企业研发投入与绩效：技术创新政策的调节效应分析
|
摘要
近年来,在创建创新型国家的过程中,我国的研发投入大幅提高。2006年,研发投入总量已经跃居世界第二位；2010年,研发投入占GDP的比重达到了1.76%；企业也逐步成为R&D投入的主体。但我们也看到,我国企业,特别是高新技术企业的R&D投入绩效却并不理想,无论是PCT专利的申请,还是取得的财务利润,与发达国家相比仍有较大差距。此外,从R&D投资理论研究来看,经历了从研发投入不足问题的探讨到研发投入绩效的评价,目前,有关研发投入和绩效之间”黑箱”的探索代表了一个潜力较大的研究方向。本文依据科斯和诺斯有关制度决定长期经济绩效的基本理论,从技术创新政策的视角探讨我国企业R&D投资绩效不理想的原因,解答我国技术创新政策的有效性问题,为我国未来研发资源的配置和技术创新政策的制定提供参考。
本文主要包括四部分内容：其一,本文研究的理论分析及制度背景,主要阐述了技术创新政策产生的理论及现实基础、本文的概念模型以及我国研发补贴、研发合作及知识产权保护的制度背景；其二,以深圳中小板上市企业为样本,实证分析研发补贴在R&D投资及R&D投资绩效之间的调节作用,特别分析R&D直接补贴和税收优惠的调节效应差异,实证结果表明R&D补贴在企业R&D投入和创新绩效之间起到了正向调节作用,并且R&D直接补贴比R&D税收优惠的调节作用要强；其三,以深圳中小板上市企业为样本,实证分析研发合作在R&D投资及R&D投资绩效之间的调节作用,特别分析了竞争性研发合作和非竞争性研发合作的调节效应差异,实证结果表明非竞争性R&D合作(尤其是高校合作)和企业创新绩效是正相关关系,而竞争性R&D合作在企业创新投入和创新绩效之间也起到了正向调节作用。这表明,竞争性R&D合作通过与企业内部创新投入的相互之间的交互影响,对企业创新绩效产生积极的影响；其四,以深圳中小板上市企业为样本,实证分析知识产权保护在R&D投资及R&D投资绩效之间的调节作用,实证结果表明,知识产权保护提高了企业R&D投资强度,并且强知识产权保护在企业R&D投资与R&D投资技术绩效和财务绩效之间起到了正向调节作用,而弱知识产权保护在企业R&D投资与R&D投资财务绩效之间的负向调节作用明显,但在企业R&D投资与R&D投资技术绩效方面的负向调节作用并不明显。
本文存在三个创新点：其一,引入调节变量的构建思路和方法,致力于揭开我国企业R&D投资与其绩效之间的”黑箱”。在思路和方法上拓展了未来研发投资绩效研究的空间,具有一定的创新性；其二,从技术创新政策视角及研发投资特征出发,探索研发投资绩效的制约因素和修正机制,构建研发补贴、研发合作及知识产权保护的调节效应模型,并结合中国的制度背景展开实证分析,在研发投资绩效研究的视角和内容上有一定的创新和突破；其三,拓展了R&D投资绩效的内涵,并探索了R&D投资内涵之间的内在联系。本论文将R&D投资的绩效划分为技术绩效、财务绩效和价值绩效等三个维度,这三个维度并不是孤立的,而是存在着一种相互耦合的关系。
In recent years, during the process of creating an innovation-oriented country, the total amount of investment in research and development has been raised quickly, In2006, the total amount of investment in research and development has been the second largest in the world; In2010, the R&D investment share of GDP reached1.76%; Enterprises have gradually become the main ones in R&D investment. But we also see that R&D investment performance of Chinese enterprises, especially high-tech enterprise, is not ideal, for PCT patent application and financial profit; there is still a wide gap, compared with developed countries. In addition, from the view of R&D investment theory, It has experienced from the inadequate investment in R&D to the performance evaluation of R&D investment, at present, the "black box" between R&D investment and performance represents a potential research direction. On the basis of coarse and North's theory that system determines the long-term economic performance, we explored the reason that R&D investment performance is not ideal for our country enterprise from the technology innovation policy, answer the effectiveness of policy of technology innovation in our country, provide reference for resource configuration of R&D investment and technical innovation policy in our country.
This paper mainly includes four parts:Firstly, we studies the theoretical basis and the system background in the introduction, mainly elaborate the theory and practical basis of technical innovation policy, the conceptual model of this paper and the system background of R&D subsidy, R&D cooperation and the protection of intellectual property rights; secondly, take small-medium listed companies in Shenzhen Stock market as samples, We conduct a empirical analysis of R&D subsidy' moderating effect between R&D investment and R&D investment performance, especially the difference of moderating effect between R&D direct subsidies and preferential tax, Results shows that R&D subsidies played a positive role between R&D investment and innovation performance, in addition, the R&D direct subsidies is stronger than preferential tax. Thirdly, take small-medium listed companies in Shenzhen Stock market as samples, We conduct a empirical analysis of R&D cooperation'moderating effect between R&D investment and R&D investment performance, especially the difference of moderating effect between Competitive R&D Cooperation and non-competitive R&D Cooperation, Results shows that non-competitive R&D Cooperation (especially university bases) played a positive role between R&D investment and innovation performance, The same as competitive R&D Cooperation, It shows that competitive R&D Cooperation could played a positive role between R&D investment and innovation performance via interaction effect between competitive R&D Cooperation and inner R&D investment of corporation. Fourthly, take small-medium listed companies in Shenzhen Stock market as samples, We conduct a empirical analysis of Intellectual Property Protection Rights'moderating effect between R&D investment and R&D investment performance, Results shows that Intellectual Property Protection Rights could raise the intensity of R&D investment for corporation, In addition, we find that Strong Intellectual Property Protection Rights play a positive role between R&D investment and Technical and Financial Performance of R&D investment, Weak Intellectual Property Protection Rights play a Negative role between R&D investment and Financial Performance of R&D investment, While We couldn't get that Weak Intellectual Property Protection Rights play a Negative role between R&D investment and Technical Performance of R&D investment.
This paper includes Three breakthroughs:Firstly, We strive to uncover the "black box" between R&D investment and R&D investment performance of corporation, introduce the way and method of moderate variable of experimental study in Psychology, and extend the space of future research for R&D investment Performance; Secondly, Start from The View of Technology Innovation Policy and R&D investment features, explores the constraints factors and correction mechanism of R&D investment performance, and constructs the empirical analysis model of moderating effect of R&D subsidy, R&D cooperation and Intellectual Property Protection Rights base on the Chinese system background, so, this paper has some breakthroughs in perspectives and contents of R&D investment performance research. Thirdly, This paper extend the definition of R&D investment performance and explore the inter-relationship of R&D investment performance, This paper find there exist inter-functional relationship between the Technology Performance, Financial Performance and Value Performance.
本文主要包括四部分内容：其一,本文研究的理论分析及制度背景,主要阐述了技术创新政策产生的理论及现实基础、本文的概念模型以及我国研发补贴、研发合作及知识产权保护的制度背景；其二,以深圳中小板上市企业为样本,实证分析研发补贴在R&D投资及R&D投资绩效之间的调节作用,特别分析R&D直接补贴和税收优惠的调节效应差异,实证结果表明R&D补贴在企业R&D投入和创新绩效之间起到了正向调节作用,并且R&D直接补贴比R&D税收优惠的调节作用要强；其三,以深圳中小板上市企业为样本,实证分析研发合作在R&D投资及R&D投资绩效之间的调节作用,特别分析了竞争性研发合作和非竞争性研发合作的调节效应差异,实证结果表明非竞争性R&D合作(尤其是高校合作)和企业创新绩效是正相关关系,而竞争性R&D合作在企业创新投入和创新绩效之间也起到了正向调节作用。这表明,竞争性R&D合作通过与企业内部创新投入的相互之间的交互影响,对企业创新绩效产生积极的影响；其四,以深圳中小板上市企业为样本,实证分析知识产权保护在R&D投资及R&D投资绩效之间的调节作用,实证结果表明,知识产权保护提高了企业R&D投资强度,并且强知识产权保护在企业R&D投资与R&D投资技术绩效和财务绩效之间起到了正向调节作用,而弱知识产权保护在企业R&D投资与R&D投资财务绩效之间的负向调节作用明显,但在企业R&D投资与R&D投资技术绩效方面的负向调节作用并不明显。
本文存在三个创新点：其一,引入调节变量的构建思路和方法,致力于揭开我国企业R&D投资与其绩效之间的”黑箱”。在思路和方法上拓展了未来研发投资绩效研究的空间,具有一定的创新性；其二,从技术创新政策视角及研发投资特征出发,探索研发投资绩效的制约因素和修正机制,构建研发补贴、研发合作及知识产权保护的调节效应模型,并结合中国的制度背景展开实证分析,在研发投资绩效研究的视角和内容上有一定的创新和突破；其三,拓展了R&D投资绩效的内涵,并探索了R&D投资内涵之间的内在联系。本论文将R&D投资的绩效划分为技术绩效、财务绩效和价值绩效等三个维度,这三个维度并不是孤立的,而是存在着一种相互耦合的关系。
In recent years, during the process of creating an innovation-oriented country, the total amount of investment in research and development has been raised quickly, In2006, the total amount of investment in research and development has been the second largest in the world; In2010, the R&D investment share of GDP reached1.76%; Enterprises have gradually become the main ones in R&D investment. But we also see that R&D investment performance of Chinese enterprises, especially high-tech enterprise, is not ideal, for PCT patent application and financial profit; there is still a wide gap, compared with developed countries. In addition, from the view of R&D investment theory, It has experienced from the inadequate investment in R&D to the performance evaluation of R&D investment, at present, the "black box" between R&D investment and performance represents a potential research direction. On the basis of coarse and North's theory that system determines the long-term economic performance, we explored the reason that R&D investment performance is not ideal for our country enterprise from the technology innovation policy, answer the effectiveness of policy of technology innovation in our country, provide reference for resource configuration of R&D investment and technical innovation policy in our country.
