本文選題：醫(yī)藥生物行業(yè) + 研發(fā)投資　； 參考：《蘭州理工大學(xué)》2013年碩士論文

【摘要】：近些年來(lái),隨著經(jīng)濟(jì)全球化的不斷深入以及市場(chǎng)競(jìng)爭(zhēng)的激烈化,研發(fā)活動(dòng)已經(jīng)成為了企業(yè)生存和發(fā)展的生命線,為企業(yè)利潤(rùn)的增長(zhǎng)以及競(jìng)爭(zhēng)力的提升發(fā)揮著越來(lái)越重要的作用。因此,從某種意義上來(lái)講,現(xiàn)今的企業(yè)在進(jìn)行發(fā)展的過(guò)程中對(duì)于研發(fā)資本的投入比例也是越來(lái)越大,特別是對(duì)于醫(yī)藥、生物制品行業(yè)來(lái)說(shuō),這些行業(yè)在進(jìn)行生產(chǎn)的過(guò)程中會(huì)涉及到很多先進(jìn)的科技,是高科技產(chǎn)業(yè)的高度融合,因此對(duì)于研發(fā)創(chuàng)新能力的要求也就更高。 當(dāng)然,從目前來(lái)看我國(guó)的醫(yī)藥、生物制品行業(yè)對(duì)于研發(fā)經(jīng)費(fèi)的支出也呈現(xiàn)出了穩(wěn)步增長(zhǎng)的趨勢(shì),但是與其它的一些發(fā)達(dá)國(guó)家相比,依舊還是存在著一些不足,比如在研發(fā)支出的費(fèi)用支持方面還是比較欠缺,在研發(fā)投資的處理方式方面還是存在著一些不足,這都在一定的程度上限制了我國(guó)醫(yī)藥、生物制品行業(yè)的發(fā)展,也讓其在國(guó)際市場(chǎng)競(jìng)爭(zhēng)中處于不利的地位。因此,對(duì)于該行業(yè)來(lái)說(shuō),進(jìn)行研發(fā)投資的價(jià)值相關(guān)性研究,既是企業(yè)獲得發(fā)展提升核心競(jìng)爭(zhēng)力的需要,也是企業(yè)在知識(shí)經(jīng)濟(jì)下獲得可持續(xù)發(fā)展的重要途徑。 基于對(duì)國(guó)內(nèi)外相關(guān)文獻(xiàn)的閱讀與研究,發(fā)現(xiàn)雖然企業(yè)對(duì)于價(jià)值相關(guān)性的研究不少,但是研究更多的是泛化,僅僅是對(duì)價(jià)值相關(guān)性是否顯著進(jìn)行討論,而針對(duì)醫(yī)藥、生物制品行業(yè)價(jià)值相關(guān)性的研究相對(duì)較少,并且對(duì)于開(kāi)發(fā)支出披露對(duì)企業(yè)價(jià)值影響的研究不多,沒(méi)有進(jìn)行研發(fā)支出的細(xì)化,研究不夠精細(xì)。所以本文選取了醫(yī)藥、生物行業(yè)上市公司為研究的對(duì)象,基于企業(yè)經(jīng)營(yíng)業(yè)績(jī)的視角,進(jìn)行研發(fā)投資價(jià)值相關(guān)性的研究。 本文以92家A股醫(yī)藥、生物制品行業(yè)上市公司為例,基于股權(quán)價(jià)值和企業(yè)經(jīng)營(yíng)業(yè)績(jī)的視角,在控制企業(yè)總資產(chǎn)、凈資產(chǎn)的影響下,運(yùn)用多元線性回歸的方法進(jìn)行研發(fā)投資對(duì)企業(yè)價(jià)值影響的實(shí)證檢驗(yàn)。結(jié)果顯示,對(duì)于醫(yī)藥、生物制品行業(yè)的上市公司來(lái)說(shuō),短期內(nèi),研發(fā)投資支出對(duì)企業(yè)經(jīng)營(yíng)業(yè)績(jī)的影響是不顯著的,但是隨著時(shí)間的逐漸推移,卻與公司的經(jīng)營(yíng)管理業(yè)績(jī)呈現(xiàn)出了正相關(guān)的關(guān)系；每支股票研發(fā)支出雖然說(shuō)與股價(jià)有著正向的相關(guān)性關(guān)系,但并不顯著。因此本文提出建議：第一,醫(yī)藥、生物制品上市公司在市場(chǎng)競(jìng)爭(zhēng)中應(yīng)該增強(qiáng)自主研發(fā)意識(shí),不斷的加大研發(fā)投資；第二,醫(yī)藥、生物制品上市公司應(yīng)該對(duì)其研發(fā)的相關(guān)信息進(jìn)行規(guī)范性的披露,增加其決策有用性。 本文的研究創(chuàng)新點(diǎn)在于(1)視角創(chuàng)新。目前國(guó)內(nèi)針對(duì)醫(yī)藥、生物制品行業(yè)的價(jià)值相關(guān)性的研究并不是很多,而本文選取醫(yī)藥、生物制品上市公司為研究對(duì)象,進(jìn)行其價(jià)值相關(guān)性的研究。(2)研究?jī)?nèi)容創(chuàng)新。在目前國(guó)內(nèi)對(duì)于價(jià)值相關(guān)性的討論更多的是集中在有沒(méi)有相關(guān)性之上,而在本文的研究中是分布進(jìn)行研究支出、開(kāi)發(fā)支出以及最后無(wú)形資產(chǎn)確認(rèn)這三個(gè)部分,使得研究的內(nèi)容得以創(chuàng)新。
[Abstract]:In recent years, with the deepening of economic globalization and the fierce competition in the market, R & D activities have become the lifeline for the survival and development of enterprises, and play an increasingly important role in the growth of profits and the promotion of competitiveness.Therefore, in a sense, the proportion of R & D capital invested by today's enterprises in the process of development is also increasing, especially for the pharmaceutical and biological products industry.These industries will involve a lot of advanced technology in the process of production, which is a high degree of integration of high-tech industries, so the demand for R & D innovation ability is even higher.Of course, from the current point of view of China's medicine and biological products industry, expenditure on R & D has also shown a steady increase trend, but compared with some other developed countries, there are still some shortcomings.For example, the cost support for R & D expenditure is still relatively deficient, and there are still some deficiencies in the way of handling R & D investment. To a certain extent, this has restricted the development of the pharmaceutical and biological products industry in China.Also let it in the international market competition in a disadvantageous position.Therefore, for this industry, the research on the value correlation of R & D investment is not only the need for enterprises to achieve development and enhance their core competitiveness, but also an important way for enterprises to obtain sustainable development under the knowledge economy.Based on the reading and research of relevant literature at home and abroad, it is found that although there are a lot of research on the value correlation of enterprises, but the research is more extensive, just to discuss whether the value correlation is significant or not, and to focus on medicine.The research on the value correlation of biological products industry is relatively few, and the research on the impact of development expenditure disclosure on enterprise value is not much, there is no detailed research and development expenditure, the research is not precise enough.So this paper selects the listed companies of pharmaceutical and biological industries as the research object, based on the perspective of business performance, research on the relevance of R & D investment value.This paper takes 92 A share pharmaceutical and biological products listed companies as an example, based on the perspective of equity value and business performance, under the influence of controlling the total assets and net assets of the enterprises.This paper uses multiple linear regression method to test the effect of R & D investment on enterprise value.The results show that, for the listed companies in the pharmaceutical and biological products industry, the impact of R & D investment expenditure on business performance is not significant in the short term, but with the gradual passage of time,However, there is a positive correlation between the R & D expenditure of each stock and the stock price, but it is not significant.Therefore, this paper puts forward some suggestions: first, the listed companies of pharmaceutical and biological products should enhance their awareness of independent research and development in the market competition, and increase their R & D investment constantly; second, medicine,The listed companies of biological products should disclose the relevant information of their research and development in a normative way to increase the usefulness of their decision-making.The innovation of this paper lies in the innovation of angle of view.At present, there are not many researches on the value relevance of pharmaceutical and biological products industry in China. However, this paper selects pharmaceutical and biological products listed companies as the research object, and carries out the research on the value relevance of the research content innovation.At present, the discussion of value correlation in China is more focused on whether there is relevance, but in the research of this paper, there are three parts: research expenditure, development expenditure and the confirmation of intangible assets.So that the content of the research can be innovative.
【學(xué)位授予單位】：蘭州理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F426.72

