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论文编号：	5275
作者编号：	2120112430
上传时间：	2013/6/5 23:23:49
中文题目：	研发强度和广告强度与企业绩效的相关性
英文题目：	the Relationship between R&D and Advertising Intensity and Business Performance
指导老师：	古志辉
中文关键字：	生物制药行业上市公司，研发强度，广告强度，企业绩效，正相关
英文关键字：	biopharmaceutical companies listed, advertisement intensity, business performance, positive correlation, R&D intensity
中文摘要：	研发投入和广告投入在企业的经营过程中起着非常重要的作用，对于高投入、高技术、高风险的生物制药上市公司而言，则更是如此，因此对于上市公司研发投入和广告投入与企业经营绩效相关性的研究始终处于国际研究领域的前沿。但是由于早前我国会计准则对于上市公司研发投入和广告投入信息披露的非强制性，国内对于此课题的相关研究较少。目前国内的研究对于生物制药行业研发投入对其经营绩效的影响相对较少，而将广告投入考虑在内的则更是少之又少。目前在学术界对生物制药上市公司所投资的研发项目是否能够产生现实的生产力尚没有达成统一的意见，对这类公司进行广告宣传所取得的实际效果也存在一定的争论，这是由我国的现实条件造成的。随着我国科学技术生产力的进步，自主创新能力的提成，法律法规的进一步完善以及新媒体的深入发展，会有越来越多的学者对这一现象进行研究，相信会取得更多的成果，以指导人们的实践活动。 本文作者对生物制药上市公司研发强度和广告强度对企业经营绩效的影响进行了实证分析，并且选取了研发强度、广告强度作为解释变量，选取加权平均净资产收益率、每股收益、经营活动现金流量净额、营业收入同比增长率作为被解释变量，用来衡量企业绩效，选取企业规模、财务杠杆、上市年数作为控制变量。实证分析证明了作者提出的研究假设，即生物制药上市公司研发强度和广告强度对企业的经营绩效具有正向的推动作用。本文同时得出我国生物制药上市公司研发投入和广告投入分布不均衡，企业间的差别很大的结论，这主要是受企业规模的影响。此外，我国生物制药上市公司研发投入过低，企业自主创新能力低，而广告投入过多，过分依赖广告带来的短期绩效的上升。造成这种情况的原因是多方面的，与我国特殊的经济环境有很大的关系，这就制约了我国生物制药行业的健康发展。
英文摘要：	R&D input and advertisement input have played a very important role in the operation of the company. Especially for companies listed on the bio-pharmaceutical. Due to its high input、high-technology and high risk. So the study of the relationship between the companies’ R&D intensity、advertisement intensity and its business performance has always been the hot area that attracts the international attention. However, due to the lack of related data, there are comparatively less scholars are willing to pay efforts in this area. There is no empirical study that has taken the influence of advertisement intensity into account. Currently there is no unified conclusion about whether the R&D projects can influence the companies’ actual performance and also the effect of the companies’ advertisement. With the rapid development of the technology, the further improvement of the capability of the independent innovation and laws and regulations and the development of new media, there will be more and more scholars pay attention to this Phenomenon. The author carried out an empirical analysis of the Biopharmaceutical listing Corporations’ R&D intensity and advertising intensity on their business performance, and selecting R&D intensity, advertising intensity as explanatory variables, selecting the weighted average return on net assets, earnings per share, net cash from operating activities and income growth rate as the dependent variables, measuring corporate performance, selecting firm size, financial leverage, listing years as a control variables. Empirical analysis has proved the author’s hypotheses that listed biopharmaceutical companies’ R&D intensity and advertising intensity has played a positive role in promoting the business performance. This paper also comes out the result that our biopharmaceutical listed companies’ R&D input and advertising input distributes among enterprises unevenly, which is mainly affected by the different size of firms. In addition, the R&D input of biopharmaceutical listed companies in China is too low. The capability of independent innovation is inadequate, while ad input is too high, and the companies over-rely on the short-term performance that advertising brings. Reasons for this situation are various, which has a strong relationship with China’s special economic environment, and hampers the healthy development of China's bio-pharmaceutical industry.
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