This paper mainly includes four parts:Firstly, we studies the theoretical basis and the system background in the introduction, mainly elaborate the theory and practical basis of technical innovation policy, the conceptual model of this paper and the system background of R&D subsidy, R&D cooperation and the protection of intellectual property rights; secondly, take small-medium listed companies in Shenzhen Stock market as samples, We conduct a empirical analysis of R&D subsidy' moderating effect between R&D investment and R&D investment performance, especially the difference of moderating effect between R&D direct subsidies and preferential tax, Results shows that R&D subsidies played a positive role between R&D investment and innovation performance, in addition, the R&D direct subsidies is stronger than preferential tax. Thirdly, take small-medium listed companies in Shenzhen Stock market as samples, We conduct a empirical analysis of R&D cooperation'moderating effect between R&D investment and R&D investment performance, especially the difference of moderating effect between Competitive R&D Cooperation and non-competitive R&D Cooperation, Results shows that non-competitive R&D Cooperation (especially university bases) played a positive role between R&D investment and innovation performance, The same as competitive R&D Cooperation, It shows that competitive R&D Cooperation could played a positive role between R&D investment and innovation performance via interaction effect between competitive R&D Cooperation and inner R&D investment of corporation. Fourthly, take small-medium listed companies in Shenzhen Stock market as samples, We conduct a empirical analysis of Intellectual Property Protection Rights'moderating effect between R&D investment and R&D investment performance, Results shows that Intellectual Property Protection Rights could raise the intensity of R&D investment for corporation, In addition, we find that Strong Intellectual Property Protection Rights play a positive role between R&D investment and Technical and Financial Performance of R&D investment, Weak Intellectual Property Protection Rights play a Negative role between R&D investment and Financial Performance of R&D investment, While We couldn't get that Weak Intellectual Property Protection Rights play a Negative role between R&D investment and Technical Performance of R&D investment.
This paper includes Three breakthroughs:Firstly, We strive to uncover the "black box" between R&D investment and R&D investment performance of corporation, introduce the way and method of moderate variable of experimental study in Psychology, and extend the space of future research for R&D investment Performance; Secondly, Start from The View of Technology Innovation Policy and R&D investment features, explores the constraints factors and correction mechanism of R&D investment performance, and constructs the empirical analysis model of moderating effect of R&D subsidy, R&D cooperation and Intellectual Property Protection Rights base on the Chinese system background, so, this paper has some breakthroughs in perspectives and contents of R&D investment performance research. Thirdly, This paper extend the definition of R&D investment performance and explore the inter-relationship of R&D investment performance, This paper find there exist inter-functional relationship between the Technology Performance, Financial Performance and Value Performance.
引文
2 摘自中国高技术产业统计年鉴(2010)
3 摘自王昌林,蒋云飞,中国高技术产业发展与政策调整,中国科技发展研究报告2010,科学出版社,2011
[1]杨梅英,王芳,周勇.高新技术企业研发合作模式选择研究-基于北京市38家高新技术企业的实证分析[J].中国软科学,2009(6)：172-177
[2]张波涛,李延喜,栾庆伟,包世泽.专利R&D中”加速化陷阱”现象的实证研究——以机械制造业上市公司三种专利产出为例[J].科研管理,2008(3)：89-97
[3]姚战琪.跨国公司R&D投资的经济学分析[J].世界经济,2001(11)：69-73
[4]王建华,王海云.关于R&D投资“加速化陷阱”的实证分析[J].国际贸易问题2005(11)：97-102
[5]朱平芳、徐伟民.上海市大中型工业行业专利产出滞后机制研究[J].数量经济技术经济研究,2005(9)：136-142
[6]朱平芳、徐伟民政府的科技激励政策对大中型工业企业R&D投入及其专利产出的影响-上海市的实证研究[J].经济研究,2003(6)：45-54
[7]王永杰.研究与开发特征分析[J].科技管理研究,2004(6)：19-22
[8]安同良、施浩.中国制造企业R&D行为模式的观测与实证——基于江苏省制造业企业问卷调查的实证分析[J].经济研究,2006(2)：21-30
[9]蔡虹、高杰、许晓雯.R&D投资经济效果的实证研究[J].科学学研究,2004(1)：53-58
[10]蔡海洪、吴世农.价值股和成长股不同市场表现的实证研究[J].财经科学,2003(3)：1-4
[11]陈宏伟、张永海、常勇.公司R&D投入与业绩相关性的实证研究[J].科学管理研究,2006(6)：110-113
[12]陈信元、张田余、陈冬华.预期股票收益的横截面多因素分析——来自中国证券市场的经验证据[J].金融研究,2001(6)：22-35
[13]冯飞.企业技术创新活动中影响R&D活动的几个基本因素[J].中国软科学,1995(10)：120-124
[14]文芳.中国上市公司R&D投资影响因素及经济后果研究[D].博士学位论文,暨南大学,2008
[15]郭斌.规模、R&D与绩效：对我国软件产业的实证分析[J].科研管理,2006(1)：121-126
[16]何玮.我国大中型工业企业研究与开发费用支出对产出的影响——1990-2000年大中型工业企业数据的实证分析[J].经济科学,2003(3)：5-11
[17]华锦阳.试论公司治理对企业技术创新的影响[J].自然辩证法通讯,2002(1)：52-57
[18]姜照华.科技进步与经济增长的分配理论——对十五个国家的测算[J].科学学与科学技术管理,2006(9)：113-118
[19]刘斌、岑露.中国上市公司R&D费用的契约动因研究——来自沪深两市2002-2003年报的经验证据[J].经济管理·新管理,2004(11)：46-51.
[20]刘斌、王珍.我国上市公司R&D费用市场认同度的实证研究.中国第二届实证会计国际研讨会论文集,December 13-14,2003.
