研发投入对企业价值的影响:知识产权资产的中介效应  

The Influence of R&D Investment on Enterprise Value: The Intermediary Effect of Intellectual Property Assets

作　　者：陈旭 江瑶 

机构地区：[1]上海应用技术大学经济与管理学院,上海 [2]上海工程技术大学管理学院,上海

出　　处：《运筹与模糊学》2023年第6期6837-6847,共11页Operations Research and Fuzziology

摘　　要：采用2012~2018年中国沪深A股数字创意产业上市公司数据,对研发投入、知识产权资产和企业价值之间的关系进行理论研究和实证检验,试图解释企业研发投入对企业价值的内在影响机制,并对知识产权资产在企业研发投入和企业价值关系中的中介作用进行实证分析。结果表明,企业通过加大研发资金投入和研发人员投入对提升企业价值均存在明显促进作用;研发投入通过知识产权资产的传导路径间接作用于企业价值,即知识产权资产在研发投入与企业价值两者关系之间起到了部分中介作用。研究结论为管理实践与政策制定提供了有益的启示。Based on the data of A-share Digital Creative Industry Listed Companies in Shanghai and Shenzhen from 2012 to 2018, this paper conducts theoretical research and empirical tests on the relationship between R&D investment, intellectual property assets and enterprise value, attempts to explain the internal influence mechanism of R&D investment on enterprise value, and makes empirical analysis on the intermediary role of intellectual property assets in the relationship between R&D investment and enterprise value. The results show that the investment of R&D capital and the investment of R&D personnel have a significant role in promoting the enterprise value;R&D investment indirectly affects the enterprise value through the transmission path of intellectual property assets, that is, intellectual property assets play a part of intermediary role in the relationship between R&D investment and enterprise value. The conclusion of the study provides useful enlightenment for management practice and policy-making.

关 键 词：研发投入 知识产权资产 企业价值 数字创意企业 

分 类 号：F27[经济管理—企业管理]