摘要
理论分析表明,规模、研发支出与企业价值相关;规模会影响研发支出与企业价值的关系。基于中国上市公司样本的实证研究发现,研发支出与企业价值显著正相关,规模与企业价值之间存在先下降后上升然后再下降的水平的S形关系。研发支出的作用会受到企业规模的影响。研发支出与企业价值之间显著的正相关关系仅存在于小企业中,在大企业里,研发支出与企业价值负相关,但统计上不显著。稳健性检验表明,这些结论不受样本选择的影响。
Theory suggests that firm value is related to size and R＆D expenditure, and size may influence the relationship between R＆D expenditure and finn value. Based on a sample of Chinese listed corporation, empirical results show that the relationship between R＆D expenditure and finn value is statistically significantly positive. The relationship between size and finn value is horizontal S shaped, this means firm value decreases first then increase and then decreases as firm size rises. Size can affect the role of B＆D expenditure. The significantly positive relationship between R＆D expenditure and finn value exists only in small firms, and in big firms, R＆D expenditure is negatively related to firm value, not statistically significant. Robust test shows that these conclusions are not affected by the choice of sam- pie selection.
出处
《工业技术经济》
CSSCI
北大核心
2012年第5期38-45,共8页
Journal of Industrial Technological Economics
