1、I目 录1 绪论11.1 研究背 景11.2 研究目的和意义21.2.1 研究目的21.2.2 研究意义31.3 R&D 与企业绩效的国内外研究现状 41.3.1 国外研究现状41.3.2 国内研究现状51.4 研究思路与方法71.4.1 研究思路71.4.2 研究方法71.5 本文框架和技术路线82 实证研究的相关理论102.1 高新技术企业理论102.1.1 高技术和高新技术辨析102.1.2 高新技术企业的基本概念112.1.3 高新技术企业的认定条件与领域划分112.1.4 我国高新技术企业的发展历程122.1.5 我国高新技术企业发展中存在 的一些问题132.2 R&D 基本理论 1
2、42.2.1 R&D 的基本定义 142.2.2 R&D 活动的确认与高新技术企业 R&D 费用的主要构成 142.2.3 我国 R&D 投入现状分析 152.2.4 我国 R&D 投入的主要影响因素 192.2.5 我国 R&D 投入中存在的一些问题 202.3 高新技术企业绩效理论202.3.1 高新技术企业绩效的基本理论212.3.2 高 新技术企业绩效的测定方法212.4 本章小结223 实证研究方法和假设233.1 一元线性回归方法与模型23II3.2 数据包络分析方法（DEA）简介 243.3 研究变量的选择283.3.1 企业绩效指标的选择283.3.2 本文研究指标的确定293
3、.4 研究假设303.4.1 R&D 投入和企业成长能力相关性研究假设 303.4.2 R&D 投入和企业盈利能力相关性研究假设 314 实证研究的操作流程334.1 样本筛选与数据整理334.2 资料的描述性统计344.2.1 RD 情况的描述性统计分析 344.2.2 RDI 情况的描述性统计分析 354.3 R&D 投入与企绩效的相关性实证研究 364.3.1 R&D 投入与企业成长能力的相关性的实证研究 364.3.2 R&D 投入与企业盈利能力的相关性的实证研究 394.4 基于 DEA 方法的 R&D 投入产出分析 414.4.1 科技人员占比指标的引入与数据整理414.4.2 D
4、EA 实证分析过程 424.5 实证分析总结515 本文结论和政策性建议525.1 本文结论525.2 政策性建议535.2.1 防范高新技术企业认定管理工作上的诚信风险535.2.2 优化科技资源配置的同时完善科技创新体系的建立535.2.3 强化我国高新技术人才队伍的建设545.2.4 制定更为科学合理的高新技术企业政策545.2.5 拓宽高新技术企业的融资渠道555.3 本文的创新点和不足以及研究展望55参考文献57致 谢60IIIContentsChapterI Introduction11.1Background11.2 Purpose and significance of the
5、 research21.2.1 Purpose of the research21.2.2 Significance of the research31.3 Current research of R&D and Corporate Performance41.3.1 Research at Abroad41.3.2 Research at Home51.4 Research ideas and methods71.4.1 Research ideas and methods71.4.2 Research Methods71.5 The framework and the technical
6、route of the paper8Chapter II Theory of empirical research 102.1 Theory of High-tech enterprise102.1.1 Analysis of high-tech and high-tech102.1.2 The basic concept of high-tech enterprises112.1.3 Identification and the division of high-tech enterprises 112.1.4 Domestic development process of high-te
7、ch enterprises122.1.5 Some problems that exist in the development of high-tech enterprises 132.2 The basic theory of R&D142.2.1 The definition of R&D 142.2.2 The confirmation of R & D activities and main components of R&D expenses in high-tech enterprise 142.2.3 The Analysis of domestic investments
8、in R&D 152.2.4 The main factors that influence domestic investments in R&D192.2.5 Problems that exist in domestic investments in R&D 202.3 The theory of High-tech enterprise performance202.3.1 The basic theory of the high-tech Corporation Performance212.3.2Determination of high-tech enterprise perfo
9、rmance212.4 Summary22Chapter III methods and assumptions of Empirical research 233.1 A linear regression model233.2 Brief introduction of Data envelopment analysis（DEA ） 243.3 Selection of Variables283.3.1 Selection of business enterprise performance indicators28IV3.3.2 Determination of indicators i
10、n the paper 293.4 Hypothesis 303.4.1 Hypothesis of the Correlation between the investment in R&D and business growth capacity303.4.2 Hypothesis of the Correlation between the investment in R&D and corporate profitability31ChapterIV The operational processes of Empirical Study334.1 Sample selection a
11、nd data processing 334.2 Descriptive statistics of the materials 344.2.1 Descriptive statistics of the situation of RD 344.2.2 Descriptive statistics of the situation of RDI354.3 Empirical Research of the Correlation between the investment in R&D and enterprise performance 364.3.1 Empirical Research
