环境不确定性、技术投资选择与企业价值

发布时间：2018-06-06 04:53

本文选题：企业价值 + 环境不确定性　；参考：《经济管理》2017年05期

【摘要】：基于沪深两市A股上市企业财务数据,研究了不同技术投资方式与企业价值的关系,并考察了环境不确定性对自主研发(技术引进)与企业价值关系的调节作用,以及多种环境不确定性下自主研发和技术引进协同效应对企业价值的影响。研究结果表明,自主研发和技术引进均有利于企业价值提升,且自主研发对企业价值的贡献更大;环境不确定性会削弱自主研发的价值创造效应,但并不影响技术引进与企业价值的关系;与较低的环境不确定性相比,较高的环境不确定性有利于企业利用自主研发和技术引进的协同效应进一步提升自身价值。本文为企业价值创造和技术投资决策提供了有益参考。
[Abstract]:Based on the financial data of A shares listed in the two cities of Shanghai and Shenzhen, the relationship between different technology investment methods and enterprise value is studied, and the adjustment function of environmental uncertainty to the relationship between independent research and development (technology introduction) and enterprise value is investigated, and the influence of the synergy effect of independent research and technology introduction on enterprise value under various environmental uncertainties is also investigated. The results show that the independent R & D and the technology introduction are beneficial to the enterprise value promotion, and the independent R & D contributes more to the value of the enterprise. The environmental uncertainty will weaken the value creation effect of independent research and development, but does not affect the relationship between the technology introduction and the enterprise value; the higher environment is uncertain compared with the lower environmental uncertainty. It is beneficial for enterprises to further enhance their own value by using the synergy effect of independent research and development and technology introduction. This paper provides a useful reference for enterprise value creation and technology investment decision.
【作者单位】：中国海洋大学管理学院;
【基金】：国家自然科学基金项目“基于金融生态环境视角的上市公司技术创新投资行为研究”(71302003) 国家社会科学基金项目“同等保护各类资本产权与促进混合所有制经济的健康发展问题研究”(15BJL021)
【分类号】：F273.1;F275

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