CAJ | 학술논문

技术创新投入在股价波动中体现为公司特质信息，在很大程度上决定了发达国家的资本市场发挥资源调配作用，但发展中国家是否存在这种反馈机制仍未有研究。本文的理论分析和基于中国上市公司数据的实证检验均证实：企业创新投入能够在转型经济环境的股价波动中反映为公司特质信息，而由于公司特质信息结构和创新投入影响因素的复杂性，公司特质信息的变动不会决定企业下期创新投入。这说明发展中国家的资本市场对企业创新亦可产生合理的正面信息反馈。
기술창신투입재고개파동중체현위공사특질신식，재흔대정도상결정료발체국가적자본시장발휘자원조배작용，단발전중국가시부존재저충반궤궤제잉미유연구。본문적이론분석화기우중국상시공사수거적실증검험균증실：기업창신투입능구재전형경제배경적고개파동중반영위공사특질신식，이유우공사특질신식결구화창신투입영향인소적복잡성，공사특질신식적변동불회결정기업하기창신투입。저설명발전중국가적자본시장대기업창신역가산생합리적정면신식반궤。
The technical innovation input can be reflected as firm-specific information during stock price fluctuation, which determines capital market resource allocation in the developed countries. But whether this feedback mechanism exists in the developing countries is lack of research. Both the theoretical analysis and the empirical test of the paper show： A firm＇s technical innovation input can be reflected as the firm-specific information during stock price fluctuation, especially in transitional economic environment. The change of the firm-specific information can＇t determine a firm＇s next technical innovation input because of the complexity of the firm-specific information structure and the factors of the technical innovation input. Our results show that developing counties＇ capital markets have the proper and positive information feedback due to technical innovation..