中小企业盈利能力与RD投入关系实证研究——基于深市制造业上市公司的数据分析

摘要

以2009年底以前在深市中小板和创业板上市的制造业企业为样本,以企业利润率代表其盈利能力,分别以滞后一期和滞后二期的R&D资金投入强度和R&D人员投入强度为被解释变量,实证分析了中小企业盈利能力对其R&D投入的影响.研究证明,企业盈利能力对滞后一期和滞后二期的R&D资金投入的影响均为正,说明企业盈利能力越强,其R&D资金投入越多；盈利能力对R&D人员投入的影响也为正,但对滞后二期的影响比滞后一期显著,说明企业R&D人员投入的增长需要较长周期.%This paper analyses empirically the impact of SMEs' profitability and their R&D Investment, taking the manufacturing companies in the Shenzhen SME Board and Growth Enterprise Market by 2009 as samples, profit margins as profitability and R&D investment intensity and personnel intensity of lag one and lag two as explanatory variables. The result shows that SMEs' profitability has positive impact on the R&D investment of lag one and lag two, indicating that the higher the corporate profitability, the more its R&D investment. The impact of profitability on R&D personnel intensity is positive too. However, the impact of the lag two is significantly more than lag one, indicating that R&D personnel investment's growth requires a longer period.