[21]陆桔利.R&D与企业增长价值——我国上市公司的实证检验[J].经济论坛,2006(1)：126-127
[22]李丽青.企业R&D投入与国家税收政策研究[D].博士学位论文,西北大学,2006
[23]梁莱歆、熊艳.我国上市公司R&D费用披露现状及其改进建议[J].财务与会计,2005(10)：22-23
[24]梁莱歆、张焕凤.高科技上市公司R&D投入绩效的实证研究[J].中南大学学报(社会科学版),2005(2)：232-236
[25]李明辉.对会计的启示信号传递理论[J].广西会计,2001(4)：6-7
[26]刘小玄.现代企业的激励机制：剩余支配权[J].经济研究,1996(5)：161-169
[27]刘小玄.中国工业企业的所有制结构对效率差异的影响——1995年全国工业企业普查数据的实证分析[J].经济研究,2000(2)：17-25
[28]连燕华、于浩、郑奕荣.我国企业科技投入与产出分析[J].科学学与科学技术管理,[J]2003(4)：29-32
[29]刘运国、刘雯.我国上市公司的高管任期与R&D支出[J].管理世界,2007(1)：128-136
[30]皮永华、宝贡敏.我国企业多角化战略与R&D强度之间关系的实证研究——以浙江省为例[J].科研管理,2005(3)：76-82
[31]邵晓阳、苏敬勤、于圣睿.中国A股市场账面-市价比效应实证研究[J].中国管理科学,2004(12)：6-11
[32]宋献中、冯敏红.R&D费用逐利性研究[J].财会月刊,2004(1)：45-46
[33]王核成.R&D投入与企业成长的相关性研究[J].科学管理研究,2001(3)：13_16
[34]王化成、卢闯,李春玲.企业无形资产与未来业绩相关性研究——基于中国资本市场的经验证据[J].中国软科学,2005(1)：120-124
[35]王会芳、陈斌.科技型中小企业认定问题研究.研究报告,深圳证券交易所综 合研究所,2006
[36]王任飞.企业R&D支出的内部影响因素研究——基于中国电子信息百强企业之实证[J].科学学研究,2005(4)：225-231
[37]王珍.我国上市公司研究开发费用的市场反应及影响因素的实证研究[M].硕士学位论文,重庆大学,2004
[38]王志台.资本市场中的无形资产王国——来自上海股市的经验证据[D].上海：上海财经大学,2001
[39]吴国清、蔡祥.暂时性盈利、风险与市盈率——来自中国A股的证据[J].数量经济技术经济研究,2007(6)：120-128
[40]吴世农、李常青、余玮.我国上市公司成长性的判定分析和实证研究[J].南开管理评论,1999,4
[41]吴延兵.R&D与生产率——基于中国制造业的实证研究[J].经济研究,2006(11)：60-71
[42]徐金发、刘翌.企业治理结构与技术创新[J].科研管理,2002(4)：11-15
[43]徐晓东、陈小悦.第一大股东对公司治理、企业业绩的影响分析[J].经济研究,2003(2)：64-74
[44]薛求知、孔德洋.创新视角的企业持续竞争优势[J].经济理论与经济管理,2004(3)：51-54
[45]薛云奎、王志台.R&D的重要性及其信息披露方式的改进[J].会计研究,2001(3)：20-27
[46]许治、师萍.政府科技投入对企业R&D支出影响的实证分析[[J].研究与发展管理,2005(3)：22-26
[47]姚洋、章奇.中国工业企业技术效率分析[J].经济研究,2001(10)：13-19
[48]于宁.我国R&D经费支出绩效评价体系构建与实证研究(1995-2003)[J].上海经济研究,2005(9)：3-14
[49]曾晓洁、何小锋、晏青.市盈率隐含的公司业绩增长潜力——中国股市市盈率实证分析[J].经济科学,2002(3)：50-61
[50]周建锋.经济转轨时期中国国有企业的亏损：微观分析与宏观解释[J].四川行政学院学报,2007(3)：87-90
[51]富兰克：H 奈特,1921,风险、不确定性和利润[M].中国人民大学出版社,2005年11月第1版,283-284
[52]陈佳贵.关于企业生命周期与企业蜕变的探讨[J].中国工业经济,1995(11)：32-36
[53]陈小悦、徐晓东.股权结构、企业绩效与投资者利益保护[J].经济研究, 2001(11)：3-11
[54]方军雄.所有制与经营绩效之谜-政策优势还是管理优势?上海市社会科学届第四届学术年会文集(2006),管理科学卷,119-132。
[55]金玲娣、陈国宏.企业规模与R&D关系实证研究[J].科研管理,2001(1)：51-57
[56]徐欣,唐清泉.R&D活动、创新专利对企业价值的影响-来自中国上市公司的研究,[J].研究与发展管理,2010(8)；20-29
[57]逢淑嫒,陈德智.专利与R&D经费的相关性研究-基于全球R&D顶尖公司10年面板数据的研究[J].科学学研究,2009(10)：1500-1505
[58]刘伟、李丹.青岛市高新技术企业R&D投入与产出绩效研究[J].科技进步与对策,2010(2)：26-29
[59]财政部统计评价司.企业绩效评价工作指南.北京：经济科学出版社,2002
[60]Magnus et al,王鲁译,创新和制度之间的互动.演化和创新经济学评论[J].2011(1)：21-41
[61]吴义刚.交易成本、制度演进与经济绩效[J].经济问题,2008(7)：34-38
[62]任海云.基于公司治理的R&D投入与公司绩效关系研究[D].博士学位论文,西北大学,博士学位论文,2010
[63]吴超鹏.知识产权保护薄弱的国家如何发展高科技产业?[D].博士学位论文,厦门大学,博士学位论文,2009
[64]王龙伟,任胜钢,谢恩.合作研发对企业创新绩效的影响研究-基于治理机制的调节分析[J].科学学研究,2011(5)：785-792
[65]任海云,企业研发投入与绩效关系研究综述-从直接变量到调节变量的引入,科学学与科学技术管理[J].2010(2)：143-151
[66]程华,陈贤平.国外政府资助R&D投入经费和模式演变[J].科技进步与对策,2007(1)：149-151
[67]程华.直接资助与税收优惠促进企业R&D比较研究[J].中国科技论坛,2006(5)：56-59
[68]许治,吴辉凡.政府公共研发对企业研发行为的影响：国外研究评述[J].科研管理,2006(3)：45-51
[69]彭纪生,孙文祥,仲为国.中国技术创新政策演变与绩效实证研究(1978-2006)[J].科研管理,2008(7)：134-140
[70]刘凤朝,孙玉涛.我国科技政策向创新政策演变的过程、趋势和建议—基于我国289项创新政策的实证分析[J].中国软科学2007(5)：34-42
[71]程华,王婉君.我国创新政策的演变·基于政策工具的视角[J].未来与发展,2011(9)：16-21
[72]武欣.国内外创新政策的评述[J].经济研究参考,2010(42)：2-11
[73]程华,赵祥.企业规模,研发强度,资助强度与政府科技资助的绩效关系研究—基于浙江民营科技企业的实证研究[J].科研管理,2008(29)：37-43
[74]程华,赵祥.政府科技资助的溢出效应研究—基于我国大中型工业企业的实证研究[J].科学学研究,2009(27)：862-868
[75]陈劲,王飞绒.创新政策：多国比较和发展框架[M]浙江大学出版,2005年。
[76]鲍克,市场经济中的技术创新政策[J].科学学研究,1994(12)：47-54。
[77]古利平,张宗益,唐继军.专利与R&D资源：中国创新的投入产出分析[J].管理工程学报,2006(1)：147-151
[78]杨德伟,汤湘希.政府研发资助强度对民营企业技术创新的影响[J].当代财经,2011(12)：64-73
[79]肖丁丁,朱桂龙等.R&D投入与产学研绩效关系的实证研究[J].管理学报,2011(5)：706-712.
[80]陈爱贞,刘志彪.西方产学研联合推动机制的理论与实践及对中国的启示[J].当代财经,2010(4)：63-70.
[81]熊维勤.税收和补贴政策对R&D效率和规模的影响理论与实证研究[J].科学学研究,2011(5)：698-706
[1]Arrow, Kenneth J.1962.Economic Welfare and the Allocation of Resources for Invention, In Richard Nelson (ed.), The Rate and Direction of Inventive Activity. Princeton, N. J.:Princeton University Press.
[2]Fama, E. F. (1970), Efficient capital markets:A review of theory and empirical work, Journal of Finance,25 (2),383-417.
[3]Griliches, Z. (1981), Market value, R&D and patents Economics Letters,7 (2), 183-187.
[4]Griliches, Z. and J. Mairesse(1984), Productivity and R&D at the firm Level in Zvi Griliches (ed.), R&D, Patents, and Productivity, Chicago:The University of Chicago Press.
[5]Pakes, A. and Z. Griliches(1984), Patents and R&D at Firm Level A First Look, in Zvi Griliches (ed.), R&D, Patents, and Productivity, Chicago:The University of Chicago Press.
[6]Pakes, A. (1985), On patents, R&D, and the stock market rate of return, Journal of Political Economy,93,390-409.
[7]McConnell, J. J. and C. J. Muscarella (1985), Corporate capital expenditure decisions and the market value of the firm, Journal of Financial Economics,14 (3),399-422.
[8]Jaffe, A.B. (1986), Technological opportunity and spillovers of R&D:evidence from firms'patents, profits, and market value, American Economic Review,76 (5),984-1001.
[9]Cockburn, I. and Z. Griliches (1988), Industry effects and appropriability measures in the stock market's valuation of R&D and patents, American Economic Review,78 (2),419-423.
[10]Chan, S. H., Martin, J. D., and J. W. Kensinger J. W. (1990), Corporate research and development expenditures and share value, Journal of Financial Economics, 26 (2),255-276.
[11]Woolridge J. R., and C. C. Snow (1990), Stock market reaction to strategic investment decisions, Strategic Management Journal,11 (5),353-363.
[12]Fama, E. F. (1991), Efficient capital markets:Journal of Finance,46 (5), 1575-1617.
[13]Fama, E. F. and K. R. French (1992), The cross-section of expected sock returns, Journal of Finance,47 (2),427-465.
[14]Doukas, J. and L. Switzer (1992), The stock market's valuation of R&D spending and market concentration, Journal of Economics and Business,44 (2):95-114
[15]Hall, B. H. (1993a), Industrial research during the 1980s:did the rat of return fall Brookings Papers on Economic Activity. Microeconomics, (2),289-343.
[16]Hall, B. H. (1993b), The stock market's valuation of R&D investment during the 1980's American Economic Review,83 (2),259-264.
[17]Kelm K. M., Narayanan V. K., and G E. Pinches (1995), Shareholder value creation during R&D innovation and commercialization stages, Academy of Management Journal,38 (3),770-786.
[18]Szewczyck, S., Tsetsekos, G. P. and Z. Zantout, (1996), The valuation of corporate R&D expenditures:Evidence from investment opportunities and free cash flow, Financial Management,25 (1),105-110.
[19]Sundaram, A. K., John, T. A. and K. John (1996), An empirical analysis of strategic competition and firm values:The case of R&D competition, Journal of Financial Economics,40 (3),459-486.
[20]Lev, B. and T. Sougiannis (1996), The capitalization, amortization, and value-relevance of R&D, Journal of Accounting & Economics,21 (1),107-138.
[21]Zantout, Z. Z. (1997), A test of the debt-monitoring hypothesis:The case of corporate R&D expenditures, Financial Review,32 (1),21-48.
[22]Haneda, S., and H. Odagiri, (1998), Appropriation of returns from technological assets and the values of patents and R&D in Japanese high-tech firms, Economics of Innovation and New Technology,7 (4),303-322.
[23]Blundell, R., R. Griffith and J. Van Reenen (1999), Market share, market value and innovation in a panel of British manufacturing firms, Review of Economic Studies 66 (228),529-554.
