民营企业RD支出与企业价值关系实证研究——基于中小板和创业板市场数据

摘要

By empirical analysis, this paper examines the correlations between R&D investment and firm value of the listed private companies. The findings suggest that R&D investment is positively correlated with private firm value. The result also suggests that R&D investment, however, has a lagged effect on firm value for at least two years.%本文利用中小板和创业板上市的中国民营企业数据,通过实证分析研究了R&D支出与企业价值的关系.首先通过内含假设不同年份R&D投入有一定相关性,来检验平均研发投入对企业价值的估值效应,得出了对这一特殊的样本,两者显著正相关,同时得出民营企业R&D投入强度远高于市场平均值.然后通过内含假设不同年份R&D支出本身无太大关联性,来分析研发投入对价值影响的滞后性,得出结论民营企业研发支出对企业价值影响滞后至少2年.本文克服了以往此方面研究数据和内含假设模糊地局限性,旨在为评价中国这一部分发展潜力巨大的民营企业的价值提供更客观的依据.