研发投入就能提升企业的价值吗？ ——基于创新存量的检验

Will R&D Input Increase Enterprise Value? ——On the Perspective of Innovation Input and Output

摘要:

本文以2003年至2013年在深圳和上海证券交易所主板上市的企业为研究样本，对创新活动采用存量的研究方法，厘清了企业创新投入、产出与企业价值之间的影响路径。研究结果发现：（1）与以前文献相似，企业创新投入会影响企业创新产出，但是这种影响仅具有1至2年的滞后期，这表明我国的创新活动持续时间很短，大多为短平快的项目，没有长期的研发过程；（2）与以前文献结论不同，本文发现由于创新活动的不确定性与累积性，企业的创新投入不会直接影响企业价值，但企业创新产出对企业价值有直接贡献，实际上企业的创新活动是必须通过其产出面直接来影响企业价值的。（3）本文除采用泊松回归方法，亦采用负二项回归等多种回归方法，检验结果仍然稳健。

Abstract:

This paper discusses the relationship among innovation input, innovation output and enterprise value on the basis of Chinese listed companies during 2002-2013, using stock of these variables. We find that:(1)there is a 1-2 years lag phase of effect of innovation input on output, which means that innovation activities in China have a short duration without long-term process.(2)instead of innovation input, output makes a direct contribution to enterprise value because of the uncertainty and cumulativity of innovation activities.(3)besides the Poisson regression model, we also used other regression model such as negative binomial regression, verifying the solidity and applicability of the conclusion.