关键核心技术创新对企业市场价值的影响研究

Research on the impact of key core technology innovation on the market value of enterprises

关键核心技术创新是企业突破发展瓶颈、跨越成长障碍的核心策略,更是企业内部价值深度挖掘与外部市场竞争力显著提升的关键驱动力,对企业市场价值提升具有重要作用,然而鲜有研究明晰关键核心技术创新对企业市场价值的影响。基于新熊彼特增长理论,本研究以2011—2020年中国高技术制造业的经验证据,采用固定效应模型实证检验关键核心技术创新对企业市场价值的影响。结果发现,关键核心技术创新对企业市场价值提升具有显著正向影响,在考虑内生性问题以及各种稳健性检验后这一结论仍然成立;中介机制分析表明,关键核心技术创新通过提升企业的市场盈利能力和内部资本获利能力的有效途径影响企业市场价值提升;异质性分析表明,国有企业与大规模企业关键核心技术创新对企业市场价值的影响效果更大,研发风险较低与技术活跃性较高的关键核心技术创新对企业市场价值的影响效果更明显。本研究从实证角度肯定了关键核心技术创新对企业市场价值的积极影响,在理论层面拓展了微观层面关键核心技术创新的影响后果,在实践层面对企业开展关键核心技术创新活动提升市场价值具有重要启示意义。

Key core technology innovation is the core strategy for enterprises to break through development bottlenecks and overcome growth barriers,and it is also the key driving force for in-depth exploration of the internal value of enterprises and significant improvement of external market competitiveness,which plays an important role in the improvement of market value of enterprises.However,few studies have clarified the impact of key core technology innovation on the market value of enterprises.Based on the neo-Schumpeterian growth theory,this study used the empirical evidence of China's high-tech manufacturing industry from 2011 to 2020 to empirically test the impact of key core technology innovation on the market value of enterprises by using a fixed effect model.The results showed that key core technology innovation has a significant positive impact on the market value of enterprises,and this conclusion is still valid after considering the endogeneity problem and various robustness tests.The analysis of the intermediary mechanism showed that the innovation of key core technology affects the improvement of enterprise market value through the effective way of improving the enterprise's market profitability and internal capital profitability.The heterogeneity analysis showed that the key core technology innovation of state-owned enterprises and large-scale enterprises has a greater impact on the market value of enterprises,and the key core technology innovation with lower R&D risk and higher activity has a greater impact on the market value of enterprises.This study has confirmed the positive impact of key core technology innovation on the market value of enterprises from an empirical perspective,expanded the impact of key core technology innovation at the micro level in theory,and will have important implications for enterprises to carry out key core technology innovation activities to enhance market value in practice.