我国上市制药企业研发投入的时滞效应分析

被引：7

作者：

谢洪明

吴文施

机构：

[1] 浙江工业大学经贸管理学院

来源：

科技管理研究 | 2019年 / 39卷 / 24期

关键词：

上市制药企业; 研发强度; 企业价值;

D O I：

暂无

中图分类号：

F273.1 [企业技术管理]; F832.51 []; F426.72 [];

学科分类号：

摘要：

通过运用Stata15.0对91家中国上市制药企业2008—2017年数据进行实证分析,旨在找到制药企业中各年份研发强度(R&D intensity)与企业价值(enterprise value)之间存在的内在联系和规律。研究结果显示,各年份研发强度与选取的企业价值指标托宾Q值之间显著正相关,表明研发强度作用于企业价值具有较长时间的滞后效应,且各滞后年份研发强度对企业价值的滞后效应强度呈现倒U趋势,并在第t-3年达到最强。

引用

页码：188 / 194

页数：7

共 29 条

[1] Valuation of loss firms in a knowledge-based economy
Darrough, Masako
Ye, Jianming
[J]. REVIEW OF ACCOUNTING STUDIES, 2007, 12 (01) : 61 - 93
[2] An examination of long-term abnormal stock returns and operating performance following R&D increases
Eberhart, AC
Maxwell, WF
Siddique, AR
[J]. JOURNAL OF FINANCE, 2004, 59 (02) : 623 - 650
[3] Firm size and the effect of R&D on Tobin's q
Connolly, RA
Hirschey, M
[J]. R & D MANAGEMENT, 2005, 35 (02) : 217 - 223
[4] The market value impact of operational loss events for US banks and insurers
Cummins, J. David
Lewis, Christopher M.
Wei, Ran
[J]. JOURNAL OF BANKING & FINANCE, 2006, 30 (10) : 2605 - 2634
[5] The market value impact of operational loss events for US banks and insurers
Cummins, J. David
Lewis, Christopher M.
Wei, Ran
[J]. JOURNAL OF BANKING & FINANCE, 2006, 30 (10) : 2605 - 2634
[6] Firm size and the effect of R&D on Tobin's q
Connolly, RA
Hirschey, M
[J]. R & D MANAGEMENT, 2005, 35 (02) : 217 - 223
[7] An examination of long-term abnormal stock returns and operating performance following R&D increases
Eberhart, AC
Maxwell, WF
Siddique, AR
[J]. JOURNAL OF FINANCE, 2004, 59 (02) : 623 - 650
[8] Valuation of loss firms in a knowledge-based economy
Darrough, Masako
Ye, Jianming
[J]. REVIEW OF ACCOUNTING STUDIES, 2007, 12 (01) : 61 - 93
[9] 电子行业R&D投入与企业绩效关系的实证研究
许苏琦
任惠颖
张方方
[J]. 东方企业文化, 2012, (10) : 113 - 114
[10] The stock market’s valuation of R&D spending and market concentration. John Doukas,Lorne Switzer. Journal of Econometrics . 1992

← 1 2 3 →