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本文选取以2000-2015年为分析期的A股上市公司的股票为研究对象,对于企业风险、研发支出与股票收益之间的关系作了深入的研究。通过实证分析发现,股票收益与企业风险和企业资本化研发支出存在显著的正向关系,与费用化的研发支出呈现负向关系。本文通过研究,希望深化人们对影响股票收益的因素的认识,发现适应中国国情的研发活动的一些特征,从而有助于投资者进行投资组合的决策。
In this paper, the stock of A-share listed companies from 2000 to 2015 is selected as the research object, and the relationship between corporate risk, R & D expenditures and stock returns is deeply studied. Empirical analysis shows that there is a significant positive relationship between stock returns and R & D expenditures of corporate risk and capitalization, and a negative relationship with the cost of R & D expenditures. Through research, I hope to deepen people’s understanding of the factors that affect earnings and find some characteristics of R & D activities adapted to China’s national conditions so as to help investors make investment decisions.