技术资本对企业价值及其差异影响——基于创新型企业的实证研究

Influence of technology capital on enterprise value and its difference——An empirical study based on innovative enterprises

本文以创新型企业中63家上市公司为样本,实证检验了技术资本对创新型企业价值的提升作用,进而通过夏普利值分解法探讨关键驱动因素对创新型企业价值差异的贡献。结果表明,技术资本对创新型企业价值的贡献大于物质、人力资本与行业特征等因素,是创新型企业价值创造的核心动力。行业竞争和人力资本在扩大创新型企业价值差异过程中作用相对较大,并显示出对技术资本价值驱动作用的互补性。本文丰富了技术资本和企业价值的相关文献,为创新型企业的技术、人力和行业联动机制建设提供了直接的经验证据。

Since the establishment of innovative enterprises in 2005,China’s trend of technological innovation in innovative enterprises has become more obvious.Taking the sample of the 63 listed companies which belong to the state-level innovative enterprises as an example,the R&D intensity that equals R&D expenditure/GDP has continued to rise in recent years,being far higher than the national R&D intensity,and gradually approached and reached international standards.The increase in R&D intensity indicates the impact of technology capital on the innovation capability of enterprises,and the influence effect also has obvious industry characteristics and differences,which is reflected in the different growth rate of R&D intensity in different industries,and within the same industry,companies with the highest R&D intensity have even reached more than five times the difference,compared to the lowest intensity companies.According to the existing theories and research,the intensity of research and development has a certain influence on the value of enterprises,which is manifested that the research and development of enterprises based on technology capital promotes the enhancement of corporate value.Some research scholars showed that the impact of technological capital on corporate value was greater than that of material capital,or became the complement or alternative relationship with the impact of human capital.In addition,the impact of technology capital on corporate value among different industries was also different.Through the above views,this paper takes the listed companies among China’s innovative enterprises as samples,empirically examines the impact of technology,manpower,industry and other factors on the value of enterprises,and then uses the Sharpe value method to decompose the contribution rate of each driving factor to the difference in enterprise value,to judge the extent to which technological capital affects corporate value and its differences,and complements variables such as human capital.This paper first puts forward two hypotheses for the relationship between technology capital and innovative enterprise value:H1:technology capital is the main driving force of innovative enterprise value;H2:human capital,industry characteristics have innovative enterprise value creation and its difference significantly enhances the role and,to a certain extent,complements technical capital.On this basis,we selects the listed companies in the innovative enterprises from 2010 to 2014 as samples,and uses the Tobin Q value as the explanatory variable to measure the enterprise value,the R&D intensity and R&D productivity as the explanatory variables to measure the technical capital.The related explanatory variables such as human capital,industry characteristics,and enterprise characteristics--including material capital--are selected to construct a panel regression model to empirically analyze the impact of technological capital,human capital,and industry characteristics on the value of innovative enterprises.As for the empirical analysis,because the Shaplei decomposition needs to consider the influence on the difference of the explanatory variables between the actual value and the average value of the variables,and the ratio variables in the selected variables are more,we use the semi-logarithmic model as the empirical model,and form the final model form by the endogenous test.Through preliminary regression analysis,the R&D intensity and industry competition have the greatest positive effects on corporate value,which are 2.266 and 2.279,and the negative impact of industry R&D intensity on corporate value is the largest which is-3.766.From the comparison of theeffect on among the technology capital,human capital,industry characteristics,and enterprise control variables,technology capital is the most important to enhance the value of innovative enterprises,followed by human capital,while industry characteristics and corporate control variables will reduce corporate value,which reflects that in the current China,technological capital plays a central role in the creation of innovative enterprise value,and the regression results better verify the hypothesis H1.Then this paper uses Shaplei decomposition to obtain the contribution rate of each variable in different years,to further explore the difference between the value of technology capital,human capital,material capital,industry characteristics and other factors to the value creation of enterprises.The results show that human capital has the greatest effect on the value’s difference in innovative enterprises,and the industry characteristics further expand this difference;meanwhile,the material capital has always been an important factor to reduce the imbalance of value of innovative enterprises.whose role has weakened in recent years though,and technological capital to the effect on the uneven value of innovative enterprises is also weaker,thus validating the hypothesis H2 of this paper.The conclusions of this paper show that the role of technology capital is far too greater than that of human capital and material capital in the value of innovative enterprises,so its'innovation-driven development'is worthy of its name.However,in the formation of innovative corporate value differences,the role of human capital is greater than technical capital,and physical capital is the most important factor to narrow the difference in corporate value.Above all,under the core drive of technology capital,human factors,material,and industry factors are linked to influence the value creation and differentiation of innovative enterprises.This paper undoubtedly has important implications for the innovative behavior of innovative enterprises and the formulation of national innovation policies.It is an effective way to cope with the imbalance of research intensity and the difference of enterprise value,and maximize the technical capital promote the development of innovative enterprises,by forming a collaborative innovation and linkage mechanism of technology,manpower and industry.and ultimately promote the optimization and upgrading of China’s industrial structure through the construction of innovative enterprises.