资产质量、创新投入与企业价值——来自通信设备行业的证据

Asset Quality,Innovation Input and Firm Value——Evidence from the Communications Equipment Industry

企业价值的提升应当从提升资产质量和加强创新投入入手。文中选取2010—2021年沪深通信设备上市公司数据,在对资产质量与企业价值正向关系和创新投入的中介效应进行理论分析的基础上,建立资产质量评价体系,并通过多元回归分析资产质量对企业价值的影响以及创新投入作为其作用路径进行实证检验。研究发现:企业的资产质量越好,企业价值和研发投入也越高,并且在加入创新投入后,资产质量的显著度下降,创新投入的完全中介效应显著。说明通信设备上市公司提升自身的资产质量是解决企业目前面临发展困境的有效方式,并且创新投入是资产质量对企业价值产生作用的重要途径。

The improvement of enterprise value should start from improving asset quality and strengthening innovation input.This paper selects the data of listed companies in Shanghai and Shenzhen communication equipment from 2010—2021,and establishes an asset quality evaluation system on the basis of theoretical analysis of the positive relationship between asset quality and enterprise value and the mediating effect of innovation input,and conducts a good empirical test on the impact of asset quality on enterprise value and innovation investment as its role path through multiple regression analysis.The study finds that the better the asset quality of an enterprise,the higher the enterprise value and R&D investment.And after adding innovation investment,the significance of asset quality decreases,and the complete mediation effect of innovation investment is significant.This shows that improving the asset quality of communication equipment listed companies is an effective way to solve the current development dilemma faced by enterprises,and innovation investment is an important way for asset quality to play a role in enterprise value.