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The relationship between research and development spending and shareholder returns in high technology industries.

机译：高科技行业的研发支出与股东回报之间的关系。

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摘要

This research explores the relationship between stockholder value creation and corporate R&D spending levels in fast-paced, high technology industries. R&D expenditures, expressed as a percent of revenues at the firm level, are correlated to the return to shareholders in later years. The semiconductor, computer, and software industries were selected as fast-paced industries. The pharmaceutical industry, a high-technology industry with a longer new product development and introduction cycle than the fast-paced industries, was chosen for comparison.; The years 1992–1994 were used to set the firms' routine R&D spending levels as a percent of revenues. Stockholder returns by firm were calculated as the compound annual return over the years 1993–1997, including both share price changes and reinvested dividends.; The industries with a fast-paced rate of change were found to have a negative relationship between routine R&D spending intensity and the actual stockholder returns experienced in succeeding years. The comparison industry, pharmaceuticals, tended to have a positive relationship between firm R&D intensity and the subsequent shareholder returns. The consistently negative correlation between firm R&D intensity and compound annual returns to shareholders in the fast-paced industries suggests that firms in those industries are overspending on R&D at the expense of their shareholders. The results of this work may have strategy implications for setting and managing R&D budgets in fast-paced technology firms.
机译：这项研究探索了在快节奏的高科技行业中，股东价值创造与公司研发支出水平之间的关系。研发支出（以公司收入的百分比表示）与以后几年的股东回报相关。半导体，计算机和软件行业被选为快节奏的行业。相比之下，制药行业是高科技行业，其新产品开发和引入周期比快节奏行业更长。 1992-1994年用于设置公司的常规R＆D支出水平（占收入的百分比）。公司的股东收益被计算为1993-1997年的复合年收益，包括股价变动和再投资股息。发现变化速度快的行业在常规R＆D支出强度和后续年份实际的股东回报之间具有负相关关系。比较行业（制药业）往往在公司研发强度与随后的股东回报之间具有正相关关系。在快速发展的行业中，企业的研发强度与股东的复合年收益之间一直存在负相关关系，这表明这些行业的企业在研发方面的支出过多，却以牺牲股东利益为代价。这项工作的结果可能对制定和管理快节奏的技术公司的研发预算具有战略意义。

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  • 作者

    Mank, Darrel Aloysius.;

  • 作者单位

    University of Missouri - Rolla.;

  • 授予单位 University of Missouri - Rolla.;
  • 学科 Engineering General.; Business Administration Management.; Economics Finance.
  • 学位 Ph.D.
  • 年度 2002
  • 页码 95 p.
  • 总页数 95
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 工程基础科学;贸易经济;财政、金融;
  • 关键词

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