[24]Bosworth, D. and M. Rogers (2001), Market value, R&D and intellectual property:An empirical analysis of large Australian firms, The Economic Record 77 (239),323-337.
[25]Toivanen, O., Stoneman, P. and D. Bosworth (2002), Innovation and market value of UK firms,1989-1995, Oxford Bulletin of Economics and Statistics 64 (1),39-61.
[26]Munari,F. and R. Oriani (2005),Privatization and economic returns to R&D investments Industrial and Corporate Change,14 (1),61-91.
[27]Hall, B.H., A.B. Jaffe and M. Trajtenberg (2005), Market value and patent citations, Rand Journal of Economics,36 (1),16-38.
[28]Hall B. H. and R. Oriani (2006). Does the market value R&D investment by European firms? Evidence from a panel of manufacturing firms in France, Germany, and Italy, International Journal of Industrial Organization,24 (5), 971-993.
[29]Bloch, C. (2008), The market valuation of knowledge assets Economics of Innovation and New Technology,17 (3),269-284.
[30]Oriani R. and M. Sobrero (2008), Uncertainty and the market valuation of&D within a real options logic, Strategic Management Journal,29 (4),343-361.
[31]Adams, J. D., and A. B. Jaffe (1996), Bounding the Effects of R&D:An Investigation Using Matched Establishment-Firm Data, Rand Journal of Economics,27,700-721.
[32]Bartelsman, E. J. (1990), Federally-Sponsored R&D and Productivity Growth. Working paper.
[33]Bartelsman, E. J., G Van Leeuwen, H. Nieuwenhuijsen, and K. Zeelenberg (1996), R&D and Productivity Growth:Evidence From Firm-Level Data For the Netherlands, Netherlands Official Statistics,11.
[34]Bayoumi, T., D. T. Coe, and E. Helpman (1996), R&D Spillovers and Global Growth, London:
[35]Bernstein, J. I. (1988), Costs of Production, Intra-and Inter industry R&D Spillovers:Canadian Evidence, Canadian Journal of Economics, Xxi,324-347.
[36]Bernstein, J. I., and T. P. Mamuneas (2004), R&D Depreciation, Stocks, User Costs and Productivity Growth For US R&D Intensive Industries, Ottawa, Ontario:Carleton University, Ottawa, and University of Leicester, UK.
[37]Bernstein, J. I., and P. Mohnen (1998), International R&D Spillovers Between U.S. and Japanese R&D Intensive Sectors, Journal of International Economics, 44,315-338.
[38]Bernstein, J. I., and M. I. Nadiri (1986), Financing and Investment in Plant and Equipment and Research and Development, in Prices, Competition, and Equilibrium, ed. by M. H. Peston,
[39]Bernstein, J. I., and M. I. Nadiri (1989), Research and Development and Intra-Industry Spillovers:An Empirical Applicaiton of Dynamic Duality, Review of Economic Studies,56,249-269.
[40]Bernstein, J. I., and X. Yan (1997), International R&D Spillovers Between Canadian and Japanese Industries, Canadian Journal of Economics,30,276-294.
[41]Bond, S., D. Harhoff, and J. Van Reenen (2003), Corporate R&D and Productivity in Germany and the United Kingdom, London:LSE CEP Discussion Paper No.
[42]Booz-Allen-Hamilton. (2006), Smart Spenders:The Global Innovation 1000. Web page presenting the report:www.boozallen.com/services_article/18054973
[43]Branstetter, L. (1998), Looking for international knowledge spillovers:A review of the literature with suggestions for new approaches,517-540.
[44]Chakrabarti, A. K., H. H. Glismann and E.-J. Horn (1992), Defence and Space Expenditures in the US:An Inter-Firm Analysis, Defence Economics,3, 169-189.
[45]Cohen, W. M. (1995), Empirical studies of innovative activity, in P. Stoneman (ed.), Handbook of the Economics of Innovation and Technological Change, Blackwell Handbooks in Economics,182-264.
[46]Cohen, W. M. and R. C. Levin (1989),'Empirical studies of innovation and market structure, in Handbook of Industrial Organization, Vol. Ⅰ
[47]Corrado, C., C. R. Hulten, and D. E. Sichel (2009), Intangible Capital and Economic Growth. Review of Income and Wealth 55 (3),661-685.
[48]Griliches, Z. (1986), Productivity, R&D, and Basic Research At the Firm Level in the 1970s, American Economic Review,76,141-154.
[49]Ali, A. (1994), "The incremental information content of earnings, working capital from operations, and cash flows," Journal of Accounting Research, Vol. 32, pp.61-74.
[50]Amir, E. and Lev, B. (1996), "Value-relevance of nonfinancial information:the wireless communications industry," Journal of Accounting and Economics, Vol. 22, No.1-3, pp.3-30.
[51]Anthony, J.H. and Ramesh, K. (1992), "Association between accounting performance measures and stock prices:a test of the life-cycle hypothesis," Journal of Accounting and Economics, Vol.15, pp.203-227.
[52]Audretsch, D.B., (1995), Innovation and Industry Evolution, The MIT Press, Cambridge, MA.
[53]Ayadi, O.F., Dufrene, U.B. and Obi, C.P. (1996), "Firm performance measures: temporal roadblocks to R&D?," Managerial Finance, Vol.22, pp.18-32.
[54]Bah, R. and Dumontier, P. (2001), "R&D intensity and corporate financial policy: some international evidence," Journal of Business Finance and Accounting, Vol. 28, pp.671-692.
[55]Balkin, D.B. and Gomez-Mejia, L.R. (1984), "Determinants of R&D compensation strategies in the high tech industry," Personnel Psychology, Vol. 37, pp.635-650.
[56]Banker, R.D., Chang, H. and Pizzini, M.J. (2004), "Balanced scorecard: judgmental effects of performance measures linked to strategy," The Accounting Review, Vol.79, No.1, pp.1-23.
[57]Beaver, W.H., Eger, C., Ryan, S. and Wolfson, M. (1989), "Financial reporting, supplemental disclosures, and bank share prices," Journal of Accounting Research, Vol.27, pp.157-178.
[58]Beldona, S.R., Chaganti, M., Habib, M. and Inkpen, A.C. (1997), "Industry variety, life-cycle stages, and performance:a dynamic perspective," Competitive Intelligence Review, Vol.8, pp.65-74.
[59]Bhagat, S. and Welch, I. (1995), "Corporate research and development investments, international comparisons," Journal of Accounting and Economics, Vol.19, pp.443-470.
[60]Black, E.L. (1998), "Life-cycle impacts on the incremental value-relevance of earnings and cash flow measures," Journal of Financial Statement Analysis, Vol. 4, No.1, pp.40-57.
[61]Boer, F.P. (1994), "Linking R&D to growth and shareholder value," Research Technology Management, Vol.37 Iss.3, pp.16-23.
[62]Bontis, N., Fitz-Enz, J. (2002), "Intellectual capital ROI:a causal map of human capital antecedents and consequents," Journal of Intellectual Capital, Vol.3, pp. 23-247.
[63]Bowen, R.M., Burgstahler, D. and Daley, L.A. (1987), "The incremental information content of accrual versus cash flows," The Accounting Review, Vol. 62, pp.723-747.
[64]Breznitz, D. (2005), "Development, flexibility and R&D performance in the Taiwanese IT industry:capability creation and the effects of state-industry coevolution," Industrial and Corporate Change, Vol.14, No.1, pp.153-187.
[65]Calantone, R.J. and di Benedetto, C.A. (1988), "An integrative model of the new product development process," Journal of Product R&D Management, Vol.5, pp. 201-215.
[66]Chauvin, K.W. and Hirschey, M. (1993), "Advertising, R&D expenditures and the market value of the firm," Financial Management, Vol.22, pp.128-140.
[67]Chen, L.C., Tsao, S.M. and Chi, H.Y. (2005), "Trademark value and accounting performance:analysis from corporate life cycle," The Journal of American Academy of Business, Vol.7 No.1, pp.106-112.
[68]Chen, M.C., Cheng, S.J. and Hwang, Y. (2005), "An empirical investigation of the relationship between intellectual capital and firms'market value and financial performance," Journal of Intellectual Capital, Vol.6, No.2, pp.159-176.
[69]Chen, H.L. and Huang, Y.S. (2006), "Employee stock ownership and corporate R&D expenditures:evidence from Taiwan's information-technology industry," Asia Pacific Journal of Management, Vol.23, pp.369-384.
[70]Chen, L.C., Tsao, S.M. and Chi, H.Y. (2006), "The relevance of patents for market value:a study of Chinese firms in different stock markets," International Journal of Management, Vol.23, No.3, pp.606-619.
[71]Cockburn, I. and Griliches, Z. (1988), "Industry effects and appropriatability measures in the stock market's valuation of R&D and patents," The American Economic Review, Vol.78, No.2, pp.419-423.
[72]Deeds, D.L. (2001), "The role of R&D intensity, technical development and absorptive capacity in creating entrepreneurial wealth in high technology start-ups," Journal of Engineering and Technology Management, Vol.18, No.1, pp.29-47.
[73]Deng, Z., Lev, B. and Narin, F. (1999), "Science and technology as predictors of stock performance," Financial Analysis Journal, Vol.55, No.3, pp.20-32.
