【摘要】：采用負(fù)二項(xiàng)回歸和面板數(shù)據(jù)雙向固定效應(yīng)模型,實(shí)證檢驗(yàn)了技術(shù)多元化對(duì)我國(guó)高科技行業(yè)上市公司創(chuàng)新績(jī)效的影響,發(fā)現(xiàn)技術(shù)多元化雖能促進(jìn)專(zhuān)利數(shù)量的增加,卻導(dǎo)致了專(zhuān)利質(zhì)量的下降。接著從專(zhuān)利數(shù)量和質(zhì)量?jī)蓚�(gè)維度出發(fā),探討其對(duì)上市公司股票收益的作用,發(fā)現(xiàn)專(zhuān)利數(shù)量越多,股票收益反而越低;專(zhuān)利質(zhì)量對(duì)股票收益有正向作用。最后考察了機(jī)構(gòu)投資者持股是否有利于資本市場(chǎng)對(duì)企業(yè)專(zhuān)利價(jià)值的認(rèn)同,結(jié)論是壓力抵抗型機(jī)構(gòu)投資者持股越多,專(zhuān)利質(zhì)量對(duì)公司股票收益的促進(jìn)作用越大;而壓力敏感型機(jī)構(gòu)投資者產(chǎn)生的作用恰恰相反。
[Abstract]:Based on the negative binomial regression model and the two-way fixed effect model of panel data, this paper empirically tests the influence of technological diversification on the innovation performance of listed companies in high-tech industries in China. It is found that technological diversification can promote the increase of patent quantity, but lead to the decline of patent quality. Then, from the two dimensions of patent quantity and quality, this paper discusses its effect on the stock return of listed companies, and finds that the more patents there are, the lower the stock returns are, and the patent quality has a positive effect on the stock returns. Finally, it is investigated whether institutional investor shareholding is beneficial to the recognition of enterprise patent value in the capital market. The conclusion is that the more institutional investors are owned by pressure-resistant institutional investors, the greater the effect of patent quality on corporate stock returns is, but the effect of stress-sensitive institutional investors is just the opposite.
【作者單位】： 中山大學(xué)管理學(xué)院;廣東金融學(xué)院;
【基金】：廣東省科技計(jì)劃重大專(zhuān)項(xiàng)項(xiàng)目(2013A080300004)
【分類(lèi)號(hào)】：F276.44

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