企业创新策略选择与股价波动之间关系实证研究

Empirical Study on Relationship between Enterprise Innovation Strategies and Stock Price Fluctuation

本文以内地上市公司为研究对象,运用事件分析法研究了不同公司采用不同创新策略时,股票市场对其预期收益将做出何种调整与变化。研究结果表明:托宾Q值大于1的企业采取外部创新以及托宾Q值小于1的企业采取内部创新时,股价将上升;托宾Q值大于1的企业采取内部创新以及托宾Q值小于1的企业采取外部创新时,股价将下跌。

This paper attempts to find how the stock market adjusts to the expected proceeds for different innovation strategies in different mainland listed companies.Event study methodology was applied to study this problem.The research results show that the external innovation in the Tobin＇s Q greater than 1 firms and the internal innovation in the Tobin＇s Q less than 1 firms will lead to a stock price rise,while the internal innovation in the Tobin＇s Q greater than 1 firms and the external innovation in the Tobin＇s Q less than 1 firms will lead to a stock price fall.