当前，中国经济发展已由高速增长阶段进入高质量发展阶段，而高质量发展需要 坚实的微观基础，企业正是提高经济增长质量的微观主体，只有企业实现了高质量发 展才能从根本上推动经济增长方式从粗放型向集约型的转变，技术发展是实现企业高 质量发展的根本路径，技术创新是实现技术发展的关键。当前，技术创新在企业实现 高质量发展过程中发挥着越来越重要的作用，研发投入作为技术创新的物质基础以及 重要前提，对企业财务绩效的提升以及企业高质量发展具有重大的促进作用。开展高 质量发展背景下研发投入对装备制造企业财务绩效的影响研究，阐明高质量发展背景 下研发投入对装备制造企业财务绩效的影响，具有重要的理论意义和实际意义。 本文在对国内外关于研发投入对企业财务绩效影响研究成果梳理的基础上，对于 研发投入对装备制造企业财务绩效的总体影响、研发投入对装备制造企业创新产出的 影响、创新产出对装备制造企业财务绩效的影响以及创新产出的中介作用进行分析。 构建了高质量发展背景下研发投入对装备制造企业财务绩效的影响模型。结合装备制 造企业行业特点，构建了高质量发展背景下装备制造企业财务绩效测度指标。本文以 480家装备制造上市企业2015-2018年相关数据为研究对象进行实证研究，从高质量 发展背景下研发投入对装备制造企业财务绩效影响的回归分析、研发投入对装备制造 企业创新产出影响的回归分析、创新产出对装备制造企业财务绩效影响的回归分析以 及创新产出对装备制造企业财务绩效的中介作用分析等方面实证检验了高质量发展背 景下研发投入对装备制造企业财务绩效的影响。根据实证评价结果，从建立健全研发 创新及风险防控机制、积极有效开展研发创新活动、加快技术创新产出的有效转化、 制定明确的装备制造企业财务绩效评价考核标准、完善财务信息披露制度等方面，提 出高质量发展背景下提升研发投入对装备制造企业财务绩效的对策建议。 关键词：高质量发展；装备制造企业；研发投入；财务绩效 高质量发展背景下研发投入对装备制造企业财务绩效影响研究 Abstract At present, China's economic development has entered the stage of development of high quality by the high-speed growth stage, and high quality development needs solid micro foundation, enterprise is the micro main body, to improve the quality of economic growth can only be fundamentally enterprises to realize high quality development promote the economic growth mode from extensive to intensive changes, technological progress is the fundamental path to realize high quality development, technological innovation is the key to realize technological progress. At present, technological innovation plays an increasingly important role in the process of realizing high-quality development of enterprises. As the material foundation and important premise of technological innovation, R&D investment has a significant impact on the improvement of financial performance and high-quality development of enterprises. It is of great theoretical and practical significance to study the impact of R&D investment on the financial performance of equipment manufacturing enterprises under the background of high-quality development and to clarify the impact of R&D investment on the financial performance of equipment manufacturing enterprises under the background of high-quality development. Based on the impact on the financial performance of R&D results, on the basis of combing for R&D financial performance of the overall impact of equipment manufacturing enterprises, the influence of R&D investment on equipment manufacturing enterprise innovation output, innovation output of equipment manufacturing enterprise financial performance and the influence of the innovation output of intermediary role for analysis. The influence model of R&D investment on the financial performance of equipment manufacturing enterprises under the background of high quality development is established. Based on the characteristics of equipment manufacturing enterprises, the financial performance measurement index of equipment manufacturing enterprises under the background of high-quality development is constructed. This paper takes 480 listed equipment manufacturing enterprises related data in 2015-2018 as the research object for empirical research, from high quality development under the background of the impact of R&D investment on equipment