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 吳建祖,宣慧玉;經(jīng)營(yíng)成本對(duì)企業(yè)研發(fā)投資決策影響的期權(quán)博弈分析[J];系統(tǒng)工程;2004年05期

2 余冬平,邱菀華;R&D投資決策的不對(duì)稱雙頭壟斷期權(quán)博弈模型[J];系統(tǒng)工程;2005年02期

3 張光宇;肖偉;;雙寡頭壟斷市場(chǎng)中新技術(shù)研發(fā)投資的動(dòng)態(tài)博弈[J];系統(tǒng)工程;2006年07期

4 聶輝華;交易費(fèi)用經(jīng)濟(jì)學(xué):過(guò)去、現(xiàn)在和未來(lái)——兼評(píng)威廉姆森《資本主義經(jīng)濟(jì)制度》[J];管理世界;2004年12期

5 梁萊歆,劉建秋;企業(yè)并購(gòu)確定換股比例的優(yōu)化模型[J];湖南師范大學(xué)社會(huì)科學(xué)學(xué)報(bào);2001年01期

6 張軍果;任浩;;供應(yīng)鏈上下游企業(yè)合作研發(fā)博弈分析[J];華中師范大學(xué)學(xué)報(bào)(自然科學(xué)版);2007年02期

7 朱衛(wèi)平,倫蕊;高新技術(shù)企業(yè)科技投入與績(jī)效相關(guān)性的實(shí)證分析[J];科技管理研究;2004年05期

8 薛云奎,王志臺(tái);無(wú)形資產(chǎn)信息披露及其價(jià)值相關(guān)性研究——來(lái)自上海股市的經(jīng)驗(yàn)證據(jù)[J];會(huì)計(jì)研究;2001年11期

9 王東;;中小企業(yè)R&D融資與風(fēng)險(xiǎn)投資研究[J];科學(xué)管理研究;2007年03期

10 許春;企業(yè)學(xué)習(xí)能力與研發(fā)合作契約穩(wěn)定性[J];科學(xué)學(xué)研究;2004年03期

，

本文編號(hào)：1752581