An Empirical Analysis Of The Influence Of Science And Technology Investment On The Market Value Of Listed Chinese Industrial Companies

Since 2005,China implemented a share transformation,the securities market entered an era of full circulation.The increasingly effective market has attracted more companies to enter the capital market in different ways.The industry is increasingly fiercely competitive and more companies to focus on their own market-value management.As the core competitiveness in the company's value creation and value operation,the investment in Science&Technology innovation has been studied by researchers around the world of its impact on the market value of listed companies.It is of significant reference for the listed companies to management market value,investors to formulate investment strategies,and regulatory authorities to formulate regulations.This article aims to explore the impact of investment in Science&Technology innovation on market value under the framework of market value management,mainly to address the following questions:From the perspective of the China securities market,what is the impact of investment in Science&Technology innovation on market value?What is the performance of the listed company's market value in different Science&Technology innovation input structures?Different characteristics of listed companies(from total assets perspective)whether the impact of investment in technological innovation on the market value is different,whether the structure of investment in Science&Technology innovation is different,whether there is bias in the focus of market value management?This article takes the overall sample of listed companies in the China securities market as an initial sample.After the persistence of the listed companies and the selection of the input intensity of Science&Technology innovation,the research target is locked in a panel data which holds 906 cross-sections in 18 industrial sectors in 2007-2016.The panel data was analyzed empirically through descriptive statistical analysis and econometric panel regression model.This article is divided into six chapters:Chapter ? is the introduction part,which mainly explains the research background,research objectives,research significance,research methods and innovation points;Chapter ? is the literature review part,which mainly summarizes the academia about three parts:value management theory,market value management theory,research on the impact of investment in Science&Technology innovation on market value;Chapter III is based on the literature review,discusses the conduction mechanism of the impact of investment in Science&Technology innovation on the market value;Chapter IV builds a model,and screens the acquired data to obtain the relevant core data of the research subject;Chapter V is the empirical part,mainly adopting the overall to individual logical framework,do comparative analysis according to the size of the assets,structures of investment in Science&Technology innovation of our issues.In Chapter ?,combined the relevant theories in the second and third chapters,analyze and summarize the results of the fifth chapter,provide listed companies with suggestions on the Science&Technology innovation investment strategies and market value management.At the same time,it also summarizes the ideological methods,data selection,and empirical results of this article.The empirical results of this paper show that:In general,the investment in Science&Technology innovation has a significant positive impact on the market value among listed industrial companies,and there is a certain lag effect on the performance of market value in the investment in Science&Technology innovation.Through the analysis of the regression results of the annual average value of the market value and the year-end value,this paper believes that China's securities market may not yet meet the requirements of the weak-type effective market,and the stock price of the year is still affected by speculative factors.According to the regression results of listed companies by classifying asset size,we can see that as the scale of assets rises,the more investment the listed companies make in Science&Technology innovation,the weaker the input intensity of Science&Technology innovation;the market is positive about the independent innovation activities of listed companies.Encourage companies with relatively low assets to allocate resources rationally,adopt corresponding development based on existing technologies,and recognize the market value of listed companies in the "double-on" category;for high-asset-level listed companies,the market recognizes the capability of independent innovation is relatively optimistic about the long-term independent innovation activities of listed companies.Under the framework of market value management,this paper believes that the core of market value management is to manage the cash flow by creating revenues for shareholders.Therefore,the results show that the corresponding variables are significant:net cash flow from operations,earnings per share,and share of institutional shareholders.With the increase in the scale of assets,the market has stricter requirements on the solvency and market share of listed companies.It is worth mentioning that in the value realization process of the market value management,the comprehensive rating of the brokerage research institute has a significant role in promoting the market value of the listed company all the time,and has a positive influence in maintaining the healthy development of the market value management of the securities market.