[74]Edvinsson, L. and Malone, M.S., (1997), Intellectual Capital:Realizing Your Company's True Value by Finding its Hidden Brainpower, Harper Business, New York.
[75]Foster, R.N. (2003), "Corporate performance and technological change through investors'eyes," Research Technology Management, Vol.46, No.6, pp.36-43.
[76]Freeman, C. and Soete, L., (1997), The Economics of Industrial Innovation, The MIT Press, Cambridge, MA.
[77]Heskett, J. L., Thomas O. J., Gary, W., Loveman, W., Sasser, E., Schlesinger, L. A. (1994), "Putting the service-profit chain to work," Harvard Business Review,Vol.72, No.2, pp.164-174.
[78]Intriligator, M.D., (1978), Econometric models, Techniques and Applications, Prentice Hall, Englewood Cliffs, NJ.
[79]Ittner, C.D. and Larcker, D.F. (1998), "Are non-financial measures leading indicators of financial performance? An analysis of customer satisfaction," Journal of Accounting Research, Vol.36, pp.1-34.
[80]Ittner, C.D. and Larcker, D.F. (2003), "Coming up short on non-financial performance measurement," Harvard Business Review, Vol.81, No.11, pp. 88-95.
[81]Johnson, J.T., Busbin, J.W. and Pearce, J.W. (1999), "Market tracking, research and development and international competition:an examination of linkages to profitability," Competitiveness Review, Vol.9, pp.28-35.
[82]Keating, E., Lys, T.J. and Magee, R2.P. (2001), "The internet downturn:finding valuation factors in spring 2000," Working Paper (Northwestern University).
[83]Kleinknecht, A., (1996), Determinants of Innovation, Macmillan, London.
[84]Lau, R.S.M. (1998), "How does research and development intensity affect business performance?," South Dakota Business Review, Vol.57, No.1, pp.4-8.
[85]Lev, B. and Sougiannis, T. (1996), "The capitalization, amortization and value-relevance of R&D," Journal of Accounting Economics, Vol.21, pp. 107-138.
[86]Li, J., Lam, K. and Fang, Y. (2000), "Manufacturing firms'performance and technology commitment-the case of the electronics industry in China," Integrated Manufacturing Systems, Vol.11, No.6, pp.385-392.
[87]Liang, C.J. and Yao, M.L. (2005), "The value-relevance of financial and non-financial information-evidence form Taiwan information electronics industry," Review of Quantitative Finance and Accounting, Vol.24, No.2, pp. 135-158.
[88]Litz, R.A. and Kleysen, R.F. (2001), "Your old men shall dream dreams, your young men shall see visions:toward a theory of family firm R&D with help from the Brubeck family," Family Business Review, Vol.14, No.4, pp.335-352.
[89]Mairesse, J. and Mohnen, P. (2004), "The importance of R&D for innovation:a reassessment using French survey data," The Journal of Technology Transfer, Vol.30, No.1-2, pp.183-197.
[90]Miha, S., Mojca I. S., Rok. S., Vlado. D. (2007), "Organizational learning culture—the missing link between business process change and organizational performance," International Journal of Production Economics,Vol.106, pp. 346-367.
[91]Mueller, D.C. (1972), "A life-cycle theory of the firm," Journal of Industrial Economics, Vol.20, pp.199-219.
[92]Neter, Kutner, Nachtshem and Wasserman., (2011), Applied Linear Statistical Models, Richard D. Irwin, Illinois.
[93]Ohlson, J. (1995), "Earning, book values and dividends in equity valuation," Contemporary Accounting Research, Vol.11, No.2, pp.661-687.
[94]Osawa, Y. and Yamasaki, Y. (2005), "Proposal of industrial research and development performance indices," R&D Management, Vol.35, No.4, pp. 455-461.
[95]Rajgopal, S., Venkatachalam, M. and Kotha, S. (2002), "Managerial actions, stock returns, and earnings:the case of business-to-business internet firms," Journal of Accounting Research, Vol.10, pp.529-556.
[96]Palepu, K.G, Bernard, V.L. and Healy, P.M., (2010), Business Analysis and Valuation using Financial Statements, South-Western, Cincinnati.
[97]Pfeiffer, R.J., Elgers, P., Lo, M.H. and Ress, L.L. (1998), "Additional evidence on the incremental information content of cash flows and accruals:the impact of errors in measuring market expectations," The Accounting Review, Vol.73, pp. 373-385.
[98]Rink, D.R. and Swan, J.E. (1979), "Product life-cycle research:a literature review," Journal of Business Research, Vol.30, pp.219-247.
[99]Robinson, K.C. (2008), "An examination of the influence of industry structure on eight alternative measures of new venture performance for high potential independent new ventures," Journal of Business Venturing, Vol.15, pp.165-187.
[100]Schumpeter, J., (1942), Capitalism, Socialism, and Democracy, Harper and Row, New York.
[101]Shefer, D. and Frenkel, A. (2009), "R&D, firm size and innovation:an empirical analysis," Technovaiton, Vol.25, pp.25-32.
[102]COHEN W, LEVINTHAL D.Absorptive capacity:A new perspective on learning and innovation[J].Administrative Science Quarterly,1990,35(1):128-152.
[103]ZAHRA S A, GEORGE G. Absorptive capacity:A review, reconceptualization, and extension[J].Academy of Management Review,2011,27(2):185-203.
[104]Tsang, E.W.K.(1999).A preliminary typology of learning in international strategic alliances. Journal of World Business,34(3),211-229
[105]MANCUSI, M. L. AND A. VEZZULLI (2010):"R&D, Innovation and Liquidity Constraints," KITeS Working Papers 030, KITeS, Centre for Knowledge, Internationalization and Technology Studies, Universita'Bocconi, Milano,Italy.
[106]FRANCOIS, P. AND H. LLOYD-ELLIS (2009):"Schumpeterian Business Cycles with Pro-Cyclical R&D,"Review of Economic Dynamics,12,567-591.
[107]Heeley, M. B., and Jacobson, R. (2008), "The Recency of Technological Inputs and Financial Performance," Strategic Management Journal, Vol.29, No.7, pp. 723-744.
[108]Fujita S.A..Strategy for Corporate Innovation[M].Tokyo:Asian Productivity Organiztion,1997
[109]Nakahara Innovation in a borderless World Economy [J] Research Technology Management,1997
[110]Bayh-Dole. The Next 25 Years.(2007-7-17). http://democrats.science.house.gov.
3 摘自王昌林,蒋云飞,中国高技术产业发展与政策调整,中国科技发展研究报告2010,科学出版社,2011
[1]杨梅英,王芳,周勇.高新技术企业研发合作模式选择研究-基于北京市38家高新技术企业的实证分析[J].中国软科学,2009(6)：172-177
[2]张波涛,李延喜,栾庆伟,包世泽.专利R&D中”加速化陷阱”现象的实证研究——以机械制造业上市公司三种专利产出为例[J].科研管理,2008(3)：89-97
[3]姚战琪.跨国公司R&D投资的经济学分析[J].世界经济,2001(11)：69-73
[4]王建华,王海云.关于R&D投资“加速化陷阱”的实证分析[J].国际贸易问题2005(11)：97-102
[5]朱平芳、徐伟民.上海市大中型工业行业专利产出滞后机制研究[J].数量经济技术经济研究,2005(9)：136-142
[6]朱平芳、徐伟民政府的科技激励政策对大中型工业企业R&D投入及其专利产出的影响-上海市的实证研究[J].经济研究,2003(6)：45-54
[7]王永杰.研究与开发特征分析[J].科技管理研究,2004(6)：19-22
[8]安同良、施浩.中国制造企业R&D行为模式的观测与实证——基于江苏省制造业企业问卷调查的实证分析[J].经济研究,2006(2)：21-30
[9]蔡虹、高杰、许晓雯.R&D投资经济效果的实证研究[J].科学学研究,2004(1)：53-58
[10]蔡海洪、吴世农.价值股和成长股不同市场表现的实证研究[J].财经科学,2003(3)：1-4
[11]陈宏伟、张永海、常勇.公司R&D投入与业绩相关性的实证研究[J].科学管理研究,2006(6)：110-113
[12]陈信元、张田余、陈冬华.预期股票收益的横截面多因素分析——来自中国证券市场的经验证据[J].金融研究,2001(6)：22-35
[13]冯飞.企业技术创新活动中影响R&D活动的几个基本因素[J].中国软科学,1995(10)：120-124
[14]文芳.中国上市公司R&D投资影响因素及经济后果研究[D].博士学位论文,暨南大学,2008
[15]郭斌.规模、R&D与绩效：对我国软件产业的实证分析[J].科研管理,2006(1)：121-126
[16]何玮.我国大中型工业企业研究与开发费用支出对产出的影响——1990-2000年大中型工业企业数据的实证分析[J].经济科学,2003(3)：5-11
[17]华锦阳.试论公司治理对企业技术创新的影响[J].自然辩证法通讯,2002(1)：52-57
[18]姜照华.科技进步与经济增长的分配理论——对十五个国家的测算[J].科学学与科学技术管理,2006(9)：113-118
[19]刘斌、岑露.中国上市公司R&D费用的契约动因研究——来自沪深两市2002-2003年报的经验证据[J].经济管理·新管理,2004(11)：46-51.
