摘要
研究目标:探讨创业板上市公司经济绩效的影响因素。研究方法:基于2012~2014年创业板上市公司的面板数据,运用贝叶斯模型平均法进行实证分析。研究发现:当期及滞后一期R&D强度对经济绩效存在显著负向影响,而R&D交互作用对经济绩效具有显著正向影响;经营现金流状况、总资产周转率对经济绩效具有显著正向影响;当期广告强度只对权益报酬率具有较显著正向影响。研究创新:第一,选择商品经营、资产经营与资本经营等三个方面的经济绩效指标,分别从R&D创新、广告营销、营运管理等方面探讨经济绩效的影响因素,拓展了研究视角;第二,运用贝叶斯模型平均法研究经济绩效的影响因素,估计结果更加稳健可信,具有方法的新颖性和有效性。研究价值:本文结论对改善创业板公司的创新和经营策略具有较强的现实意义。
Research Objectives： The t）aper explores the factors influencing the economic perform ance of listed Chinese companies in GEM stuck market. Research Methods： ＂File paper makes an empirical analysis 1）y using the Bayesian model averaging method, based on the panel data of the GEM companies in 2012-2014. Research Findings： The empirical resuhs show that the current and lagged R＆D intensity have significant negative impact on economic perform- ante, while the R＆D interaction has a significant positive impact on it, and that operating cash flow and total asset turnover rate have significant positive impact on performance, but only the current advertising intensity has a significan! positive impact on the equity rate. Research Innovations： Firstly, the three indicators from commodity marketing, asset n-mnagement and capital operation are chosen to indicate the economic performance, and the affecting factors for economic performance are explored from R＆D, advertising marketing, ot）eration management, etc, which expand the research perspective： Secondly, the re- search result is more robust and credible by using Bayesian model averaging method, and the method is novel and effective. Research Value： The conclusion has a strong practical signifi cance to improve the innovation and business strategy of the enterprises.
出处
《数量经济技术经济研究》
CSSCI
CSCD
北大核心
2017年第1期146-160,F0003,共16页
Journal of Quantitative & Technological Economics
基金
广东省教育厅创新强校项目"技术模式影响产业自主创新能力与绩效的机理与差异研究"(918010002(2016ZX018))的资助
关键词
经济绩效R&D创新广告营销
营运管理
创业板上市公司
Economic Performance： R＆D Innovation： Advertising Marketing： Operating Management： Firms in Chinese GEM Stock Market
