论文总字数：27220字

摘 要

随着资本市场建立和经济全球化进程，科技成为第一生产力，研发能力成为一个企业屹立不倒的核心能力。近年来，企业对研发活动的重视程度增加，花费在研发项目上的投资比重也越来越大，研发投入成为一个企业不断提高其技术研发能力的必要条件。同时，经济发展带来了资源浪费和环境恶化等诸多的生态问题，特别是近年来雾霾问题严重威胁到人们正常的生活和身体健康，环保事业成为政府和人们愈发重视和强调的内容，PM2.5概念股上市公司成为一个热门话题。类似PM2.5概念股上市公司这类的环保企业，乃至所有企业的研发投入与企业价值的关系研究已经进行了多年。但另一个现象是，人们总是在环境污染加重时更关注环保企业，而一旦环境问题得到暂时缓解，这种关注就会减弱。那么，在考虑了雾霾等级的情况下，霾预警等级、研发投入与PM2.5概念股上市公司企业价值的关系会如何呢？

本文以独到的视角选择39家PM2.5概念股上市公司2014至2015年的数据作为研究样本，将环境因素与经济结果联系到一起，旨在探寻研发投入和霾等级对这一类公司企业价值的影响。将归纳演绎和实证研究方法相结合，以企业股票价值作为因变量，Ramp;D支出与空气质量指数分别为自变量，同时引入控制变量后建立多元线性回归模型，通过回归分析得出：研发投入、霾等级与PM2.5概念股上市公司企业价值有显著的正相关关系。

本文共分为五章：第一部分绪论介绍了本研究的背景、意义，评述国内外已有的研究成果并提出本文的逻辑脉络及研究方法；第二部分是基础概念和理论，介绍本文的理论基础和相关概念；第三部分是研究的具体设计，提出假设，决定量化指标、数据来源和回归模型；第四部分是实证分析，梳理回归结果及假设验证情况；最后一部分总结结论、提出政策意见和本文的不足与展望。

关键词：研发投入；霾预警等级；企业价值；PM2.5概念股企业

Abstract

With the establishment of the capital market and the process of economic globalization, science and technology have become the primary productive force, and the ability of Ramp;D innovation has become the core competence of an enterprise. In recent years, enterprises attach increased attention to the Ramp;D activities, and the proportion of investment in Ramp;D projects is also growing, Ramp;D investment has become the necessary condition for an enterprise to improve its scientific and technological innovation capacity. At the same time, the growth of GDP brings about the ecological problems caused by the waste of resources and environmental degradation, etc., which has been a serious threat to people's normal life and health. Environmental protection has become the content government and people increasingly attached importance to. A study on the relationship between Ramp;D investment and enterprise value has been a hot topic in the international economic field. Since 2007 after the release of the new accounting standards, China has had a large number of relevant research materials. As the environmental problem appeared in public view these two years, haze is almost a blank for the economic research.

This paper uniquely selects data from 39 listed companies of PM2.5 concept stock from 2014 to 2015 as the research sample, connecting environmental factors and economic results together, to explore the influence of Ramp;D investment and haze levels in this type of corporate value. By using the method of induction, deduction and empirical research, the paper considers enterprise stock value as explained variable, while research expenditure and air quality index as the explanatory variables, introducing relevant control variables to construct the multivariate linear regression model. Through empirical research: there are significant positive correlations between Ramp;D investment, haze level and PM2.5 stocks enterprise value.

This paper is divided into five parts: the first part introduces the research background, the significance of study, and the existing domestic and international literature review and proposes the research ideas and methods; the second part is the basic concept and theory, providing a theoretical and conceptual knowledge; the third part is the research design, combined with the theory to propose assumptions and determine the variables, data sources and regression model; the fourth part is the empirical analysis, empirical analysis of the regression and hypothesis testing results; the last part summarizes the conclusions, innovation and problems of this paper and puts forward some constructive suggestions.

KEY WORDS: Ramp;D Investment, Haze Warning Level, Enterprise Value, PM2.5 Listed Companies

目 录

摘 要 I

Abstract II

第一章 绪论 1

1.1研究背景 1

1.2研究意义 2

1.2.1研究的理论意义 2

1.2.2研究的现实意义 2

1.3研究框架与方法 2

1.3.1研究框架 2

1.3.2研究方法 3

第二章 文献综述与理论基础 4

2.1文献综述 4

2.1.1研发投入与企业价值关系的相关研究 4

2.1.2霾等级的相关研究 5

2.1.3小结 6

2.2理论基础 6

2.2.1研发投入的内涵与界定 6

2.2.2霾等级的内涵与界定 7

2.2.3企业价值的内涵与界定 8

2.2.4 PM2.5概念股企业的内涵与界定 8

第三章 研究设计 10

3.1理论分析与研究假设 10

3.2样本选择 10

3.3变量设置 11

3.4模型构建 13

第四章 实证分析 14

4.1描述性统计分析 14

4.2多元回归分析 15

4.3稳健性检验 17

第五章 研究结论与建议 18

5.1研究结论 18

5.2政策建议 18

5.3本文的不足与展望 19

参考文献 21

附 录 22

致 谢 23

第一章 绪论

1.1研究背景

随着“建设创新型国家”的大力推行，政府和企业都认识到科研和创新能力对于一个民族、一个组织的长久发展有着关键的意义。与此同时，经济全球化现象日益加强，企业进入市场的渠道越来越多，进入成本随之降低，导致市场新进入者大幅增加。经济市场上的竞争越来越猛烈，不光要和本国的同业务企业抗衡，可能还要面临着和国外企业以及其他跨业务经营企业的角逐。市场拥有的资源越来越稀缺，经济环境的变化也愈发频繁，“科技时代”的到来使得企业经营早已不像旧时代一样，靠守护着老业务老技术老产品就可以世代承袭，现如今只有不断创新进步的企业才能应对市场环境中的各种变化和更新替换的压力，才有能力留住长期顾客，吸引潜在的其他消费者，得以长久生存，否则企业固步自封最终都只能惨遭市场淘汰。

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