市盈率隐含的公司创新能力——基于创业板上市公司的实证分析
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G14

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本论文是国家自科基金《金融科技助于普惠金融发展的机制研究》(批准号72073024)的阶段性成果。


Innovation Ability Implied in PE——an Empirical Study of GEM Firms
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    摘要:

    本文以2010-2018年中国创业板上市公司为研究对象,构建企业创新能力综合评价体系,实证检验市盈率中是否隐含了公司创新能力,结果发现:创新能力具有直接价值相关性,创业板上市公司创新能力正向影响市盈率,在创新投入、创新产出和创新效率三项指标中,创新投入是主要影响因素;创新综合指数正向影响市盈率。机制检验证明了财务绩效、投资者关注在其中发挥了中介作用。进一步地,当公司属于高新技术企业时,创新对市盈率的正向影响更强,但仅在创新投入中存在。本文的研究不仅丰富了创新与企业估值的相关文献,为企业创新能力的衡量提供新思路,同时验证了创新对企业估值定价的驱动作用,为推动企业提高创新能力、助力国家创新驱动发展战略提供理论支撑。

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    This paper drew on the sample of firms listed on the growth enterprises market (GEM) during 2010-2018 and established an evaluation system to addressed the relationship between innovation and valuation. The findings in our study indicated that: There exists a direct relationship between valuation and innovation. Increased innovation output, investment or efficiency was correlated with a higher price to earnings (PE) ratio. Among all the three variables estimating technological innovation, innovation investment was the most important one .Innovation composite index will also result in a high PE ratio. The mechanism test suggests that financial performance, investor attention played a mediating role in this. Furthermore, there was a heterogeneity effect in the relationship between innovation and PE, that’s to say, the positive correlation was stronger in high-tech enterprises, but only existed in innovation investment. This study not only enrich literatures between innovation and valuation, but also verify the driving power of innovation on valuation, which can stimulate companies to innovate and offer theoretical backup for the outlines on national strategy for innovation driven development.

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蒋先玲,王梓霖.市盈率隐含的公司创新能力——基于创业板上市公司的实证分析[J].技术经济,2021,40(10):64-77.

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  • 收稿日期:2020-11-04
  • 最后修改日期:2021-10-09
  • 录用日期:2021-09-16
  • 在线发布日期: 2021-11-18
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