摘要：伴随着全球知识经济浪潮的席卷而来，世界格局正发生翻天
覆地的变革，企业发展的决定性力量由原本的传统生产要素变为智力
因素占据主导地位，科学技术创新成为提高核心竞争力的重要依托手
段。对于高新技术企业而言，生产技术和服务的创新更是作为根本推
动力，保持其在不断发展变化的市场中的地位。而在各类创新活动中
R&D 投入都是不可缺少的，所以国内外众多学者一直都十分关注企业
R&D 投入和企业价值的关系

我国创业板主要目的是扶持高成长性的中小企业，为高新技术企
业提供有效的融资渠道；为风险投资提供资金“出口”；促进企业规
范运作，建立现代企业制度。据此，本文选取我国创业板上市的 271
家高新技术企业 2012-2015 年连续四年总共 1084 个数据样本，结合
国内外学者对 R&D 投入和企业价值关系的研究，首先整理出初步的理
论框架，运用 Excel2007﹑Spss18.0 等软件，以 R&D 投入强度为解释
变量，企业市场价值衡量指标 Tobin’s Q 值、企业财务绩效指标主
营业务利润率和净资产收益率作为被解释变量，资产负债率、企业规
模、现金流水平及营业收入增长率作为控制变量，构建了 R&D 投入与
企业价值的相关模型，通过多元线性回归分析得出如下结论：从企业
市场价值角度分析，R&D 投入能够在当期对企业市场价值带来正向影
响且具有滞后效应，滞后一期和二期均有影响，说明在适度范围内加
大企业 R&D 投入有助于增长企业的市场价值；从企业财务绩效来看，II
R&D 投入对企业主营业务利润率影响也是显著正相关且存在滞后性，
对净资产收益率的影响也是如前，滞后一期时呈现显著正相关，滞后
二期则表现不相关

通过利用创业板高新技术企业的数据作出的研究结果在一定程
度上丰富了 R&D 投入与企业价值之间关系的相关理论，同时为新的板
块更新了实证分析结论，并得出以下几点建议：第一，我国高新技术
企业需继续加大 R&D 投入，实现将无形资产转化成企业核心竞争力

第二，创业板作为新兴板块和占中国企业主体的中小企业承载体，应
坚持 R&D 投入的持续性。第三，国家和政府需不断深化体制改革，大
力推进 R&D 投入和对产业结构进行更深层次的合理调控，促进企业对
R&D 投入与企业价值的影响有更加正确的认识和理解，刺激人们对研
发创新的积极性

关键词：R&D 投入；创业板；高新技术企业；企业价值III
Research on R & D Input and Enterprise Value of High-tech
Enterprises -- Based on the Empirical
evidence of Listed Companies on Growth Enterprise Market
Luo Miao (Business Administration)
Directed by Chen Guomin
Abstract:With the force of the global knowledge economy tide, the
world is undergoing tremendous changes, the decisive power of
enterprise development from the traditional factors of production into
dominant intelligence factors, science and technology innovation become
the important means of relying on improve the core competitiveness of.
For high-tech enterprises, the innovation of production technology and
service is the fundamental driving force, maintaining its position in the
changing market. And R&D investment is indispensable in all kinds of
innovation activities, so many scholars at home and abroad have been
concerned about the relationship between R&D investment and enterprise
value.
The main purposes of GEM in China is to support the small and
medium-sized enterprises of high growth and provide effective financing
channels for high-tech enterprises; For venture capital enterprises to
reduce market risk; Promote enterprise standard operation, theIV
establishment of modern enterprise system.On this basis, this article
selects 271 high-tech enterprises listed on the gem in China for four
consecutive years from 2012 to 2015 a total of 1084 data samples,
combined with domestic and foreign scholars on the research of the
relationship between R&D investment and enterprise value, first of all,
sort out the preliminary theoretical framework, using the software such as
Excel2007,Spss18.0 R&D input intensity as explanatory variables, the
enterprise market value measure Tobin&39;s Q, corporate financial
performance indicators is main business profitability and return on net
assets as explained variable, asset-liability ratio, enterprise scale, the level
of cash flow and operating income growth rate as control variable, build a
relevant model of R&D investment and enterprise value, through multiple
linear regression analysis to the following conclusion: from the
perspective of the enterprise market value R&D can bring positive
influence on the current market value of the enterprise and has lag effect,
all affect the lag phase I and phase ii, in appropriate range increase
enterprise R&D input help growth enterprise market value; From the
point of corporate financial performance, R&D investment affect the
profit margin of main operations is a significant positive correlation and
lag, the impact on the return on equity is also as before, lag one period
show significant positive correlation, lag phase ii is unrelated to
performance.V
By using the gem data of high and new technology enterprise of
research results to some extent, enriched the R&D investment and
enterprise value of the relationship between related theory, at the same
time for the new plate updated empirical analysis conclusion, and
conclude the following Suggestions: first, the high and new technology
enterprises in our country needs to continue to increase investment in
R&D, intangible assets into enterprise core competitiveness. Second,
GEM as the carrier of small and medium-sized enterprises, as the main
body of the emerging sector and the main body of the Chinese enterprise,
should be committed to the sustainability of R&D investment. Third, the
state and the government need to deepen reform, promote the R&D input
and at a deeper level of industrial structure and reasonable regulation and
promote enterprise&39;s influence on the R&D investment and enterprise
value has a more correct understanding and the understanding, stimulate
the enthusiasm of innovation.
Keywords ： R&D investment; GEM; high-tech enterprises;
enterprise valueVI
目录
摘要.I
Abstract....III
第 1 章 绪 论.....1
1.1 研究背景.....1
1.2 研究意义.....2
1.2.1 理论意义 ..........2
1.2.2 现实意义 ..........2
1.3 国内外研究成果 ....3
1.3.1 国外研究成果 ..3
1.3.2 国内研究成果 ..4
1.3.3 文献评述 ..........6
1.4 研究思路及总体框架 ........6
1.4.1 研究思路 ..........6
1.4.2 论文框架 ..........7
1.5 本文研究的创新点 .....
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