企业家才能-创新机会匹配对创新溢价的影响——来自中国创业板上市公司的证据

On the Effects of Match between Entrepreneurial Talent and Innovation Opportunity on Innovation Premium: Evidence from Listed Companies on China GEM

在有效的资本市场上,创新溢价可以反映市场对企业创新潜力的评估。通过构造创新溢价影响因素的分析框架,并用创业板公司数据进行实证检验,结果发现,创新机会显著影响创新溢价,表明投资者看好处于有利行业公司的未来创新前景。企业家才能-创新机会匹配显著影响创新溢价,这意味着,拥有较高企业家才能,且能够充分利用创新机会的公司被认为具有较高的创新水平。此外,每股收益、净资产收益率、公司规模和总收入等四个控制变量与创新溢价负相关。

In efficient capital market, innovation premium(IP) represents the evaluation of market on enterprise's innovation potential.This paper constructs an analytical framework for determinants of IP, and tests related hypotheses using the data from listed companies on China GEM. We find that innovation opportunity(IO) significantly affects IP, which shows investors are optimistic for innovation prospects of the firms in good industry. The match between entrepreneurial talent and innovation opportunity(EM) also significantly affects IP. This implies that it is considered as a high level of innovation for the firms with high entrepreneurial talent and high ability to take full advantage of innovation opportunity. In addition, the controlling variables such as EPS, ROE, total assets and total revenue are negatively correlated with IP.