manufacturing enterprise financial performance regression 哈尔滨工程大学硕士学位论文 analysis, research and development into regression analysis of the impact of equipment manufacturing enterprise innovation output, innovation output of equipment manufacturing enterprise financial performance impact of regression analysis, the innovation output of equipment manufacturing enterprise financial performance of the mediation role analysis empirically aspects such as the high quality development under the background of the influence of R&D investment on equipment manufacturing enterprise financial performance. According to the results of the empirical evaluation from establishing and perfecting the innovation and risk prevention and control mechanism, the positive and effective to carry out research and development innovation, speed up technological innovation output of effective transformation, setting clear equipment manufacturing enterprise financial performance evaluation assessment standards, improve the system of financial information disclosure and so on, puts forward the development of high quality under the background of improving the performance of R&D investment on equipment manufacturing enterprise financial countermeasures and suggestions Keywords: High-quality development; Equipment manufacturing enterprise; R&D investment; Financial performance 高质量发展背景下研发投入对装备制造企业财务绩效影响研究 目 录 第1章 绪论..1 1.1 论文研究的背景、目的和意义...................1 1.1.1 论文研究背景.....1 1.1.2 论文研究目的和意义........................2 1.2 国内外研究现状............3 1.2.1 国外相关研究.....3 1.2.2 国内相关研究.....5 1.2.3 国内外研究现状评述........................9 1.3 论文研究内容及方法..10 1.3.1 论文研究内容...10 1.3.2 论文研究方法...11 1.4 论文创新之处..............13 第2章 高质量发展背景下研发投入对装备制造企业财务绩效影响的基础理论研究....15 2.1 高质量发展与装备制造企业研发投入的关系分析................15 2.1.1 高质量发展概念的界定..................15 2.1.2 装备制造企业在高质量发展过程中的特殊地位.........16 2.1.3 高质量发展对装备制造企业研发投入的要求.............18 2.1.4 装备制造企业研发投入对高质量发展的支撑作用.....19 2.2 高质量发展背景下装备制造企业财务绩效的概念及特征....19 2.2.1 企业财务绩效的概念......................19 2.2.2 高质量发展背景下装备制造企业财务绩效的特征.....20 2.3 高质量发展背景下研发投入对装备制造企业财务绩效影响的相关性假设.......21 2.3.1 研发投入对装备制造企业财务绩效的总体影响.........21 2.3.2 研发投入对装备制造企业创新产出的影响.................22 2.3.3 创新产出对装备制造企业财务绩效的影响.................24 2.3.4 创新产出的中介效应......................25 2.4 高质量发展背景下研发投入对装备制造企业财务绩效的影响模型构建...........26 2.5 本章小结......................26 第3章 高质量发展背景下研发投入对装备制造企业财务绩效影响的变量与测度........27 哈尔滨工程大学硕士学位论文 3.1 样本选择及数据来源..27 3.1.1 样本选取...........27 3.1.2 数据来源...........27 3.2 高质量发展背景下研发投入对装备制造企业财务绩效影响的变量...................27 3.2.1 被解释变量——财务绩效..............27 3.2.2 解释变量——研发投入..................28 3.2.3 中介变量——创新产出..................29 3.2.4 控制变量...........29 3.3 高质量发展背景下装备制造企业财务绩效的测度................30 3.3.1 财务绩效的测度方法......................30 3.3.2 财务绩效的测度指标......................32 3.3.3 KMO检验和Bartlett检验...............35 3.3.4 因子分析...........36 3.4 本章小结......................38 第4章 高质量发展背景下研发投入对装备制造企业财务绩效影响的实证研究............39 4.1 高质量发展背景下研发投入对装备制造企业财务绩效影响的变量相关性分析39 4.1.1 研发投入对装备制造企业财务绩效影响的变量描述性统计....................39 4.1.2 研发投入对装备制造企业财务绩效影响的相关性分析............................40 4.2 高质量发展背景下研发投入对装备制造企业财务绩效影响的变量回归分析...42 4.2.1 研发投入对装备制造企业财务绩效影响的回归分析.42 4.2.2 研发投入对装备制造企业创新产出影响的回归分析.45 4.2.3 创新产出对装备制