CAJ | 학술논문

通过拓展资产一价值模型，构建企业价值、创新投入和知识溢出的分析框架，以2003～2011年中国制造业上市公司为考察对象，研究区域内微观主体知识溢出影响产业集聚与创新的机理。研究发现：（1）专业化知识溢出提升了上市公司的市场价值；（2）随地理距离衰减的专业化知识溢出使上市公司R＆D绩效高于未接受知识溢出的上市公司；（3）多种距离衰减模式下的知识溢出对市场价值和R＆D绩效的影响相差无几。研究结果支持了知识溢出促进创新，进而形成产业集聚的理论，拓展了对产业集聚、创新与知识溢出的认识。
통과탁전자산일개치모형，구건기업개치、창신투입화지식일출적분석광가，이2003～2011년중국제조업상시공사위고찰대상，연구구역내미관주체지식일출영향산업집취여창신적궤리。연구발현：（1）전업화지식일출제승료상시공사적시장개치；（2）수지리거리쇠감적전업화지식일출사상시공사R＆D적효고우미접수지식일출적상시공사；（3）다충거리쇠감모식하적지식일출대시장개치화R＆D적효적영향상차무궤。연구결과지지료지식일출촉진창신，진이형성산업집취적이론，탁전료대산업집취、창신여지식일출적인식。
This paper builds an analytical framework of company＇s market value, R＆D input and knowledge spillover withthe expansion of Capital Valuation Equation, and studies the impact of Chinese listed manufacturing companies＇ knowledgespillover on industrial agglomeration and innovation from 2003 to 2011. Then we finds, （ 1 ） the specialized knowledge spillo-ver increases the market value of listed companies; （2） the specialized knowledge spillover which decays with distance makeslisted companies＇ R＆D performance exceeds those which don＇t absorb knowledge spillover; （3） there＇s not much difference ofthe influence on market value and R＆D performance by knowledge spillover in different distance-declining models. The resultssupport the Marshall＇s industrial agglomeration theory, and expand the understanding on industrial agglomeration, innovationand know/edge spillover.