影响信息技术行业公司绩效的因素分析

Research on the Factors Affecting Corporate Performance of IT Companies

近年来,在政策扶持下,信息技术行业飞速发展,在资本市场上形成了一个引人注目的群体。选取2005年至2007年的133家信息技术行业上市公司为样本,研究了其股权集中度、高管持股比例、R&D强度和无形资产率等因素的特征,并利用横截面时间序列方法,实证检验了各因素对于上市公司绩效的影响,结论表明:股权集中度和高管持股比例与公司绩效正相关;研发强度和无形资产率与公司的TobinQ值并无显著相关性,但研发强度与净资产收益率正相关。

With the support from government,the IT industry has experienced fast growth and expansion in the past decade. And the IT companies have become more and more important in the capital market. By analyzing the 05-07 data of 133 IT companies, the research discovers the characteristics of the shareholder structure, the management-owned stocks, the R＆D outlay and the intangible asset ratio of the sample, and then shows their impact on corporate performance by regression. The conclusions are： a highly concentrated shareholder structure will benefit the corporate; and the management-owned stocks also have a positive impact on the corporate performance; while the R＆D outlay and the intangible asset ratio don＇t show a significant impact on Tobin Q; and the R＆D outlay positively affects the ROE of the company.