企业创新投入、绩效与市场价值的关系——基于中国上市公司数据

The Research on the Relationship Among Innovation Input,Performance and Market Value:Based on the Data of Chinese Listed Companies

企业管理者在经营过程中以绩效为目标、以股东回报为使命,然而实现这两个目标的重要途径是研发。所以,研发、绩效和市场价值组成了企业经营过程中最重要的核心战略,需要经营者仔细考虑并且贯彻执行。以2006-2015年中国A股上市公司公开数据为样本,使用3SLS方法并利用联立方程组模型进行实证分析。结果表明:三者之间相互影响,一个稳定积极的长期研发战略是企业保持高绩效和高市值的前提,积极的研发战略需要专业和高素质的领导团队制定,而且良好的绩效和市值也是积极研发战略的保障。

In the process of business management, performance and the stock market return are the core mission of the managers, but to achieve these two goals is to rely on R＆D. Therefore, R＆D, performance and market value constitute the mo^t important core strategy in the process of business management. Based on the 2006 -2015 Chi- nese A shares publicly listed company data as the sample, this paper uses the 3SLS method and simultaneous equa- tions system to do empirical analysis. The result shows that there is a stable and positive interaction amont the three： a vigorous prospective R＆D strategy maintains high performance and high market value; positive R＆D strate- gy needs professional and high -quality the leadership team; good performance and high market value also help to keep actively R＆D strategy.