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研发投入是企业创新发展的重要源泉,对企业价值也产生着重大影响。文童以2007—2015年全部高科技上市公司为样本,首先通过实证检验判断我国高科技上市公司的R&D投入对企业价值的影响在滞后一至五年时显著正相关:接着将高科技公司分为主板、中小板、创业板三个板块进行对比,实证结果显示,三板块高科技公司的研发投入规模都逐年上升,但对比来看,创业板研发投入对企业价值的正向促进作用优于中小板,中小板研发投入对企业价值的正向促进作用优于主板。该研究结果有助于管理者更深入地理解公司R&D的作用,正确面对其实际效益的滞后性,根据板块效应对R&D投入进行调整,从而做出正确的投资决策。
R & D investment is an important source of innovation and development of enterprises, and also has a significant impact on the value of the enterprise. The author of this paper takes all the high-tech listed companies from 2007 to 2015 as a sample. First, through empirical tests, it is concluded that the impact of R & D investment on the value of Chinese high-tech listed companies is significantly and positively related to the one to five years lag: Motherboards, small plates, the GEM three sections for comparison, the empirical results show that the three sections of high-tech companies R & D investment scale are increasing year by year, but by contrast, the GEM R & D investment on the positive role of corporate value is better than small Board, small board R & D investment on the positive role of corporate value is better than the motherboard. The results of this study help managers to understand the role of R & D more deeply, correct the lag of their actual benefits, and adjust the R & D investment according to the plate effect so as to make correct investment decisions.