[20]刘斌、王珍.我国上市公司R&D费用市场认同度的实证研究.中国第二届实证会计国际研讨会论文集,December 13-14,2003.
[21]陆桔利.R&D与企业增长价值——我国上市公司的实证检验[J].经济论坛,2006(1)：126-127
[22]李丽青.企业R&D投入与国家税收政策研究[D].博士学位论文,西北大学,2006
[23]梁莱歆、熊艳.我国上市公司R&D费用披露现状及其改进建议[J].财务与会计,2005(10)：22-23
[24]梁莱歆、张焕凤.高科技上市公司R&D投入绩效的实证研究[J].中南大学学报(社会科学版),2005(2)：232-236
[25]李明辉.对会计的启示信号传递理论[J].广西会计,2001(4)：6-7
[26]刘小玄.现代企业的激励机制：剩余支配权[J].经济研究,1996(5)：161-169
[27]刘小玄.中国工业企业的所有制结构对效率差异的影响——1995年全国工业企业普查数据的实证分析[J].经济研究,2000(2)：17-25
[28]连燕华、于浩、郑奕荣.我国企业科技投入与产出分析[J].科学学与科学技术管理,[J]2003(4)：29-32
[29]刘运国、刘雯.我国上市公司的高管任期与R&D支出[J].管理世界,2007(1)：128-136
[30]皮永华、宝贡敏.我国企业多角化战略与R&D强度之间关系的实证研究——以浙江省为例[J].科研管理,2005(3)：76-82
[31]邵晓阳、苏敬勤、于圣睿.中国A股市场账面-市价比效应实证研究[J].中国管理科学,2004(12)：6-11
[32]宋献中、冯敏红.R&D费用逐利性研究[J].财会月刊,2004(1)：45-46
[33]王核成.R&D投入与企业成长的相关性研究[J].科学管理研究,2001(3)：13_16
[34]王化成、卢闯,李春玲.企业无形资产与未来业绩相关性研究——基于中国资本市场的经验证据[J].中国软科学,2005(1)：120-124
[35]王会芳、陈斌.科技型中小企业认定问题研究.研究报告,深圳证券交易所综 合研究所,2006
[36]王任飞.企业R&D支出的内部影响因素研究——基于中国电子信息百强企业之实证[J].科学学研究,2005(4)：225-231
[37]王珍.我国上市公司研究开发费用的市场反应及影响因素的实证研究[M].硕士学位论文,重庆大学,2004
[38]王志台.资本市场中的无形资产王国——来自上海股市的经验证据[D].上海：上海财经大学,2001
[39]吴国清、蔡祥.暂时性盈利、风险与市盈率——来自中国A股的证据[J].数量经济技术经济研究,2007(6)：120-128
[40]吴世农、李常青、余玮.我国上市公司成长性的判定分析和实证研究[J].南开管理评论,1999,4
[41]吴延兵.R&D与生产率——基于中国制造业的实证研究[J].经济研究,2006(11)：60-71
[42]徐金发、刘翌.企业治理结构与技术创新[J].科研管理,2002(4)：11-15
[43]徐晓东、陈小悦.第一大股东对公司治理、企业业绩的影响分析[J].经济研究,2003(2)：64-74
[44]薛求知、孔德洋.创新视角的企业持续竞争优势[J].经济理论与经济管理,2004(3)：51-54
[45]薛云奎、王志台.R&D的重要性及其信息披露方式的改进[J].会计研究,2001(3)：20-27
[46]许治、师萍.政府科技投入对企业R&D支出影响的实证分析[[J].研究与发展管理,2005(3)：22-26
[47]姚洋、章奇.中国工业企业技术效率分析[J].经济研究,2001(10)：13-19
[48]于宁.我国R&D经费支出绩效评价体系构建与实证研究(1995-2003)[J].上海经济研究,2005(9)：3-14
[49]曾晓洁、何小锋、晏青.市盈率隐含的公司业绩增长潜力——中国股市市盈率实证分析[J].经济科学,2002(3)：50-61
[50]周建锋.经济转轨时期中国国有企业的亏损：微观分析与宏观解释[J].四川行政学院学报,2007(3)：87-90
[51]富兰克：H 奈特,1921,风险、不确定性和利润[M].中国人民大学出版社,2005年11月第1版,283-284
[52]陈佳贵.关于企业生命周期与企业蜕变的探讨[J].中国工业经济,1995(11)：32-36
[53]陈小悦、徐晓东.股权结构、企业绩效与投资者利益保护[J].经济研究, 2001(11)：3-11
[54]方军雄.所有制与经营绩效之谜-政策优势还是管理优势?上海市社会科学届第四届学术年会文集(2006),管理科学卷,119-132。
[55]金玲娣、陈国宏.企业规模与R&D关系实证研究[J].科研管理,2001(1)：51-57
[56]徐欣,唐清泉.R&D活动、创新专利对企业价值的影响-来自中国上市公司的研究,[J].研究与发展管理,2010(8)；20-29
[57]逢淑嫒,陈德智.专利与R&D经费的相关性研究-基于全球R&D顶尖公司10年面板数据的研究[J].科学学研究,2009(10)：1500-1505
[58]刘伟、李丹.青岛市高新技术企业R&D投入与产出绩效研究[J].科技进步与对策,2010(2)：26-29
[59]财政部统计评价司.企业绩效评价工作指南.北京：经济科学出版社,2002
[60]Magnus et al,王鲁译,创新和制度之间的互动.演化和创新经济学评论[J].2011(1)：21-41
[61]吴义刚.交易成本、制度演进与经济绩效[J].经济问题,2008(7)：34-38
[62]任海云.基于公司治理的R&D投入与公司绩效关系研究[D].博士学位论文,西北大学,博士学位论文,2010
[63]吴超鹏.知识产权保护薄弱的国家如何发展高科技产业?[D].博士学位论文,厦门大学,博士学位论文,2009
[64]王龙伟,任胜钢,谢恩.合作研发对企业创新绩效的影响研究-基于治理机制的调节分析[J].科学学研究,2011(5)：785-792
[65]任海云,企业研发投入与绩效关系研究综述-从直接变量到调节变量的引入,科学学与科学技术管理[J].2010(2)：143-151
[66]程华,陈贤平.国外政府资助R&D投入经费和模式演变[J].科技进步与对策,2007(1)：149-151
[67]程华.直接资助与税收优惠促进企业R&D比较研究[J].中国科技论坛,2006(5)：56-59
[68]许治,吴辉凡.政府公共研发对企业研发行为的影响：国外研究评述[J].科研管理,2006(3)：45-51
[69]彭纪生,孙文祥,仲为国.中国技术创新政策演变与绩效实证研究(1978-2006)[J].科研管理,2008(7)：134-140
[70]刘凤朝,孙玉涛.我国科技政策向创新政策演变的过程、趋势和建议—基于我国289项创新政策的实证分析[J].中国软科学2007(5)：34-42
[71]程华,王婉君.我国创新政策的演变·基于政策工具的视角[J].未来与发展,2011(9)：16-21
[72]武欣.国内外创新政策的评述[J].经济研究参考,2010(42)：2-11
[73]程华,赵祥.企业规模,研发强度,资助强度与政府科技资助的绩效关系研究—基于浙江民营科技企业的实证研究[J].科研管理,2008(29)：37-43
[74]程华,赵祥.政府科技资助的溢出效应研究—基于我国大中型工业企业的实证研究[J].科学学研究,2009(27)：862-868
[75]陈劲,王飞绒.创新政策：多国比较和发展框架[M]浙江大学出版,2005年。
[76]鲍克,市场经济中的技术创新政策[J].科学学研究,1994(12)：47-54。
[77]古利平,张宗益,唐继军.专利与R&D资源：中国创新的投入产出分析[J].管理工程学报,2006(1)：147-151
[78]杨德伟,汤湘希.政府研发资助强度对民营企业技术创新的影响[J].当代财经,2011(12)：64-73
[79]肖丁丁,朱桂龙等.R&D投入与产学研绩效关系的实证研究[J].管理学报,2011(5)：706-712.
[80]陈爱贞,刘志彪.西方产学研联合推动机制的理论与实践及对中国的启示[J].当代财经,2010(4)：63-70.
[81]熊维勤.税收和补贴政策对R&D效率和规模的影响理论与实证研究[J].科学学研究,2011(5)：698-706
[1]Arrow, Kenneth J.1962.Economic Welfare and the Allocation of Resources for Invention, In Richard Nelson (ed.), The Rate and Direction of Inventive Activity. Princeton, N. J.:Princeton University Press.
[2]Fama, E. F. (1970), Efficient capital markets:A review of theory and empirical work, Journal of Finance,25 (2),383-417.
[3]Griliches, Z. (1981), Market value, R&D and patents Economics Letters,7 (2), 183-187.
[4]Griliches, Z. and J. Mairesse(1984), Productivity and R&D at the firm Level in Zvi Griliches (ed.), R&D, Patents, and Productivity, Chicago:The University of Chicago Press.
[5]Pakes, A. and Z. Griliches(1984), Patents and R&D at Firm Level A First Look, in Zvi Griliches (ed.), R&D, Patents, and Productivity, Chicago:The University of Chicago Press.
[6]Pakes, A. (1985), On patents, R&D, and the stock market rate of return, Journal of Political Economy,93,390-409.
