技术创新驱动互联网公司成长的实证分析——以沪深A股互联网上市公司为样本

依据2012-2017年沪深两市A股182家互联网行业上市公司数据,以研发投入强度作为技术创新的替代变量,从市场规模、盈利能力、营运效率视角,采用稳健回归方法实证研究技术创新对于我国互联网上市公司成长的影响。结果表明:我国互联网行业上市公司平均研发投入强度达到11.52%,呈逐年提高态势。研发投入强度的提升能够显著提升互联网公司的市场规模增速与资产营运效率。研发投入强度对企业盈利能力可能存在促进作用,但未得到大部分时期数据支持。因此,要统筹协调促进研发资源聚合,引导有能力的互联网企业加强数据存储、信息传输与高性能计算等基础层技术攻关,促进基础层资源云化,以辐射更多的应用领域。

Based on the data of 182 listed companies in the Internet industry in Shanghai and Shenzhen stock markets from 2012 to 2017,taking the intensity of R&D investment as an alternative variable of technological innovation,from the perspectives of market scale,profitability and operational efficiency,the paper applies robust regression method to empirically study the influence of technological innovation on the growth of Internet listed companies in China.The empirical results show that the average R&D investment intensity of listed companies in China's Internet industry has reached 11.52%,which is increasing year by year.The increase of R&D investment intensity can significantly improve the market scale growth rate and asset operating efficiency of Internet companies.R&D investment intensity may have positive impact on profitability of enterprises,but it has not been supported by data for most of the time.Therefore,it is necessary to coordinate and promote the aggregation of R&D resources,guide capable Internet enterprises to strengthen the basic layer technologies such as data storage,information transmission and high performance computing,and promote the cloud of basic layer resources in order to radiate more application fields.