中文摘要：

如何衡量企业R＆D的价值是创新经济学理论与实证研究的一大难题。本文拓展了由Griliches（1981）开创的资产-价值模型,并应用于中国证券市场,测算出2003-2014年中国制造业上市公司的R＆D价值。研究发现：（1）资产-价值模型可以较好地解释中国制造业上市公司的企业价值构成;（2）同等投入下,R＆D的价值高于有形资产,低于组织资产;（3）与发达国家相比,中国制造业上市公司R＆D价值较低;（4）制造业上市公司的R＆D价值从2007年至2014年呈下降趋势。本文通过合理估算组织资产和非流通股的价值,并从行为金融视角,创新性地引入半年期动量指标来控制投资者情绪对企业价值的影响,对资产-价值模型作出拓展,为解决如何衡量中国企业R＆D价值这一难题提供了可行方案。

英文摘要：

How to measure the value of enterprises＇ R＆D investments is a big problem for the theoretical and empirical study on innovation economics. We expand the Griliches＇ Asset-Value Model （1981） and apply it to Chinese stock market. Then we calculate the R＆D investment＇s relative value of Chinese Manufacturing Listed Companies （CMLCs） from 2003 to 2014 for the first time. The study finds that： （ 1 ） Assets-Value Model can preferably explain the enterprises＇ value composition of CMLCs; （2） the value of R＆D is higher than the same input to the tangible assets, lower than the same input to the organi- zational assets; （3） CMLCs＇ R＆D value was in a downward trend from 2007 to 2014. Furthermore, by reasonably calculating the value of CMLCs＇ restricted stocks, estimating the organizational capital and introducing a half-year momentum indicator to control the influence of investors＇ sentiments to the value of enterprises, this paper tries to develop the Asset-Value Model and provides a feasible solution to the problem of measuring the value of Chinese enterprises＇ R＆D investment.