科创板和纳斯达克上市高新技术公司经营效率和市场表现的实证分析  

An Empirical Analysis on the Operating Effi ciency and Market Performance Based on STAR Market and NASDAQ Listed High-tech Companies

作　　者：赵辰瑞 方艳芳 刘美延 过心奥 ZHAO Chenrui;FANG Yanfang;LIU Meiyan;GUO Xinao(Jilin University)

机构地区：[1]吉林大学

出　　处：《中国商论》2021年第22期90-94,共5页China Journal of Commerce

摘　　要：本文选择2018年在科创板上市的25家公司,同时,在纳斯达克板块上选择了25家相同行业、相似规模的上市公司,以这50家公司作为研究对象,选取2019年10月—2020年9月的财务报表数据,利用数据包络分析(DEA)的BCC模型对这50家高新技术公司进行经营业绩分析。研究发现,在科创板上市的高新技术公司高于在纳斯达克上市的高新技术公司的效率。股票的内在价值源于公司内生性因素的推动,公司层面的信息能够体现在股票的收益率上,所以本文选取50家公司的股票样本数据,采用计量方法分析了货币政策和板块交易制度对上市公司市场表现的影响。实证表明,广义货币供应量的变动量和利率对于上市公司的市场表现有负向影响,且能通过1%的检验;板块交易制度对于上市公司的市场表现有影响,且能通过1%的检验。This paper selects 25 companies listed on the STAR market in 2018,and 25 listed companies in the same industry with similar size on the NASDAQ board.Taking these 50 companies as research objects,the financial statement data from October 2019 to September 2020 are selected.The BCC model of data envelopment analysis(DEA)is used to analyze the business performance of 50 high-tech companies.It is found that the efficiency of high-tech companies listed on the STAR market is higher than that of high-tech companies listed on NASDAQ.The intrinsic value of a stock is driven by the endogenous factors of a company,and the company-level information can be reflected in the stock yield.Therefore,this paper selects the stock sample data of 50 companies to analyze the impact of monetary policy and block trading system on the market performance of listed companies by using quantitative methods.The empirical results show that the change of broad monetary supply and interest rate have a negative impact on the market performance of listed companies,and can pass the 1%test;plate trading system has an impact on the market performance of listed companies,and can pass the 1%test.

关 键 词：科创板 纳斯达克 高新技术公司 经营业绩 股票收益率 

分 类 号：F830[经济管理—金融学]