新三板和A股各板块产业升级特征的实证研究

Empirical Research on Companies' Industrial-upgrading Characteristics in NEEQ and Other Stock Board in A-share Market

产业升级对中国未来产业发展意义重大,多层次资本市场是产业升级的坚强后盾.在分析了战略新兴产业公司的基本特征后,选用营业收入增长率、研发费用支出率、单位资产创收率三个财务指标作为战略新兴产业基本特征的替代变量.根据美国和中国的上市公司财务数据及高科技产业占GDP比例等数据,采用Johansen方法分析三个财务指标和国家产业升级之间的协整关系,阐明了三个财务指标作为替代变量的可靠性.在此基础上,再基于三个财务指标建立Logistic回归模型,实证分析比较我国新三板公司和A股各板块公司整体产业升级特征,发现新三板公司产业升级特征最为明显,并依此给出了相应政策建议.

Based on analyzed the basic characteristics of companies in emerging industries,these indexes is used as the basic characteristics of companies in emerging industries which include of the growth rate of revenue, the ratio of R＆D expense and revenue, and the ratio of revenue and total asset.By using the financial data of American and Chinese Listed companies and the ratio of high-tech industries＇ output and GDP, this paper applied Johansen method to test the relationship between the three financial indexes and American industrial upgrading level, which shows the feasibility of the three financial indexes as alternative variables.Based on the findings, this paper used a logistic regression model to compare the industrial upgrading characteristic of the listed companies in NEEQ and other A-share stock board. The conclusion is that the NEEQ＇ s listed companies have the most significant characteristic of industrial upgrading, and some policy advice also has been given.