摘要
探索技术创新投入驱动企业盈利持续性的规律,以此驱动企业持续发展是一个新问题。本文将盈利持续性作为技术经济绩效的新指标导出技术创新投入驱动盈利持续性的假说;建立GMM动态自回归模型、选择深交所创业板企业为样本和运用GMM估计法,证实了技术创新投入对盈利持续性的影响具有正向滞后效应;在R&D持续性和权益价值增长匹配条件下技术创新逐年连续投入能驱动盈利持续性逐年增加和盈利连续提升。此外,基于本文的研究成果可制定引导企业技术创新投入和管理的激励政策,鼓励高新企业在技术创新连续投入以驱动企业未来的盈利持续性不断提升和促进上市企业健康发展。
It is a new problem to study the reqular pattern of technological innovation investment driving enterprise profitability persistence and sustainable development.This paper takes profitability persistence as a new index of economic performance,and derives the hypothesis of profitability persistence driven by technological innovation in-vestment.This study builds GMM dynamic auto-regressive model,and selects GEM firms of Shenzhen Stock Ex-change as samples and uses GMM estimation method to empirically prove the impact of technological innovation in-vestment on earnings sustainability having a positive lagging effect.And an encouraging new finding is that under the R&D persistence condition and matching the growth of equity value,continuous investment in technological in-novation can drive profitability persistence to increase year by year and drive the continuous improvement of profits.Furthermore,based on the research results of this paper,policy-makers can formulate incentive policies to guide the investment and management of enterprise technological innovation,and encourage high-tech enterprises to con-tinuously invest in technological innovation,so as to drive the continuous improvement of the future profitability of enterprises and promote the healthy development of listed enterprises.
作者
傅晨曦
李延喜
FU Chen-xi;LI Yan-xi(School of Economics and Management,Dalian University of Technology,Dalian 116024,China)
出处
《科技与管理》
2022年第4期4-17,共14页
Science-Technology and Management
基金
国家社会科学基金重大项目(18ZDA095)
国家自然科学基金重点项目(71731003)。
关键词
盈利持续性
技术创新投入
GMM估计法
盈利连续提升效应
profitability persistence
technological innovation investment
GMM estimation method
continuous im-provement of profits.
