技术资本对企业价值的影响机理探究——来自全样本与不同地域、性质企业样本的分类比较

Exploring the Influencing Mechanism of Technology Capital on Enterprise Value——Classification Comparison from Whole and Different Regional and Nature Samples

近年来,国内学者对R&D、技术创新问题关注较多,很少提及技术资本。本文构建动态面板模型,从人力资本、行业特征双重调节的视角,实证分析技术资本影响企业价值的内在机理,并进一步对比分析了不同地域、不同性质企业样本的影响差异。全样本显示,技术资本与企业价值显著正相关。并且人力资本与行业技术质量对技术资本均有显著的调节作用,但行业技术投入的调节不显著。分样本显示,性质及地域不同,分析结果存在明显差异。在国有企业中,人力资本的调节作用强于非国有企业,但行业技术特征的调整能力弱于非国有企业。东部地区,技术资本、人力资本及行业特征的检验均较显著;与之相比,中西部地区较弱。针对以上结论,最后提出政策建议。

In recent years, domestic scholars pay more attention to R＆D and technical innovation, rarely mentioning technology capi- tal. This paper designs a dynamic panel model and empirically analyzes inner influencing mechanism of technology capital on enterprise value from dual regulation perspective of human capital and industry characteristics, and further comparatively analyzes the influencing differences brought by enterprise regional and nature sample variations. All the samples show that technology has significant positive correlation with firm value. Regulating effect of human capital and industry technology quality is remarkable. But industry technology investment adjustment is not significant. Sub-samples analysis shows that if firm nature and area are different, there are obvious differences in conclusion. In state-owned enterprises, human capital regulation is stronger, but adjusting ability of industry technical characteristics is weaker. In the eastern area, testing conclusion on technology capital, human capital and industry characteristics are significant. By contrast, the central and western regions are weaker. Finally, according to above conclusions, the author puts forward some policy suggestions.