研发支出对战略性新兴产业企业绩效的影响

2008的金融危机给世界带来了“灾难”，直到2016年，全球经济开始从危机中转缓。经济发展模式也在随着经济的复苏发生着变化，劳动力的时代早已经成为过去，现在的企业拼的是科技和创新。但由于世界经济前期发展都是在压榨各国自身资源和环境的基础上，而面临日益枯竭的资源，“战略性新兴产业”出现在世界各国视线中，将其作为各国经济发展的目标。我国在2009年把建设战略性新兴产业作为经济发展的一项重点工作，通过将近十年的发展，我国战略性新兴产业发展水平获得很大提高，但相较于发达国家的企业还有很大差异，需要投入更多精力去培养。创新是企业发展的核心力量，而研发活动是创新的重要手段。本文在国内外学者对研发支出与企业绩效关系的研究及两者关系的相关理论的基础上，以深圳、上海交易所上市的82家战略性新兴产业2011-2016年连续6年的财务数据为研究样本，以研发强度为解释变量，托宾Q 值为被解释变量，企业规模、营业收入增长率、资产负债率、股权集中度为控制变量，构建研发支出与企业绩效的关系模型。根据回归模型的结果分析研发支出与企业绩效是否具有相关关系，并以本文得出的结论，分析发展战略性新兴产业上还存在的一些问题，并提出一些相关建议。

关键词：战略性新兴产业；研发支出；企业绩效

Spending on research and development of strategic emerging industries the impact of corporate performance

Abstract: Since the second half of 2016, the global economy has recovered from the economic crisis of 2008. The economic development model is also changing with the economic recovery. Labor era has become the past, now the enterprise are struggling with technology and innovation. Due to the early stage of the world economic development are squeezed the countries on the basis of its own resources and environment, are now facing increasingly depleted resources, all construction in the world put forward the construction goals and objectives of the strategic emerging industry, and by using a series of relevant policies promulgated to give assistance. Already put the construction of strategic emerging industry in China as a priority of economic development of strategic emerging industries had made great progress in our country, but overall is still in the breeding stage. Innovation has become the core force of enterprise development and expansion, and R&D activity is an important factor of innovation level. In this paper, based on the domestic and foreign scholars research on relationship between R&D spending and corporate performance and the relationship between on the basis of relevant theories. 82 companies listed on the Shenzhen, Shanghai exchange strategic emerging industry of listed companies from 2011 to 2016 for six years of financial data as the research sample, in order to research and development intensity as the explained variable, tobin Q value to be explained variable, firm size, operating income growth, capital debt ratio, equity concentration as control variables, build relationship model of R&D expenditures and enterprise performance. According to the results of regression model analysis whether R&D expenditure and enterprise performance have correlation, and the conclusion in this paper, put forward some problems in China’s strategic emerging industries and puts forward some suggestions.
 

Key word: Strategic emerging industries；R&D investment；Enterprise performance

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