摘要
基于沪深两市A股上市企业2009~2016年度的统计数据,本文考察了知识投资对企业技术资本化的作用,并探讨了企业规模、代理问题和产权性质对两者关系的影响。研究结果表明,知识投资有利于企业技术资本化;当企业规模较大时,知识投资对企业技术资本化的促进作用更强;管理者代理问题越严重,对知识投资与技术资本化正向关系的抑制作用越强;产权性质对两者的关系无实质性影响。该研究为新兴要素投资决策和企业成长提供了有益参考。
Based on the data of A-share listed companies in Shanghai and Shenzhen from 2009 to 2016, this paper explores the role of knowledge investment in enterprise technology capitalization, and discusses the effects of firm size, agency problem and property right on the relationship. The results show that knowledge investment is beneficial to the enterprise technology capitalization. When the firm size is larger and the agency cost is lower, knowledge investment can promote enterprise technology capitalization more strongly; the property right has no substantial influence on the relationship between knowledge investment and technology capitalization. This study provides a useful reference for the investment decision-making of emerging capital and the growth of enterprises.
出处
《财务研究》
2018年第1期33-41,共9页
Finance Research
基金
国家社会科学基金项目(15BJL021)
关键词
技术资本化
知识投资
企业规模
代理问题
产权性质
technology capitalization
knowledge investment
firm size
agency problem
property right
