科创属性对企业市场价值的影响研究

Research on the Impact of Science and Technology Innovation Attributes on the Market Values of Firms

根据2022年修订的《科创属性评价指引》,科创属性评价体系包括企业的研发投入、研发产出、研发人员以及营业收入等量化指标。科创属性作为科创板坚守“硬科技”定位的评价指标,对科技创新型企业发挥着市场价值评估和战略引导作用。本文采用2019—2021年科创板数据,基于双向固定效应模型,探究科创属性对上市公司市场价值的影响和潜在的影响机制,研究发现研发人员和专利数量能显著提高企业价值,而研发投入对科创企业价值的提升作用有待显现,进一步研究发现研发人员和专利数量多的科创企业能够通过投资者关注显著提升企业的市场价值。

According to the revised Guidelines for the Evaluation of Science and Technology Innovation Attributes in 2022,the evaluation system of science and technology innovation attributes includes the quantitative indicators of enterprises’research and development(R&D)inputs,R&D outputs,R&D personnel and operating revenues.As the evaluation index of the“hard science and technology”positioning of the Science and Technology Innovation Board,the attributes of science and technology innovation enterprises play the role of market value assessment and strategic guidance.This paper adopts the data from 2019 to 2021of the Science and Technology Innovation Board,explores the influence of science and technology innovation attributes on the market values of listed companies and the potential influence mechanism based on the two-way fixed effect model,and finds that the number of R&D personnel and patents can significantly increase the values of enterprises,while R&D investment has yet to be seen to enhance the values of science and technology innovation enterprises.Further research finds that science and technology innovation enterprises with a high number of R&D personnel and patents can significantly increase the market values of enterprises through investors’attention.