CAJ | 학술논문

以2003—2007年在上交所上市的机械设备仪器制造业和医药生物制品业企业为样本,对研发投入与公司业绩之间的关系进行实证研究和比较分析。研究发现,研发人员投入与机械设备企业业绩的相关性程度和持续性远远大于生物医药企业;生物医药企业的业绩对研发资金投入的敏感性较强;研发资金投入对企业业绩作用的滞后性在生物医药行业比较明显。此外,相对于收入增长能力,研发投入与企业盈利能力和资产运作效率有更强的正相关关系。研究结论对企业优化其研发投入结构、对政府制定更有针对性的技术创新鼓励政策具有一定借鉴意义。
이2003—2007년재상교소상시적궤계설비의기제조업화의약생물제품업기업위양본,대연발투입여공사업적지간적관계진행실증연구화비교분석。연구발현,연발인원투입여궤계설비기업업적적상관성정도화지속성원원대우생물의약기업;생물의약기업적업적대연발자금투입적민감성교강;연발자금투입대기업업적작용적체후성재생물의약행업비교명현。차외,상대우수입증장능력,연발투입여기업영리능력화자산운작효솔유경강적정상관관계。연구결론대기업우화기연발투입결구、대정부제정경유침대성적기술창신고려정책구유일정차감의의。
This article uses yearly reports of machinery and pharmaceutical enterprises which were listed in Shanghai Stock Exchange from 2003 to 2007 to empirically study and compare the correlation between the RD investment and the corporate performance.We find the RD HR investment has a much more significant and long-term correlation with the performance of the machinery companies than the pharmaceuticals,while the latter are sensitive to the capital investment in RD.The time-lag between the RD investment and the corporate performance is more obvious in pharmaceutical industry.And the RD investment has more correlations with the companies＇profitability and asset utilization efficiency.These conclusions will provide instructions for companies to optimize their RD investment structure,and for government to make industry-oriented innovation policies.