高新技术企业创新投入对财务绩效的影响研究-基于因子分析法
首发时间:2020-09-28
摘要:本文以沪深两市高新技术企业2013~2017年的相关财务数据为研究对象,运用因子分析、回归分析探讨了高新技术企业技术创新投入与企业财务绩效二者之间的关系。实证结果表明:技术创新投入与公司当年及其滞后期财务绩效负相关,但随着滞后期数的增长,负向关系减弱,正向相关关系逐渐增强。即长远看来,对于高新技术企业,研发投入能够提高公司的财务绩效,但这种作用具有滞后性。且滞后期具有较大的不确定性,会因为行业、市场等因素表现出异质性。
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Research on the Influence of Innovation Input on Financial Performance of High-tech Enterprises -- Based on Factor Analysis Method
Abstract:This paper takes the financial data of high-tech enterprises in Shanghai and Shenzhen from 2013 to 2017 as the research object, and uses factor analysis and regression analysis to discuss the relationship between technological innovation investment and financial performance of high-tech enterprises. The empirical results show that technological innovation investment, especially r&d investment, is negatively correlated with the company's financial performance in the current year and its lagging period. However, as the number of lagging periods increases, the negative relationship weakens and gradually presents a positive correlation. In other words, in the long run, research and development investment can improve the financial performance of high-tech enterprises, but this effect is lagging behind. In addition, lag period has great uncertainty, showing heterogeneity due to industry, market and other factors.
Keywords: High-tech Enterprises Innovation Investment Financial Performance Lag
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高新技术企业创新投入对财务绩效的影响研究-基于因子分析法
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