【摘要】 选取我国A股制造业1 268家上市公司2011—2015年的财务数据为研究对象,从价值创造视角入手,运用多元回归模型,实证分析研发投入对制造业企业财务绩效的影响。研究表明:价值创造能力与企业研发投入之间存在显著的相关关系,同时研发投入对制造业上市公司财务绩效具有正向促进作用。价值创造能力能够通过促进研发投入的增加进而正向影响制造业企业的财务绩效,而且研发投入对企业财务绩效的影响存在一定的滞后性。更多还原

【Abstract】 According to the 2011-2015 years’ financial data of 1268 A-share manufacturing listed companies and using multivariate regression models,this paper empirically analyzes the impact of R&D investment on the financial performance of manufacturing enterprises from the perspective of value creation. The result shows that there is a significant correlation between ability of value creation and R&D investment which has a positive effect on the financial performance of manufacturing listed companies as well. The ability of value creation could positively influence the financial performance of manufacturing enterprises by promoting the increase of R&D investment. Besides,there is a certain lag in the effect of R&D investment on the financial performance of manufacturing enterprises.更多还原