资本约束、企业研发投入与企业价值创造研究
首发时间:2012-10-29
摘要:以2007-2009年我国A股上市公司为样本,实证研究了企业研发投入与企业价值之间的关系。研究发现:(1)企业研发资金投入和人员投入能够提高企业当年及未来一年盈利能力和股票市场价值;(2)高负债率的企业财务风险较高,资金约束较强,巨大的偿债风险会影响企业的研发决策,从而对企业价值产生影响。相对于低负债率的企业而言,高负债率的企业其研发投入对公司价值的影响较小。
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Capital Constraints, R&D Investment and Firm Value Creation
Abstract:Relationship between R&D investment, intellectual property output and firm value creation are studied, using the sample of A-share listed companies between 2007 and 2009. The conclusions are as follows: (1) R&D capital investment and personnel investment can improve this year and the next year's profitability and stock market value;(2) the effect of R&D investment is subject to capital constraints. Financial risks of the enterprise is high and the high risk will affect the enterprises' R&D investment,and thus have an impact on enterprise value.Relative to the low debt ratio of the enterprise,the R&D investment impact on firm value is smaller when the firm has high debt ratio.
Keywords: Enterprise Management R&D Investment Capital Constraints Profitability Firm Value
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