企业研发投资与财务绩效之间交互跨期影响实证研究  

An Empirical Study of Interactive and Inter-temporal Influence Between Enterprise R&D Investment and Financial Performance

作　　者：叶苗苗[1,2] 唐国平 YE Miaomiao;TANG Guoping(School of Economics and Management,Hunan Institute of Science and Technology,Yueyang 414006,China;School of Accounting,Zhongnan University of Economics and Law,Wuhan 430073,China)

机构地区：[1]湖南理工学院经济与管理学院,湖南岳阳414006 [2]中南财经政法大学会计学院,湖北武汉430073

出　　处：《湖南理工学院学报（自然科学版）》2022年第2期44-50,共7页Journal of Hunan Institute of Science and Technology(Natural Sciences)

基　　金：湖南省社科成果评审委员会项目“研发投资对企业绩效的影响——基于增值税税率变化的准自然实验研究”(XSP21YBC065)。

摘　　要：随着资本市场企业间竞争加剧,越来越多的上市公司选择研发投资作为内延式成长方式.研发投资受到财务等资源的约束,研发结果具有不确定性及外溢等风险,进而影响企业财务效应.对企业研发投资与财务绩效之间的交互跨期影响进行研究,结果表明,研发投资对企业财务绩效的激励作用呈现先上升后下降的“倒U型”态势;企业财务绩效对研发投资的激励作用主要体现在当期,并随着时间的推移,这种激励作用逐渐减弱;企业研发投资与财务绩效交互促进的情形,主要发生在非国有企业中.With the intensification of competition among enterprises in the capital market in recent years, more and more listed companies choose R&D(Research and Development) investment as an extended growth mode. Since R&D investment is constrained by financial resources, as well as the uncertainty and spillover risks of R&D results, the financial effect of enterprises will be affected. This paper researches the interactive inter-period impact between R&D investment and financial performance of enterprises. The results show that the incentive effect of R&D investment on the financial performance of enterprises presents an “inverted U-shaped” trend, which increases first and then decreases;the incentive effect of corporate financial performance on R&D investment is mainly reflected in the current period, with the passage of time, this incentive effect is gradually weakened;the interaction between R&D investment and financial performance mainly occurs in non-state-owned enterprises.

关 键 词：企业研发投资 财务绩效 交互跨期影响 

分 类 号：F275.5[经济管理—企业管理]