CAJ | 학술논문

以2007～2011年披露R&D投资的上市公司为样本，对比并分行业研究了R&D投资对国有企业EVA考核体系的影响及其滞后效应。研究结果表明：国有上市公司和总体上市公司相同，R&D投资对EVA有正向影响，对滞后一年EVA的影响大于对当期的影响，对滞后两年EVA影响不显著，而非国有上市公司R&D投资对当期、滞后一年和滞后两年的EVA均有正向影响，且对滞后期的影响大于对当期的影响；在国有上市公司中，国有制造业上市公司R&D投资对EVA的影响与国有上市公司又完全相同，但国有非制造业上市公司R&D投资对EVA的影响不显著；在国有制造业上市公司中，电子行业和金属、非金属行业以及医药、生物制品行业上市公司R&D投资对当期EVA的影响显著，石油、化学、塑胶、塑料行业和机械、设备、仪表行业上市公司R&D投资对当期和滞后一年的EVA均有显著的正向影响。
이2007～2011년피로R&D투자적상시공사위양본，대비병분행업연구료R&D투자대국유기업EVA고핵체계적영향급기체후효응。연구결과표명：국유상시공사화총체상시공사상동，R&D투자대EVA유정향영향，대체후일년EVA적영향대우대당기적영향，대체후량년EVA영향불현저，이비국유상시공사R&D투자대당기、체후일년화체후량년적EVA균유정향영향，차대체후기적영향대우대당기적영향；재국유상시공사중，국유제조업상시공사R&D투자대EVA적영향여국유상시공사우완전상동，단국유비제조업상시공사R&D투자대EVA적영향불현저；재국유제조업상시공사중，전자행업화금속、비금속행업이급의약、생물제품행업상시공사R&D투자대당기EVA적영향현저，석유、화학、소효、소료행업화궤계、설비、의표행업상시공사R&D투자대당기화체후일년적EVA균유현저적정향영향。
Using a sample of Chinese listed companies disclosed R&D investment over 2007~2011 , this paper compares and inves-tigates the effect and lagged effect of R&D investment on state -owned companies'EVA assessment by industry . The results which is the same as state-owned listed companies show that all list companies R&D investment has positive effect on EVA , and the effect on EVA lagged one year is greater than it on current EVA , but the effect on EVA lagged two year is not significant . In state-owned listed compa-nies , the effect of R&D investment on EVA to state -owned manufacturing listed companies is the same as the effect to state -owned com-panies , but to state -owned non -manufacturing listed companies the effect of R&D investment on EVA is not significant . In state -owned manufacturing industry , R&D investment has positive effect on current EVA in electronics industry , metal , nonmetal industry and medicine , biological products industry , and has positive effect on both current EVA and EVA lagged one year in petroleum , chemical , plastic industry mechanical , equipment , instrumentation industry .