[7]McConnell, J. J. and C. J. Muscarella (1985), Corporate capital expenditure decisions and the market value of the firm, Journal of Financial Economics,14 (3),399-422.
[8]Jaffe, A.B. (1986), Technological opportunity and spillovers of R&D:evidence from firms'patents, profits, and market value, American Economic Review,76 (5),984-1001.
[9]Cockburn, I. and Z. Griliches (1988), Industry effects and appropriability measures in the stock market's valuation of R&D and patents, American Economic Review,78 (2),419-423.
[10]Chan, S. H., Martin, J. D., and J. W. Kensinger J. W. (1990), Corporate research and development expenditures and share value, Journal of Financial Economics, 26 (2),255-276.
[11]Woolridge J. R., and C. C. Snow (1990), Stock market reaction to strategic investment decisions, Strategic Management Journal,11 (5),353-363.
[12]Fama, E. F. (1991), Efficient capital markets:Journal of Finance,46 (5), 1575-1617.
[13]Fama, E. F. and K. R. French (1992), The cross-section of expected sock returns, Journal of Finance,47 (2),427-465.
[14]Doukas, J. and L. Switzer (1992), The stock market's valuation of R&D spending and market concentration, Journal of Economics and Business,44 (2):95-114
[15]Hall, B. H. (1993a), Industrial research during the 1980s:did the rat of return fall Brookings Papers on Economic Activity. Microeconomics, (2),289-343.
[16]Hall, B. H. (1993b), The stock market's valuation of R&D investment during the 1980's American Economic Review,83 (2),259-264.
[17]Kelm K. M., Narayanan V. K., and G E. Pinches (1995), Shareholder value creation during R&D innovation and commercialization stages, Academy of Management Journal,38 (3),770-786.
[18]Szewczyck, S., Tsetsekos, G. P. and Z. Zantout, (1996), The valuation of corporate R&D expenditures:Evidence from investment opportunities and free cash flow, Financial Management,25 (1),105-110.
[19]Sundaram, A. K., John, T. A. and K. John (1996), An empirical analysis of strategic competition and firm values:The case of R&D competition, Journal of Financial Economics,40 (3),459-486.
[20]Lev, B. and T. Sougiannis (1996), The capitalization, amortization, and value-relevance of R&D, Journal of Accounting & Economics,21 (1),107-138.
[21]Zantout, Z. Z. (1997), A test of the debt-monitoring hypothesis:The case of corporate R&D expenditures, Financial Review,32 (1),21-48.
[22]Haneda, S., and H. Odagiri, (1998), Appropriation of returns from technological assets and the values of patents and R&D in Japanese high-tech firms, Economics of Innovation and New Technology,7 (4),303-322.
[23]Blundell, R., R. Griffith and J. Van Reenen (1999), Market share, market value and innovation in a panel of British manufacturing firms, Review of Economic Studies 66 (228),529-554.
[24]Bosworth, D. and M. Rogers (2001), Market value, R&D and intellectual property:An empirical analysis of large Australian firms, The Economic Record 77 (239),323-337.
[25]Toivanen, O., Stoneman, P. and D. Bosworth (2002), Innovation and market value of UK firms,1989-1995, Oxford Bulletin of Economics and Statistics 64 (1),39-61.
[26]Munari,F. and R. Oriani (2005),Privatization and economic returns to R&D investments Industrial and Corporate Change,14 (1),61-91.
[27]Hall, B.H., A.B. Jaffe and M. Trajtenberg (2005), Market value and patent citations, Rand Journal of Economics,36 (1),16-38.
[28]Hall B. H. and R. Oriani (2006). Does the market value R&D investment by European firms? Evidence from a panel of manufacturing firms in France, Germany, and Italy, International Journal of Industrial Organization,24 (5), 971-993.
[29]Bloch, C. (2008), The market valuation of knowledge assets Economics of Innovation and New Technology,17 (3),269-284.
[30]Oriani R. and M. Sobrero (2008), Uncertainty and the market valuation of&D within a real options logic, Strategic Management Journal,29 (4),343-361.
[31]Adams, J. D., and A. B. Jaffe (1996), Bounding the Effects of R&D:An Investigation Using Matched Establishment-Firm Data, Rand Journal of Economics,27,700-721.
[32]Bartelsman, E. J. (1990), Federally-Sponsored R&D and Productivity Growth. Working paper.
[33]Bartelsman, E. J., G Van Leeuwen, H. Nieuwenhuijsen, and K. Zeelenberg (1996), R&D and Productivity Growth:Evidence From Firm-Level Data For the Netherlands, Netherlands Official Statistics,11.
[34]Bayoumi, T., D. T. Coe, and E. Helpman (1996), R&D Spillovers and Global Growth, London:
[35]Bernstein, J. I. (1988), Costs of Production, Intra-and Inter industry R&D Spillovers:Canadian Evidence, Canadian Journal of Economics, Xxi,324-347.
[36]Bernstein, J. I., and T. P. Mamuneas (2004), R&D Depreciation, Stocks, User Costs and Productivity Growth For US R&D Intensive Industries, Ottawa, Ontario:Carleton University, Ottawa, and University of Leicester, UK.
[37]Bernstein, J. I., and P. Mohnen (1998), International R&D Spillovers Between U.S. and Japanese R&D Intensive Sectors, Journal of International Economics, 44,315-338.
[38]Bernstein, J. I., and M. I. Nadiri (1986), Financing and Investment in Plant and Equipment and Research and Development, in Prices, Competition, and Equilibrium, ed. by M. H. Peston,
[39]Bernstein, J. I., and M. I. Nadiri (1989), Research and Development and Intra-Industry Spillovers:An Empirical Applicaiton of Dynamic Duality, Review of Economic Studies,56,249-269.
[40]Bernstein, J. I., and X. Yan (1997), International R&D Spillovers Between Canadian and Japanese Industries, Canadian Journal of Economics,30,276-294.
[41]Bond, S., D. Harhoff, and J. Van Reenen (2003), Corporate R&D and Productivity in Germany and the United Kingdom, London:LSE CEP Discussion Paper No.
[42]Booz-Allen-Hamilton. (2006), Smart Spenders:The Global Innovation 1000. Web page presenting the report:www.boozallen.com/services_article/18054973
[43]Branstetter, L. (1998), Looking for international knowledge spillovers:A review of the literature with suggestions for new approaches,517-540.
[44]Chakrabarti, A. K., H. H. Glismann and E.-J. Horn (1992), Defence and Space Expenditures in the US:An Inter-Firm Analysis, Defence Economics,3, 169-189.
[45]Cohen, W. M. (1995), Empirical studies of innovative activity, in P. Stoneman (ed.), Handbook of the Economics of Innovation and Technological Change, Blackwell Handbooks in Economics,182-264.
[46]Cohen, W. M. and R. C. Levin (1989),'Empirical studies of innovation and market structure, in Handbook of Industrial Organization, Vol. Ⅰ
[47]Corrado, C., C. R. Hulten, and D. E. Sichel (2009), Intangible Capital and Economic Growth. Review of Income and Wealth 55 (3),661-685.
[48]Griliches, Z. (1986), Productivity, R&D, and Basic Research At the Firm Level in the 1970s, American Economic Review,76,141-154.
[49]Ali, A. (1994), "The incremental information content of earnings, working capital from operations, and cash flows," Journal of Accounting Research, Vol. 32, pp.61-74.
[50]Amir, E. and Lev, B. (1996), "Value-relevance of nonfinancial information:the wireless communications industry," Journal of Accounting and Economics, Vol. 22, No.1-3, pp.3-30.
[51]Anthony, J.H. and Ramesh, K. (1992), "Association between accounting performance measures and stock prices:a test of the life-cycle hypothesis," Journal of Accounting and Economics, Vol.15, pp.203-227.
[52]Audretsch, D.B., (1995), Innovation and Industry Evolution, The MIT Press, Cambridge, MA.
[53]Ayadi, O.F., Dufrene, U.B. and Obi, C.P. (1996), "Firm performance measures: temporal roadblocks to R&D?," Managerial Finance, Vol.22, pp.18-32.
[54]Bah, R. and Dumontier, P. (2001), "R&D intensity and corporate financial policy: some international evidence," Journal of Business Finance and Accounting, Vol. 28, pp.671-692.
[55]Balkin, D.B. and Gomez-Mejia, L.R. (1984), "Determinants of R&D compensation strategies in the high tech industry," Personnel Psychology, Vol. 37, pp.635-650.
[56]Banker, R.D., Chang, H. and Pizzini, M.J. (2004), "Balanced scorecard: judgmental effects of performance measures linked to strategy," The Accounting Review, Vol.79, No.1, pp.1-23.
[57]Beaver, W.H., Eger, C., Ryan, S. and Wolfson, M. (1989), "Financial reporting, supplemental disclosures, and bank share prices," Journal of Accounting Research, Vol.27, pp.157-178.
[58]Beldona, S.R., Chaganti, M., Habib, M. and Inkpen, A.C. (1997), "Industry variety, life-cycle stages, and performance:a dynamic perspective," Competitive Intelligence Review, Vol.8, pp.65-74.
[59]Bhagat, S. and Welch, I. (1995), "Corporate research and development investments, international comparisons," Journal of Accounting and Economics, Vol.19, pp.443-470.
