CAJ | 학술논문

对创业板上市公司技术创新的评价有助于分析创业板上市公司的状态和未来发展趋势，从这个角度出发，我们构建了创业板上市公司自主新评价的因子分析框架，并利用面板数据模型来分析自主创新与企业绩效、股价波动的关联。实证结果表明，自主创新能力可以显著提高企业绩效，但对企业股价波动的影响较弱，创业板企业的股价波动更多地被行业因素和政策面因素所影响。原因可能在于，创业板公司研发支出比例较低，研发支出信息披露不充分。建议针对创业板上市公司的研发支出进行详尽的信息披露。
대창업판상시공사기술창신적평개유조우분석창업판상시공사적상태화미래발전추세，종저개각도출발，아문구건료창업판상시공사자주신평개적인자분석광가，병이용면판수거모형래분석자주창신여기업적효、고개파동적관련。실증결과표명，자주창신능력가이현저제고기업적효，단대기업고개파동적영향교약，창업판기업적고개파동경다지피행업인소화정책면인소소영향。원인가능재우，창업판공사연발지출비례교저，연발지출신식피로불충분。건의침대창업판상시공사적연발지출진행상진적신식피로。
Companies listed on GEM technology innovation evaluation can help us to analyze the status and future trends of the companies listed on GEM, from this perspective, we build the factor analysis framework for the evaluation of innovation of the companies listed on GEM and use panel data model to analyze associated of the innovation and enterprise performance, innovation and the stock price volatility. Empirical results show that the capability of innovation can significantly improve companies performance, innovation will also affect the stock price fluctuations, however, the proportion of R＆D spending is less, R＆D spending has been inadequate information disclosure, the disclosure section of the board listed companies in R ＆ D spending should be more strictly.