企业能力特征与研发投入研究——基于PE支持企业的面板数据

An Empirical Study of the relationship between corporate capacity and R D investment-- The Data from PE Backed Company

摘要:

在资本市场快速发展的今天,一方面私募股权投资迅猛发展,另一方面,研发带来企业可持续创新,在这两个方面的综合影响下,在私募股权投资基金支持企业中,什么样的支持企业能力特征会带来企业的高研发投入,进而带来企业的可持续创新成为社会关注的重点。本文以43家创业板私募股权投资基金支持上市公司为样本,采用2007~2012年面板数据研究发现：企业制造能力、人力资源能力、盈利能力及企业综合能力与企业研发投入显著正相关,而企业成长能力与企业研发投入显著负相关。

关键词:企业能力特征、研发投入、私募股权投资基金

Abstract:

The private equity fund booming,and R D investment give company more innovation in the growing China capital market. What kind company which private equity backed will lead to more R D investment,The article selects 43 listed enterprises as sample, Through analysis on Panel Data of 2007-2012 ,we find there is a significant positive correlation among corporate manufacturing capacity, human capabilities, profitability, overall capability and R D investment; but it’s a significant negative correlation between corporate growth ability and R D investment.

Key words:corporate capacity; R D investment; private equity