技术多元化、创新绩效与公司投资价值——来自我国高科技行业的证据
发布时间：2019-07-31 10:52
【摘要】：采用负二项回归和面板数据双向固定效应模型,实证检验了技术多元化对我国高科技行业上市公司创新绩效的影响,发现技术多元化虽能促进专利数量的增加,却导致了专利质量的下降。接着从专利数量和质量两个维度出发,探讨其对上市公司股票收益的作用,发现专利数量越多,股票收益反而越低;专利质量对股票收益有正向作用。最后考察了机构投资者持股是否有利于资本市场对企业专利价值的认同,结论是压力抵抗型机构投资者持股越多,专利质量对公司股票收益的促进作用越大;而压力敏感型机构投资者产生的作用恰恰相反。
[Abstract]:Based on the negative binomial regression model and the two-way fixed effect model of panel data, this paper empirically tests the influence of technological diversification on the innovation performance of listed companies in high-tech industries in China. It is found that technological diversification can promote the increase of patent quantity, but lead to the decline of patent quality. Then, from the two dimensions of patent quantity and quality, this paper discusses its effect on the stock return of listed companies, and finds that the more patents there are, the lower the stock returns are, and the patent quality has a positive effect on the stock returns. Finally, it is investigated whether institutional investor shareholding is beneficial to the recognition of enterprise patent value in the capital market. The conclusion is that the more institutional investors are owned by pressure-resistant institutional investors, the greater the effect of patent quality on corporate stock returns is, but the effect of stress-sensitive institutional investors is just the opposite.
【作者单位】： 中山大学管理学院;广东金融学院;
【基金】：广东省科技计划重大专项项目(2013A080300004)
【分类号】：F276.44
本文编号：2521274
[Abstract]:Based on the negative binomial regression model and the two-way fixed effect model of panel data, this paper empirically tests the influence of technological diversification on the innovation performance of listed companies in high-tech industries in China. It is found that technological diversification can promote the increase of patent quantity, but lead to the decline of patent quality. Then, from the two dimensions of patent quantity and quality, this paper discusses its effect on the stock return of listed companies, and finds that the more patents there are, the lower the stock returns are, and the patent quality has a positive effect on the stock returns. Finally, it is investigated whether institutional investor shareholding is beneficial to the recognition of enterprise patent value in the capital market. The conclusion is that the more institutional investors are owned by pressure-resistant institutional investors, the greater the effect of patent quality on corporate stock returns is, but the effect of stress-sensitive institutional investors is just the opposite.
【作者单位】： 中山大学管理学院;广东金融学院;
【基金】：广东省科技计划重大专项项目(2013A080300004)
【分类号】：F276.44
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