摘要
I
摘要
随着商品经济的不断发展，品牌价值作为企业的核心价值之一，现在备受人
们重视。R&D 活动在品牌价值提高的过程中扮演了不可替代的地位，核心技术和
专利使企业具有较强的竞争力和市场垄断性，从而让企业品牌价值得以提升，左
右着人们消费的选择；伴随着企业盈利能力的提升为进一步提高企业的品牌价值
打下了基础。所以，本文通过研究 2004 年到 2014 年上市公司的 R&D 活动和品牌
价值数据，通过管理学、计量经济学等的研究方法研究了 R&D 活动、盈利能力和
品牌价值之间的影响

本文在分析国内外科技创新 R&D 活动、盈利能力、品牌价值相互关系及其研
究现状的基础上，利用计量经济的实证分析方法，选取品牌价值、研发费用、发
明专利数量、盈利能力等指标建立起多元线形回归模型，对其参数估计和检验

从实证分析可知，在我国上市公司发展过程中，R&D 活动的投入和成果对品
牌价值的影响是正面的，对滞后一至三年有持续正面作用力；同时，R&D 投入强
度对当期盈利能力的影响并不明显，对滞后期的盈利能力也不显著；盈利能力对
品牌价值具有显著的影响，并能带来长期的影响。因此，本文为企业创新中的 R&D
活动对品牌价值的具体作用提供了很大的借鉴意义，完善了品牌价值的相关理论
体系。为我国上市公司的品牌价值的提高和其 R&D 活动发展提供了宝贵的指导意
见，以期望企业能继续提高自己的创新意识，促进我国品牌的健康发展

关键字 品牌价值，R&D，盈利能力ABSTRACT
II
ABSTRACT
With the continuous development of commodity economy, and brand value as one
of the core values of enterprise, now already have been paid more attentions by people,
it has become one of research hotspot. In the process of improving brand value, R&D
activities plays an irreplaceable position. The increase of the brand value have realistic
significance to the enterprise, it can promote enterprises growth, make them gain more
market share. The core technology and patents make enterprises to be strong
competitiveness and own market monopoly, and improve its brand value. The
improvement of enterprises profitability has laid the foundation for further enhancing
the brand value of the enterprises. So, this paper study the R&D activities of listed
companies and brand value data from 2004 to 2014, using the management science,
econometrics and other research methods to study the influence of R&D activities,
profitability and brand value.
Based on the analysis of research relationship of R&D activities, profitability, and
brand value at home and abroad, and using the econometric method of empirical
analysis, this paper select the brand value, research and development costs, number of
invention patents, profitability indicators to set up multiple linear regression model, and
estimate and test the parameter.
The empirical analysis shows the investment and results of R&D activities have
positive influence to the brand value in the development of listed companies in our
country, it sustained positive forces in later one to three years; At the same time, the
impact of R&D input intensity on the current profitability is not obvious, it is not
significant to the lag of profitability, too; Profitability has a significant influence on
brand value, it can bring long-term effects. So this article provide a great reference
value of specific role, which is the impact of R&D activities to brand value in enterprise
innovation. It can provide valuable guidance to the improvement of the brand value and
its R&D activities development to listed companies in China, in the hope of they can
continue improve their innovation consciousness, promote the development of the brand
healthily.
Keywords: Brand value，R&D，profitability目 录
III
目 录
第一章 绪论.........1
1.1 研究的背景......... 1
1.2 国内外研究现状的综述. 2
1.2.1 R&D 活动与品牌价值的关系 ...... 2
1.2.2 R&D 活动与盈利能力的关系 ...... 3
1.2.3 盈利能力与品牌价值的相关性... 5
1.3 研究的目的与意义......... 5
1.4 研究思路与研究方法..... 6
1.5 研究内容与论文框架..... 6
1.6 研究创新. 8
第二章 理论基础.9
2.1 基本概念. 9
2.1.1 R&D 活动的涵义 .. 9
2.1.2 品牌价值的理论基础....... 9
2.1.3 盈利能力. 11
2.2 R&D 活动对品牌价值影响 ...... 12
2.3 R&D 活动对盈利能力的影响 .. 14
2.4 盈利能力对品牌价值的影响... 15
2.5 R&D 活动滞后性研究 .. 16
2.6 本章小结........... 18
第三章 假设的提出与模型构建...........19
3.1 R&D 活动的界定 .......... 19
3.1.1 R&D 投入费用 .... 19
3.1.2 R&D 产出19
3.2 品牌价值要素的界定... 20
3.3 盈利能力的界定........... 21
3.4 研究假设........... 21
3.5 研究模型........... 23
3.6 本章小结........... 24
第四章 R&D、品牌价值与盈利能力的实证检验 ......25目 录
IV
4.1 样本选择........... 25
4.2 变量选择........... 25
4.3 各变量描述性统计....... 28
4.4 回归分析...........
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