高新技术企业R D投入强度与企业业绩--基于会计和市场业绩对比的激励契约设计

摘要

This paper takes the panel data of high-tech companies listed in Chinese Growth Enterprise Market from 2009 to 2012 as samples,and uses accounting and market performance measures to study the relationship between high-tech companies’performance and R&D intensity.The result shows that there is an inverted U-shaped relationship between high-tech companies’performance and R&D intensity.Further researches also show that:(1 )R&D intensity which a-chieves the highest market performance is higher than the accounting one;(2)compared with the decreasing performance proceed,the sensitivity of performance to R&D intensity when the performance is increasing is higher;(3)the sensitivity of accounting performance to R&D intensity is lower than the market performance.Therefore,the companies have to weigh the R&D intensity level according to expecting its performance,and the incentives based on market performance are more con-ducive for enterprises to increase R&D investment and improve the efficiency of R&D activities.%以2009～2012年中国创业板高新技术上市公司的面板数据作为样本，使用会计和市场业绩计量指标，研究了高新技术企业业绩与R＆D投入之间的关系。结果表明高新技术企业业绩与其R＆D投入强度之间存在倒U型关系，随着R＆D投入强度的增加，公司业绩先逐渐上升而后逐步下降。进一步的研究还发现：（1）实现最高市场业绩时的R＆D投入强度要高于会计业绩最高时的R＆D投入强度；（2）与业绩下降时相比，上升阶段业绩对R＆D投入强度的敏感性更高；（3）市场业绩对R＆D投入强度的敏感性高于会计业绩对R＆D投入强度的敏感性。因此，企业需根据其要实现的会计或市场业绩权衡R＆D投入强度。基于市场业绩的激励政策更有利于企业加大R＆D投入，提高研发投资活动效率。