12、 of the Correlation between the investment in R&D and business growth capacity364.3.2 Empirical Research of the Correlation between the investment in R&D and corporate profitability394.4 Input-output analysis of R&D basic on the method of DEA414.4.1 The introduction of scientific and technical perso
13、nnel accounting indicators and Data processing414.4.2 The process of DEA empirical analysis 424.5 Summary51ChapterV Conclusions and Recommendations 525.1 Conclusions 525.2 Recommendations 535.2.1 Prevent the Integrity risk in identifying and managing High-tech enterprises535.2.2 Improve the establis
14、hment of technological innovation system when Improving resource distribution 535.2.3 Strengthen the construction of high-tech talents in our country545.2.4 Develop a more scientific and rational high-tech cooperation policy 545.2.5 Broaden the financing channels for high-tech enterprises555.3 The i
15、nnovation and the lack of this paper and research prospects 55References57Acknowledgements 601摘 要信息化、科技化是当今时代的特征之一，科技水平越先进、产业化程度愈高，国家经济的发展，产业结构的升级以及国家综合竞争力的提升都将受益。上市高新技术企业是高新技术企业中的佼佼者，成长和盈利能力较一般企业而言更为良好，财务信息披露具有时间延续性和较高程度的可靠性。上市高新技术企业总体而言对企业的 R&D 活动关注度较高，一方面是迫于政策硬性规定，另一方面是基于追求高额回报率的内在动力。2014 年，国家科技部
16、在甄选火炬计划入选项目时，优先考虑了 98 家上市高新技术企业，占到了总数为 621 家的 15.78%；进一步分析后得知，截止 2015 年 3 月 10 日又有另外 26 家企业完成了上市，上市比例达到 19.97%；这说明高新技术企业是我国上市主体企业中的潜力股。文章主要采用的分析方法是线性回归模型法（LRM） 、数据包络分析法（DEA）对企业的成长能力以及盈利能力与企业的 R&D 投入之间的相关性进行实证研究。其中，R&D 投入主要是来自企业公布的年报中管理费用下列出的研发费用，成长能力的绩效指标主要是以下三个会计指标的增长率：（1）主营业务收入（2）营业利润（3）净利润。盈利能力绩效
17、指标主要是：（1）营业利润（2）利润总额（3）每股收益。通过实证研究分析得出了企业的 R&D 投入与企业的成长能力相关性不显著，而与企业的盈利能力相关性较为显著。并且，企业的 R&D投入对企业绩效的滞后性影响是显著的，因此企业只要重视 R&D 活动，那么企业在长期发展的角度来看是受益的；除此之外，我们得知 17 家样本企业的 R&D 投入产出效率不高。最后，基于国家宏观政策方面以及企业的微观层面给出了一定的政策性建议。本文的实证研究方法单一，因此，如果需要对我国上市高新技术企业 R&D 投入对企业绩效的影响进行更深层次的研究则需要更多的理论和模型进行研究探讨。关键字：上市高企 ；企业经营绩效
18、；线性回归模型；DEA 分析法2AbstractsInformatization, science and technology is one of the characteristics of our era, The more advanced science and technology level, the higher the degree of industrialization, the development of national economy, the upgrading of industrial structure and improve the competitiv
19、eness of countries will benefit. Listed high-tech enterprises are the leader in high-tech enterprises among these enterprises. They have relatively better growth capacity and profitability than the average enterprise. Financial information disclosure has a acceptable degree of reliability and contin
20、uity of time. Overall, listed high-tech enterprises concern more bout R & D activities than other high-tech enterprises. Mainly, they are forced by mandatory policy. Then, they have the intrinsic motivation to obtain high rate of return. In 2014, the state ministry of science and technology in the s
21、election of torch plan included in the project, giving priority to the 98 listed high-tech enterprises, accounted for a total of 621 of 15.78. After careful comparison and analysis, there are another 26 companies to complete the listing until March 10, 2015.The listed corporation ratio reached 19.97
22、%. It indicates that high-tech enterprises are black horses in our listed corporation. The paper is to research the correlation between the investment in R&D and business growth capacity and corporate profitability by using Linear regression model and data envelopment analysis（DEA）. The investment in R&D mainly comes from the research expenses of overhead that are disclosed b
