区域、自主创新与企业价值

Regional,Self-dependent Innovation and Firm Value

以区域创新系统理论为基础,考察了区域的差异、企业创新与企业价值的关系。研究结果表明:(1)创新能力愈强的区域对企业的创新活动不仅表现出激励效应,在企业创新投入与创新产出的效率中还发挥出增量效果;(2)企业创新活动虽然对提升企业价值具有明显的促进效应,但会受到企业所在区域市场化程度的调节影响,市场化程度愈高、法律及中介组织愈完善的地区,区域内企业技术创新的成果对提升企业价值产生的增进效应越显著。

In this paper we examine the impact of regional innovation capabilities on the output of innovation activities and market value of companies using data from China. We find that R＆D investments and the number of patents in companies have a signifi- cant positive correlation, and regional innovation capability differences do affect the output efficiency of intellectual properties. If R＆D expenditure is equal, the higher the regional innovation capability, the more patents companies will output in that area. Further we find that the number of patents from innovation activities is positively related to the market value of companies, and this positive relation is significantly affected by the degree of marketization of the areas where the companies belong.