企业研发投入、知识产权产出与企业价值创造研究
首发时间:2012-10-30
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、知识产权产出与企业价值之间的关系。研究发现:(1)企业研发资金投入不仅能提高企业当年专利产出,同时也将提高企业未来一年盈利能力和股票市场价值,而企业人力投入仅能提高企业未来一年盈利能力;(2)企业研发投入的效果受企业所有权性质、行业性质等特征影响;(3)企业研发投入强度不仅受到政府税收、财政资助等政策影响,还受当地知识保护水平影响。上述结果说明,企业应当适当加大研发投入的力度,以获得更强的核心竞争力;同时,政府应当通过给予企业适当的鼓励政策、加强知识产权保护等手段,提升企业科技研发的积极性。
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R&D investment、Intellectual Property Output and Firm Value Creation
Abstract:In the knowledge-based economy, R&D investment is the source of competitive advantage and the security of sustainable development. Relationship between R&D investment、intellectual property output and firm value creation are studied using the sample of listed companies between 2007 and 2009. The conclusions are as follows: (1) R&D capital investment can not only improve patent output, but also profitability and stock market value next year, while R&D human input can only improve profitability next year; (2) effect of R&D inputs is influenced by the nature of business like its ownership and industry; (3) R&D investment is affected not only by policy like tax and government assistance, but also the level of local property protection. Our results imply that, firms should increase R&D investment rationally to acquire core competence. Besides, government should provide firms rational policies and stronger intellectual property protection to encourage firms' R&D activities.
Keywords: Enterprise Management R&D Investment Patent Output Profitability Firm Value
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