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目的:分析上市中药企业科技投入对财务指标的时效影响。方法:根据2003~2012年间上市中药企业财务报表,统计每个年度下所有企业的平均研发费用及平均财务指标,通过分析经过τ年时间校正的平均研发费用与平均财务指标间的相关系数R(τ)随校正时间τ的变化,确定科技投入对企业财务指标影响的滞后年限。结果:研发费用对流动比率、总资产周转率的影响分别滞后2年、4年;对资产报酬率、净资产收益率及主营业务收入的影响均滞后5年。结论:上市中药企业科技投入对财务指标的作用具有2~5年的迟滞效应,文章为定量分析科技投入对不同财务指标的滞后效应提出了切实可行的方法。
Objective: To analyze the time-effect of financial input by science and technology investment of listed TCM enterprises. Methods: Based on the financial statements of listed TCM enterprises from 2003 to 2012, the average R & D expenses and average financial indicators of all enterprises under each year were calculated. The correlation coefficient R between the average R & D expenditure and the average financial indicator τ) changes with the correction time τ, to determine the impact of science and technology inputs on the financial indicators lag time. Results: The impact of R & D expenses on current ratio and total asset turnover lagged by 2 years and 4 years, respectively, and lagged 5 years on the return on assets, return on net assets and income from main operations. CONCLUSION: The effect of S & T investment by listed TCM companies on financial indicators has a hysteresis effect of 2 to 5 years. The article provides a feasible method for quantitatively analyzing the lag effect of S & T inputs on different financial indicators.