研发投资与资本成本  

R&D Investment and Cost of Capital

作　　者：汪平[1,2] 魏刚[1] 

机构地区：[1]首都经济贸易大学会计学院,北京100070 [2]山东财经大学公司财务研究中心,山东济南250014

出　　处：《南京财经大学学报》2016年第4期64-75,共12页Journal of Nanjing University of Finance and Economics

基　　金：国家社会科学基金项目"资本成本约束下混合所有制公司股权结构优化研究"(15BGL066);国家社会科学基金项目"资本成本锚定的国有企业投资效率提升机制研究"(15BJY013);北京市社会科学基金重点项目"资本成本测算及其应用领域研究"(15JGA010)

摘　　要：与实物性的资本投资比较,研发投资具有知识性、无形性、高风险性等特征。不仅仅是在高新技术类企业中,研发投资已经成为企业长期资本投资的主体内容,更成为决定企业价值创造实力、综合竞争力的核心因素。本文数据显示,2008—2014年,中国上市公司的研发投资支出增长平均达到4.77%,而固定资产投资平均增长率仅为0.21%;以研发投资为主、固定资产投资为辅的创新型企业成为我国上市公司的主体,非实物投资已经成为我国企业价值创造的主要源泉之一;与固定资产投资比较,研发投资具有更强的价值相关性,决策得当能够带来更多的企业价值;由于其自身的性质所决定,研发投资往往具有更高的风险程度,从而造成较高的资本成本水平;在创新型企业中,较高的收益水平可以有效地弥补资本成本水平的提高,维持企业的可持续发展。Compared with physical capital, the R＆D investment is intellectual, intangible, and has higher risk. For enterpri- ses, besides in the high-teeh ones, the R＆D investment has not only become the main content of long-term capital investment, but also the core of valuable creativity and compressive competitiveness. Datas from 2008 to 2014 show that,in average R＆D in- vestments increasing rate is 4.77% in Chinese listed companies, while there is only 0. 21%, in fixed assets investments. Innova- tive enterprises with a dominant role of R＆D investments and a subsidiary role of fixed assets investment are becoming the main part of listed companies ,while investments in nonphysical asset are becoming one of the main sources of a company＇s value crea- tion in China. Compared with fixed assets investments, R＆D investments have higher value relevance. However, R＆D invest- ments have higher risks and high costs of capital because of intrinsic characteristics. In creative industries, high incomes can cover the cost of capital effectively and maintain sustainable development for enterprises.

关 键 词：资本投资 研发投资 资本成本 

分 类 号：F275.1[经济管理—企业管理]