企业能力特征与研发投入研究--基于PE支持企业的面板数据

摘要

The private equity fund is booming nowadays,and R&D investment gives company more innovation in the grow-ing capital market. As to the issue of what kind of companies private equity supports will lead to more R&D investment,the article selects 43 listed enterprises as samples to carry out analysis on Panel Data of 2007-2012. We find there is a signifi-cant positive correlation among corporate manufacturing capacity,human capabilities,profitability,overall capability and R&D investment;but it’s a significant negative correlation between corporate growth ability and R&D investment.%在资本市场快速发展的今天，一方面私募股权投资迅猛发展，另一方面研发带来企业可持续创新，在这两个方面的综合影响下，在私募股权投资基金支持企业中，什么样的支持企业能力特征会带来企业的高研发投入，进而带来企业的可持续创新成为社会关注的重点。以43家创业板私募股权投资基金支持上市公司为样本，采用2007—2012年面板数据研究发现：企业制造能力、人力资源能力、盈利能力及企业综合能力与企业研发投入显著正相关，而企业成长能力与企业研发投入显著负相关。