证券市场偏爱元宇宙企业吗?——基于A股上市公司的实证研究  

Does the Securities Market Favor Metaverse Companies:an Empirical Study Based on A-share Listed Companies

作　　者：王才钰 钟凯 Wang Caiyu;Zhong Kai

机构地区：[1]对外经济贸易大学

出　　处：《管理会计研究》2025年第1期56-70,共15页MANAGEMENT ACCOUNTING STUDIES

摘　　要：随着数字技术的飞速发展,元宇宙概念爆火,广阔的发展前景使得越来越多的企业开始布局这一新兴领域。本文旨在探讨进行元宇宙战略布局的企业与其市场价值之间的关系,以A股上市公司2021—2023年的年度观测值作为研究样本进行实证检验。研究结果表明,首先,进行元宇宙战略布局的企业更被市场所看好,这一结论在进行了稳健性检验和内生性检验后依然成立。其次,通过进一步对企业的元宇宙战略实施程度与企业价值之间的关系进行探究,发现两者之间仍然存在显著的正向关系。对于拥有更高生态准备度的信息技术产业企业,在进行元宇宙战略布局后,有可能获得更高的市场价值。再次,以技术创新和股票换手率作为中介变量进行影响机制检验,发现元宇宙企业获得了更高的市场价值。With the development of digital technology,the concept of the metaverse has exploded.The broad development prospects have led more and more enterprises to start laying out in this emerging field.This article aims to explore the relationship between enterprises with metaverse strategic layouts and their market values.Using the annual observations of A-share listed companies from 2021 to 2023 as the research sample for empirical testing,the research results show that enterprises with metaverse strategic layouts are more favored by the market,and this conclusion still holds after robustness tests and endogeneity tests.Further exploration of the relationship between the degree of implementation of the metaverse strategy of enterprises and enterprise value reveals that there is still a significant positive relationship between the two.In addition,for information technology enterprises with higher ecological readiness,they may obtain higher market values after implementing metaverse strategic layouts.Finally,using technological innovation and stock turnover rate as mediating variables for the impact mechanism test,this paper finds that metaverse enterprises have obtained higher market values.

关 键 词：元宇宙 企业价值 技术创新 

分 类 号：F830.91[经济管理—金融学]