中国高科技企业价值创造的中介效应研究

胡亚敏1; 苗连琦1; 袁中华2

中国高科技企业价值创造的中介效应研究

引用本文：胡亚敏1,苗连琦1，袁中华2.中国高科技企业价值创造的中介效应研究[J].财经理论与实践,2018,(2):130-135

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作者	单位
胡亚敏1,苗连琦1，袁中华2	（1.江苏师范大学商学院，江苏徐州 221116；2.广西科技大学财经学院，广西柳州 545006）

中文摘要:以高科技企业为样本，研究其在研发投入实现价值创造过程中由创新深度和创新广度两个因素所产生的中介效应。结果表明：我国高科技企业研发费用率与企业的ROA和ROE呈显著正向关系，研发费用率与企业价值不相关。研发费用率与研发广度之间的相关性不显著，研发费用率与创新深度之间在1%的显著性水平下呈现显著的正相关关系，研发费用率越高，创新深度越强，创新广度与创新深度是企业研发费用率与企业绩效之间的显著中介变量，但创新广度与创新深度不是企业研发费用率与企业市场价值之间的显著中介变量。

中文关键词:研发投入创新深度创新广度价值创造

The Mediating Effect of Value Creation in China High Tech Enterprises

Abstract:With the high-tech enterprises as samples, the mediating effect between the two factors during the value creation is investigated. The research result shows that the impact of R&D expenditure on ROA and ROE is significantly positive. The relationship between R&D rate and firm value is irrelevant. At the same time, no significant correlation between the R&D and R&D breadth, while R&D depth shows a significant positive correlation with R&D rate at 1% of the significance level. The higher the R&D rate, the stronger the R&D depth. R&D breadth and R&D depth are significant mediating variables between R&D costs and firm performance, but they are not significant mediating variables between R&D costs and firm market value.

keywords:R&D investment depth of innovation breadth of innovation value creation

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