上市公司技术创新能力与股票收益——来自中国资本市场的证据

发布时间：2018-03-31 02:09

本文选题：技术创新能力　切入点：市场势力　出处：《当代财经》2017年08期

【摘要】：为创新能力定价是资本市场能否有效服务技术创新的关键所在。通过借鉴Fama-French因子构建方法构造创新因子,以考察创新因子对股票收益的解释能力。研究发现:第一,企业的技术创新能力越强,股票收益越高;第二,相对于传统行业而言,技术创新能力对股票收益的正向作用在高科技行业中更大且更为显著;第三,技术创新能力通过影响企业在产品市场竞争中的市场势力,进一步作用于股票市场;第四,利用三因子模型和四因子模型检验发现,创新因子对股票收益的解释能力较强。中国企业应积极进行技术创新,提高创新能力,以便更好地利用资本市场进行融资。
[Abstract]:Pricing for innovation ability is the key of whether the capital market can effectively serve technological innovation.By using the Fama-French factor construction method to construct the innovation factor, the paper investigates the ability of the innovation factor to explain the stock income.The research found that: first, the stronger the technological innovation ability of enterprises, the higher the stock returns; second, compared with the traditional industries, the positive effect of technological innovation ability on stock returns is greater and more significant in high-tech industries; third,Technological innovation ability further affects the stock market by influencing the market power of enterprises in the product market competition. Fourthly, by using the three-factor model and four-factor model test, it is found that the innovation factor has a strong ability to explain the stock returns.Chinese enterprises should actively carry out technological innovation and improve their innovative ability in order to make better use of capital market for financing.
【作者单位】：广东财经大学金融学院;中山大学岭南学院;中山大学管理学院;
【基金】：国家自然科学基金青年项目“企业集团、货币政策与现金持有水平”(71402005) 广东省哲学社会科学“十三五”规划基金青年项目“企业专利质量评估及其价值相关性研究”(GD16YYJ03)
【分类号】：F273.2;F832.51

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