【摘要】 文章选取2004～2008年连续五年有R&D支出的高新技术类上市公司为研究样本,验证了影响企业R&D支出的微观因素。结果表明:前一期的R&D支出对当期R&D支出的影响最为显著且二者正相关,其次企业规模、股权集中度、企业员工素质均对R&D支出影响显著,但未能发现资本结构、股东报酬对R&D支出影响显著。更多还原

【Abstract】 This article chose the high-tech listed companies with five-year R & D expenditures of 2004—2008.And it established models to verify 8 micro influencing factors of R & D expenditures.The study found that: R & D expenditure of last accounting period is the most notable factor in all influencing factors of R & D expenditures;then firm size,concentration ratio of shares,the quality of employees all had significantly effects on R & D expenditures;but it failed to find that capital structure,shareholder returns had notable impacts on R & D expenditures.更多还原