[60]Black, E.L. (1998), "Life-cycle impacts on the incremental value-relevance of earnings and cash flow measures," Journal of Financial Statement Analysis, Vol. 4, No.1, pp.40-57.
[61]Boer, F.P. (1994), "Linking R&D to growth and shareholder value," Research Technology Management, Vol.37 Iss.3, pp.16-23.
[62]Bontis, N., Fitz-Enz, J. (2002), "Intellectual capital ROI:a causal map of human capital antecedents and consequents," Journal of Intellectual Capital, Vol.3, pp. 23-247.
[63]Bowen, R.M., Burgstahler, D. and Daley, L.A. (1987), "The incremental information content of accrual versus cash flows," The Accounting Review, Vol. 62, pp.723-747.
[64]Breznitz, D. (2005), "Development, flexibility and R&D performance in the Taiwanese IT industry:capability creation and the effects of state-industry coevolution," Industrial and Corporate Change, Vol.14, No.1, pp.153-187.
[65]Calantone, R.J. and di Benedetto, C.A. (1988), "An integrative model of the new product development process," Journal of Product R&D Management, Vol.5, pp. 201-215.
[66]Chauvin, K.W. and Hirschey, M. (1993), "Advertising, R&D expenditures and the market value of the firm," Financial Management, Vol.22, pp.128-140.
[67]Chen, L.C., Tsao, S.M. and Chi, H.Y. (2005), "Trademark value and accounting performance:analysis from corporate life cycle," The Journal of American Academy of Business, Vol.7 No.1, pp.106-112.
[68]Chen, M.C., Cheng, S.J. and Hwang, Y. (2005), "An empirical investigation of the relationship between intellectual capital and firms'market value and financial performance," Journal of Intellectual Capital, Vol.6, No.2, pp.159-176.
[69]Chen, H.L. and Huang, Y.S. (2006), "Employee stock ownership and corporate R&D expenditures:evidence from Taiwan's information-technology industry," Asia Pacific Journal of Management, Vol.23, pp.369-384.
[70]Chen, L.C., Tsao, S.M. and Chi, H.Y. (2006), "The relevance of patents for market value:a study of Chinese firms in different stock markets," International Journal of Management, Vol.23, No.3, pp.606-619.
[71]Cockburn, I. and Griliches, Z. (1988), "Industry effects and appropriatability measures in the stock market's valuation of R&D and patents," The American Economic Review, Vol.78, No.2, pp.419-423.
[72]Deeds, D.L. (2001), "The role of R&D intensity, technical development and absorptive capacity in creating entrepreneurial wealth in high technology start-ups," Journal of Engineering and Technology Management, Vol.18, No.1, pp.29-47.
[73]Deng, Z., Lev, B. and Narin, F. (1999), "Science and technology as predictors of stock performance," Financial Analysis Journal, Vol.55, No.3, pp.20-32.
[74]Edvinsson, L. and Malone, M.S., (1997), Intellectual Capital:Realizing Your Company's True Value by Finding its Hidden Brainpower, Harper Business, New York.
[75]Foster, R.N. (2003), "Corporate performance and technological change through investors'eyes," Research Technology Management, Vol.46, No.6, pp.36-43.
[76]Freeman, C. and Soete, L., (1997), The Economics of Industrial Innovation, The MIT Press, Cambridge, MA.
[77]Heskett, J. L., Thomas O. J., Gary, W., Loveman, W., Sasser, E., Schlesinger, L. A. (1994), "Putting the service-profit chain to work," Harvard Business Review,Vol.72, No.2, pp.164-174.
[78]Intriligator, M.D., (1978), Econometric models, Techniques and Applications, Prentice Hall, Englewood Cliffs, NJ.
[79]Ittner, C.D. and Larcker, D.F. (1998), "Are non-financial measures leading indicators of financial performance? An analysis of customer satisfaction," Journal of Accounting Research, Vol.36, pp.1-34.
[80]Ittner, C.D. and Larcker, D.F. (2003), "Coming up short on non-financial performance measurement," Harvard Business Review, Vol.81, No.11, pp. 88-95.
[81]Johnson, J.T., Busbin, J.W. and Pearce, J.W. (1999), "Market tracking, research and development and international competition:an examination of linkages to profitability," Competitiveness Review, Vol.9, pp.28-35.
[82]Keating, E., Lys, T.J. and Magee, R2.P. (2001), "The internet downturn:finding valuation factors in spring 2000," Working Paper (Northwestern University).
[83]Kleinknecht, A., (1996), Determinants of Innovation, Macmillan, London.
[84]Lau, R.S.M. (1998), "How does research and development intensity affect business performance?," South Dakota Business Review, Vol.57, No.1, pp.4-8.
[85]Lev, B. and Sougiannis, T. (1996), "The capitalization, amortization and value-relevance of R&D," Journal of Accounting Economics, Vol.21, pp. 107-138.
[86]Li, J., Lam, K. and Fang, Y. (2000), "Manufacturing firms'performance and technology commitment-the case of the electronics industry in China," Integrated Manufacturing Systems, Vol.11, No.6, pp.385-392.
[87]Liang, C.J. and Yao, M.L. (2005), "The value-relevance of financial and non-financial information-evidence form Taiwan information electronics industry," Review of Quantitative Finance and Accounting, Vol.24, No.2, pp. 135-158.
[88]Litz, R.A. and Kleysen, R.F. (2001), "Your old men shall dream dreams, your young men shall see visions:toward a theory of family firm R&D with help from the Brubeck family," Family Business Review, Vol.14, No.4, pp.335-352.
[89]Mairesse, J. and Mohnen, P. (2004), "The importance of R&D for innovation:a reassessment using French survey data," The Journal of Technology Transfer, Vol.30, No.1-2, pp.183-197.
[90]Miha, S., Mojca I. S., Rok. S., Vlado. D. (2007), "Organizational learning culture—the missing link between business process change and organizational performance," International Journal of Production Economics,Vol.106, pp. 346-367.
[91]Mueller, D.C. (1972), "A life-cycle theory of the firm," Journal of Industrial Economics, Vol.20, pp.199-219.
[92]Neter, Kutner, Nachtshem and Wasserman., (2011), Applied Linear Statistical Models, Richard D. Irwin, Illinois.
[93]Ohlson, J. (1995), "Earning, book values and dividends in equity valuation," Contemporary Accounting Research, Vol.11, No.2, pp.661-687.
[94]Osawa, Y. and Yamasaki, Y. (2005), "Proposal of industrial research and development performance indices," R&D Management, Vol.35, No.4, pp. 455-461.
[95]Rajgopal, S., Venkatachalam, M. and Kotha, S. (2002), "Managerial actions, stock returns, and earnings:the case of business-to-business internet firms," Journal of Accounting Research, Vol.10, pp.529-556.
[96]Palepu, K.G, Bernard, V.L. and Healy, P.M., (2010), Business Analysis and Valuation using Financial Statements, South-Western, Cincinnati.
[97]Pfeiffer, R.J., Elgers, P., Lo, M.H. and Ress, L.L. (1998), "Additional evidence on the incremental information content of cash flows and accruals:the impact of errors in measuring market expectations," The Accounting Review, Vol.73, pp. 373-385.
[98]Rink, D.R. and Swan, J.E. (1979), "Product life-cycle research:a literature review," Journal of Business Research, Vol.30, pp.219-247.
[99]Robinson, K.C. (2008), "An examination of the influence of industry structure on eight alternative measures of new venture performance for high potential independent new ventures," Journal of Business Venturing, Vol.15, pp.165-187.
[100]Schumpeter, J., (1942), Capitalism, Socialism, and Democracy, Harper and Row, New York.
[101]Shefer, D. and Frenkel, A. (2009), "R&D, firm size and innovation:an empirical analysis," Technovaiton, Vol.25, pp.25-32.
[102]COHEN W, LEVINTHAL D.Absorptive capacity:A new perspective on learning and innovation[J].Administrative Science Quarterly,1990,35(1):128-152.
[103]ZAHRA S A, GEORGE G. Absorptive capacity:A review, reconceptualization, and extension[J].Academy of Management Review,2011,27(2):185-203.
[104]Tsang, E.W.K.(1999).A preliminary typology of learning in international strategic alliances. Journal of World Business,34(3),211-229
[105]MANCUSI, M. L. AND A. VEZZULLI (2010):"R&D, Innovation and Liquidity Constraints," KITeS Working Papers 030, KITeS, Centre for Knowledge, Internationalization and Technology Studies, Universita'Bocconi, Milano,Italy.
[106]FRANCOIS, P. AND H. LLOYD-ELLIS (2009):"Schumpeterian Business Cycles with Pro-Cyclical R&D,"Review of Economic Dynamics,12,567-591.
[107]Heeley, M. B., and Jacobson, R. (2008), "The Recency of Technological Inputs and Financial Performance," Strategic Management Journal, Vol.29, No.7, pp. 723-744.
[108]Fujita S.A..Strategy for Corporate Innovation[M].Tokyo:Asian Productivity Organiztion,1997
[109]Nakahara Innovation in a borderless World Economy [J] Research Technology Management,1997
[110]Bayh-Dole. The Next 25 Years.(2007-7-17). http://democrats.science.house.gov.