本文選題：制藥業(yè)上市公司　切入點(diǎn)：研發(fā)投入　出處：《哈爾濱工業(yè)大學(xué)》2014年碩士論文

【摘要】：作為朝陽行業(yè)的醫(yī)藥行業(yè)，與國(guó)計(jì)民生息息相關(guān)。醫(yī)藥行業(yè)是一個(gè)高技術(shù)產(chǎn)業(yè)，該行業(yè)的公司治理在發(fā)達(dá)國(guó)家中水平是很高的，其能夠使企業(yè)具有極強(qiáng)的創(chuàng)新性和自主研發(fā)能力，十分重視研發(fā)投入，并能夠很好地轉(zhuǎn)化為經(jīng)濟(jì)效益，推動(dòng)企業(yè)業(yè)績(jī)的大幅提升。雖然我國(guó)的醫(yī)藥產(chǎn)業(yè)正處于蓬勃發(fā)展的時(shí)期，但發(fā)展水平和國(guó)際醫(yī)藥產(chǎn)業(yè)還有很大的差距，公司治理水平也參差不齊，尤其是研發(fā)水平之間有巨大差距，而研發(fā)水平的高低是高新技術(shù)產(chǎn)業(yè)的衡量標(biāo)準(zhǔn)之一。 本文主要是研究我國(guó)制藥業(yè)上市公司研發(fā)投入對(duì)企業(yè)業(yè)績(jī)的推動(dòng)作用，以及作用體現(xiàn)的滯后性。本文通過國(guó)際和國(guó)內(nèi)學(xué)者的各類研究，對(duì)企業(yè)業(yè)績(jī)明顯受研發(fā)投入影響、企業(yè)通過公司治理水平不同而影響兩者關(guān)系等問題和現(xiàn)象進(jìn)行闡釋，在這些研究中RD存在滯后期的問題不夠被重視，而對(duì)于滯后期數(shù)的研究也存在時(shí)限短的問題。根據(jù)制藥業(yè)研發(fā)時(shí)間長(zhǎng)、需求剛性、投入大等行業(yè)特點(diǎn)，因此本文選擇的研究對(duì)象是2007-2013年上海和深圳兩交易所的A股制藥業(yè)上市公司，運(yùn)用多元回歸模型，研究構(gòu)成研發(fā)投入的無形資產(chǎn)、開發(fā)支出對(duì)企業(yè)業(yè)績(jī)的影響和滯后性，比較不同公司治理水平下研發(fā)投入對(duì)企業(yè)業(yè)績(jī)的影響和滯后性，以及企業(yè)業(yè)績(jī)和作為保證研發(fā)投入發(fā)揮作用的要素——固定資產(chǎn)、流動(dòng)資產(chǎn)之間的相關(guān)性。 研究發(fā)現(xiàn)，，作為研發(fā)投入構(gòu)成內(nèi)容的無形資產(chǎn)和開發(fā)支出對(duì)企業(yè)業(yè)績(jī)的推動(dòng)作用是正向的，且開發(fā)支出對(duì)企業(yè)業(yè)績(jī)的推動(dòng)作用滯后三期；公司規(guī)模大、獨(dú)立董事比例高、機(jī)構(gòu)持股比例大的企業(yè)研發(fā)投入對(duì)企業(yè)業(yè)績(jī)的促進(jìn)作用更大更顯著；而作為研發(fā)投入保證條件的固定資產(chǎn)對(duì)企業(yè)業(yè)績(jī)的貢獻(xiàn)性不顯著，流動(dòng)資產(chǎn)的促進(jìn)作用和顯著性低于無形資產(chǎn)和開發(fā)支出。通過上述研究，本文建議未來我國(guó)制藥業(yè)應(yīng)該合理擴(kuò)大公司規(guī)模，發(fā)揮規(guī)模效應(yīng)；提高公司治理水平，監(jiān)督企業(yè)決策；加強(qiáng)自主創(chuàng)新，掌握先進(jìn)技術(shù)。
[Abstract]:As a sunrise industry, the pharmaceutical industry is closely related to the national economy and people's livelihood.The pharmaceutical industry is a high-tech industry, and its corporate governance is very high in developed countries. It enables enterprises to have extremely strong innovative and independent R & D capabilities, and attaches great importance to R & D investment.And can well transform into economic benefits, promote the enterprise performance of the substantial improvement.Although the pharmaceutical industry in our country is in a period of vigorous development, there is still a big gap between the level of development and the international pharmaceutical industry, and the level of corporate governance is also uneven, especially the huge gap between the level of R & D.The level of R & D is one of the measuring standards of high-tech industry.This paper mainly studies the role of R & D investment of listed companies in pharmaceutical industry to promote the performance of enterprises, as well as the lagging effect.In this paper, through the research of international and domestic scholars, we explain the problems and phenomena that the enterprise performance is obviously influenced by the R & D investment, and the enterprise affects the relationship between the two through different corporate governance level.In these studies, the problem of lag in Rd is not paid enough attention to, and there is also a problem of short time limit in the study of lag number.According to the characteristics of pharmaceutical industry, such as long time of R & D, rigid demand and large investment, the research object of this paper is listed companies of A share pharmaceutical industry in Shanghai and Shenzhen Stock Exchange from 2007 to 2013, using multivariate regression model.This paper studies the intangible assets of R & D investment, the impact and lag of development expenditure on enterprise performance, and compares the impact and lag of R & D investment on enterprise performance under different corporate governance levels.As well as corporate performance and as a guarantee of R & D inputs to play a role-fixed assets, the correlation between current assets.It is found that the impelling effect of intangible assets and development expenditure on enterprise performance is positive, and the promotion effect of development expenditure on enterprise performance lags behind by three periods, and the scale of the company is large and the proportion of independent directors is high.Enterprise R & D investment with large proportion of institutional shareholding plays a greater and more significant role in promoting enterprise performance, while fixed assets, which are the guarantee conditions of R & D investment, have no significant contribution to enterprise performance.The promotion and significance of current assets are lower than intangible assets and development expenditure.Through the above research, this paper suggests that the pharmaceutical industry in our country should reasonably expand the scale of the company in the future, bring into play the scale effect, improve the level of corporate governance, supervise the decision of the enterprise, strengthen independent innovation and master the advanced technology.
【學(xué)位授予單位】：哈爾濱工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F426.72;F406.7;F273.1

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