成长性视角下企业创新效率的价值相关性分析——以医药制造业为例  

Correlation Analysis of Corporate Value and Technological Innovation Efficiency of Chinese Enterprises with Growth Perspective——A Case Study of Pharmaceutical Industry

作　　者：邬珊珊 郑立群[1] 赵晨玮 

机构地区：[1]天津大学管理与经济学部,天津200072 [2]中国建设银行,北京100033

出　　处：《上海管理科学》2015年第6期42-47,共6页Shanghai Management Science

基　　金：天津市科技发展战略研究计划重点项目"发挥市场化手段促进我市创新资源优化配置的对策研究"(2014ZLZLZF00002)

摘　　要：基于2009年至2013年医药制造业上市公司的面板数据,本文先通过因子分析对企业进行综合评价,分为高、低成长性组,再结合DEA视窗分析,测得可横向纵向对比的技术创新效率值,然后对不同成长性下企业技术创新效率与企业价值之间的关系进行回归检验。研究发现,医药制造业样本企业整体技术创新效率较低,近年来呈逐降趋势;高成长性企业价值与技术创新效率呈"倒U型"关系,低成长性企业中两者关系不显著。Based on the panel data of listed corporations in Chinese pharmaceutical industry from 2009 to 2013, by using factor analysis ,this paper evaluated the growth of corporations ,divided the corporations into high and low growth group. Then, by combining DEA-Window Analysis, the paper figured out the technological innovation efficiency which could compared vertically and horizontally, verified the correlation between the corporate value and technological innovation efficiency of corporations with different growth. The results showed that the whole technological innovation efficiency in Chinese pharmaceutical industry was low, and showed a descending trend in recent years; the ＂inverted-U＂ correlation existed in between the corporate value and technological innovation efficiency in high-growth corporations; the correlation wasn＇t significant in low-growth corporations.

关 键 词：成长性 技术创新效率 企业价值 DEA视窗分析 

分 类 号：F273.1[经济管理—企业管理]