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1、Author:SupervisorABSTRACTCurrently, low-carbon economy has become the trend of the global economy, and itsdevelopment will surely usher a new industrial revolution . Faced with a bright future andtremendous business opportunities, the Chinese enterprises primary task are absorbing newtechnologies an

2、d building low-carbon core competitiveness. In the development oflow-carbon economy, domestic and foreign scholars basically have achieved a consensus:Through the development and use of low-carbon technologies is a key way to reduceemissions. Therefore, technological innovation is the most important

3、 way to developlow-carbon economy, and to improve enterprises low-carbon core competitiveness. In viewof this, with the purpose to make enterprises realize the urgency of developing a low-carboneconomy, encourage them to implement low-carbon technological innovation, and achieveeconomic and environm

4、ental benefits, the article selected the representative of low-carbonenterprisesthe listed companies in low-carbon economy plate to analyze the impact oftechnological innovation on financial performance, in order to find motivation and base forenterprises to develop low-carbon economy.Firstly, on th

5、e basis of literature research, the article established the financialperformance indicators system for low-carbon enterprises, selected a representative of thefinancial performance indicators and technological innovation indicators, and put forward thehypotheses from five aspects. Then, according to

6、 the types of indicators, it built the modifiedCobb-Douglas (Cobb-Douglas) production function model and multiple linear regressionmodel two mathematical models. The last is the empirical analyses. The article selected 44listed companies in Low-carbon economy Plate as the research object, used 2006-

7、2010 paneldata, applied SPSS 17.0and Excel 2003 statistical analysis software, and saw socialresponsibility factors as independent variable, the financial performance factor as thedependent variable. The relationship between financial performance factors and low-carbontechnological innovation was ac

8、hieved through multiple linear regression analysis at the end,to solve the impact of their social responsibility on current and later financial performance.Research found: In the short term, the R&D investment only impacted on profitability andsolvency. The R&D personnel investment did not affect al

9、l aspects of the current financialperformance, but affected the future financial performance. In addition, the effect of R&Dinvestment existed a certain lag, and the effect of two years lag was better than the effect of ayear lag. Besides it, the R&D investment also had a significant cumulative effe

10、ct: R&Dinvestment in each year will have an effect on corporate performance in next years.KEY WORDSLow-carbon Economy, Low-carbon Economy Plate, TechnologicalInnovation, Financial PerformanceIII112009112622-42011520096R&D3SPSSEXCEL144234-Cobb-Douglas-Cobb-DouglasSPSS17.0EXCEL20031.151.11.21.26200720

11、90152009Low Carbon Economy789200912107000826LED000012CCS002204002255600309600649600475IGCC300055002028000970000839A20600550innovation000930600674J.A.Schumpeter19128511241320S.C.Solo501951J.L.Enos196212R.Nueser1391219921319971419991520061620101710R&DR&DTFPMFPTzouvelekas1997Mathijs1999Dhehibi2007Tremb

12、lay 1998Odeck2001ArcelusNasierowski20002003R&DGDP2003Gong Huang2004200620072.1112.112Tzouvelekas et al.1997Mathijs&Gejza 1999Dhehibi et al. 2007Tremblay 1998Odeck&Alkadi 2001Arcelus&Arocena2000Nasierowski&Arcelus20032003Gong Huang WangXin-yu 200420062007GDPR&DR&DR&DR&DResearch and Development R&DUNE

13、SCOR&DR&D18OECD19R&D2013114234515671162Economic Value AddedStakeholderBalanced Scorecard1951Ralph Cording802017182.22.32.4R&D21(1999)11% R&D89%R&D222002R&D23(2004)Booz-Allen-Hamilton2006R&D242007R&D25Oswald 200819R&D26Hirschey (1985)Q27Morbey(1989)Lewis D.Johnson28199329Sougiannis(1994)R&D 72 530Den

14、g (1999)R&D31Chan (2001)K ee H.Chung32(2003)R&D33(2005)R&DR&D34(2006)R&D35(2011)R&DR&D362001R&D372005R&DCazavan-Jeny382006392011( )402011R&DR&D20R&DR&DR&DR&DR&DR&DR&DR&D2120062010R&DR&DGriffm1997197219975180199741Preston4244200343201145112220053.1233.124/= +/2/= +/ *100%/ *100%/ *100%/ *100%/= +/2/

15、=+ /2/=(+ )/2/= +/2/ *100%/ *100%/ *100%25R&D4520112009463.24426(000969)(600111)R&DR&DR&D / *100%/ *100%/ *100%/ *100%08(600456)(600875)(002083)(000619)(600478)(002088)(000826)(002009)(002076)00208000083908(000786)(002011)(600256)(600475)(600328)A(000012)(600884)(600550)(600309)000777600848(600649)(

16、600563)(600202)(600586)(600423)(600366)(002028)(002058)600206000970622008-2010(600674)(000541)(000155)(600160)(600388)(600636)(600590)(600416)6002616001104420062010R&DR&D27H1R&DR&DH1.1H1.2R&DR&D28H2Galai and Masulis1976H2.1H3H3.1R&DR&D29R&DSchumPeter 191248Solvay491998R&DS.David youngH4 R&DH4.1R&D20

17、0050R&DR&DR&D30H5H5.1H5.2H5.3H5.4R&DR&DR&DR&DR&DR&DR&D-Cobb- DouglasC.W.Cobb-Cobb- DouglasPaulH.DouglasR&D31SR = AC P S e 3-1SRR&DCPR&DCR&DR&DPR&DS ln SR = ln A + ln C + ln P + ln S + R&DR&DYBLi = 0 + 1CIi + 2 PIi + 3SIZEi + i3-2R&D3-3YBLiiCIiSIZEiPIiii0123 iR&D32R&D4433R&D4.134R&DR&DR&D200620072008

18、20092010SIZE11073321 SIZE 321151916103 SIZE 58141010135 SIZE 10567101110 SIZE025584444444444444.2R&D4.11580%104.220100.0850.400.570.65442.04184.3201084.44%352006 R&D2007 R&D2008 R&D2009 R&D2010 R&DSIZE120973166.3023277855.258150601.878545379.758548607.451 SIZE 313714025.6919062385.1521285027.3332605

19、469.7538968127.693 SIZE 521546044.3922827674.6638388765.8838665065.3257510508.055 SIZE 10141479651.3059613332.5645194502.3059904807.3265051546.6310 SIZE0344560000.00195154521.292062391121144444444444.3364.44.431820065322010114942064.514034R&D23421372006440.0084.790.310.7613.802007440.0086.880.421.0718.302008440.0078.040.481.2521.002009440.0068.470.581.3425.602010440.0209.770.751.5032.80N44200644301149318276140342007441130654024921770820084433313144051

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