plays an important role in their profitability. We sample from 153 companies listed in GEM since 2009 and 2010, using panel threshold regression to verify the relationship between R＆D activities and corporate profitability. The result shows that the relationship is nonlinear. R＆D intensity has a positive impact on corporate profitability, while the impact is more evident when R＆D intensity is below the threshold. Thus companies listed in GEM should carry out R＆D activities moderately in order to improve their profitability and to realize the goal of corporate value maximization.

关 键 词：创业板 研发支出 盈利能力 研发强度 创业板公司 

分 类 号：F275[经济管理—企业管理]