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以2007-2009年沪深证券交易所连续三年均披露研发费用的高新技术上市公司为研究对象,将研发投入强度划分为若干区间,从公司的盈利能力、发展能力和股东获利能力等三方面考察各行业高新技术上市公司R&D投入强度与公司绩效的关系,并揭示高新技术上市公司之间的行业差异。研究表明,我国高新技术上市公司R&D投入强度较低,虽呈逐年递增趋势,但缺乏连贯性;高新技术上市公司R&D投入强度与部分公司绩效指标相关,并存在行业差异;高新技术上市公司R&D投入强度对公司绩效影响的滞后期较短,滞后性不明显;信息技术行业的R&D投入强度越大,与公司绩效的相关性越强。
Taking the high-tech listed companies with R & D expenses disclosed by Shanghai and Shenzhen Stock Exchange for 2007-2009 for three consecutive years as the research object, the R & D investment intensity is divided into several sections. From the profitability, development ability and shareholder profitability of the company, It investigates the relationship between the intensity of R & D investment and the corporate performance of high-tech listed companies in various industries and reveals the industry differences between high-tech listed companies. The research shows that R & D intensity of high-tech listed companies in our country is low, although it shows an increasing trend year by year, but the lack of consistency; R & D intensity of high-tech listed companies is related to some companies’ performance indicators, and there are industry differences; R & D The lag period of impact of input intensity on corporate performance is short and the lag is not obvious. The greater the intensity of R & D investment in information technology industry, the stronger the correlation with corporate performance.