中国上市公司技术创新与企业价值关系的实证研究  

An empirical study on the relationship between innovation and corporate value of China listed companies

作　　者：陈修德[1] 彭玉莲[2] 卢春源[1] 

机构地区：[1]华南理工大学工商管理学院,广东广州510640 [2]华南理工大学广州汽车学院,广东广州510800

出　　处：《科学学研究》2011年第1期138-146,共9页Studies in Science of Science

摘　　要：以2005—2007年连续披露R&D支出信息的107家中国上市公司为研究样本,基于Q值均一假设与Q值非均一假设两种情况分别建立计量模型对技术创新与企业价值的关系进行实证分析。研究发现:(1)中国上市公司R&D支出、无形资产对企业市场价值具有显著的正向影响效果;(2)在国内现有数据库条件下,专利作为技术创新的重要代理变量,虽然对企业价值存在影响,但不十分显著,存在一定的应用约束;(3)技术创新的企业价值增长作用未体现明显的行业差异性,高新技术企业并不具有显著的知识资产价值转化效率优势;(4)相较Q值均一假设模型而言,Q值非均一假设模型具有更高的拟合优度和解释力度,能更好地解释中国上市公司技术创新与企业价值之间的关系。This paper selects 107 Chinese listed companies which release data on R＆D expenditure for three consecutive years for the study sample. Based on the assumption that the equilibrium value of Q for any firm is one and the Q value to vary across firms, we estab- lished two empirical models to analysis the relationship between innovation and corporate value. We found ： （ 1 ） R＆D expenditure, intangible assets of Chinese listed companies has significant positive effect on corporate value; （2） under the conditions of the existing database in the country, patent as a proxy for innovation, it affects the corporate value, but not very obvious, there is a certain application constraints ; （3） corporate value growth effect of innovation doesn＇ t reflect significant differences in industry, and high - tech companies do not have significant advantage; （4） the model based on the assumption that Q value vary across firms has a higher goodness of fit and explanatory power, and it can explain the relationship between innovation and corporate value of china listed companies better.

关 键 词：技术创新 企业价值 R&D支出 专利 无形资产 

分 类 号：F062.4[经济管理—政治经济学]