企业的成长力对其创新溢价的影响——来自创业板上市公司的经验证据  

The Influence of Enterprise's Growth Ability on the Innovation Premium:Empirical Evidence from GEM Listed Companies

作　　者：刘星[1] 高名厚 

机构地区：[1]重庆大学经济与工商管理学院,重庆400030

出　　处：《价值工程》2017年第1期251-252,共2页Value Engineering

基　　金：国家自然科学青年科学基金项目;控制权配置;投资效率与投资者保护:理论与实证研究;管理学部二处;代码:G0206;项目号:71302117;国家自然科学基金项目;产权控制路径下的资本投资与配置效率研究;项目号:71172082;国家自然科学基金重点项目;制度环境;公司财务政策选择和动态演化研究;项目号:71232004;国家自然科学基金青年项目;控制权配置;审计监督与国企高管自利行为;项目号:71402109;教育部人文社会科学研究项目;控制权转移的动机;过程与效果:市场化视角;项目号:14XJC790009

摘　　要：在资本市场有效的前提下,创新溢价作为市场对企业创新价值的有效估值很重要。传统方法的缺陷,截至目前,依然没有非常令人信服的方式对创业型企业进行估值。通过梳理和归纳现有文献,总结出创新溢价为何能作为创新指标来衡量企业的创新潜力,以及通过构建创新溢价影响因素的分析框架,结合创业板上市公司数据进行实证研究。研究结果表明企业的成长能力显著地影响创新溢价,意味着那些具有增长潜力和前景的企业被认为是创新能力强的企业。此外,净利润、净资产利润率以及公司规模等传统指标与创新溢价负相关。In the effective capital market,the innovation premium is very important as an effective valuation of the market for enterprise innovation.For the shortcomings of traditional methods,now,there is still no very convincing way of valuation of entrepreneurial enterprises.By analyzing and summarizing the existing literature,this paper sums up why innovation premium can be used as an indicator to measure the innovation potential of enterprises,and carries on the empirical research with the data of listed companies based on the analysis framework of influencing factors of innovation premium.The research results show that the growth ability of the enterprise significantly affects the innovation premium,which means that the enterprises with growth potential and prospects are considered to be the enterprises with strong innovation ability.In addition,the net profit,the profit margin of the net assets,as well as the company＇s size and other traditional indicators are negatively correlated with the innovation premium.

关 键 词：创新溢价 企业成长力 创新估值模型 

分 类 号：F276.6[经济管理—企业管理]