Process Of Marketization,R&D Efficiency And Firm Value

Since the reform and opening,the marketization process in our country has been accelerating constantly,but the degree of marketization varies greatly between regions.Market environment will significantly affect the daily corporate governance and decision-making.The faster of the marketization process,the better external environment can be provided for technical innovation.Due to the different market environment,the R&D efficiency of enterprises may vary greatly.Therefore,this article analyzes the relationship between marketization,R&D efficiency and firm value.First of all,this article gives a brief description of the marketization process,and finds out that the process of marketization in various regions presents spatial agglomeration characteristics and obvious gradient characteristics in space.Then,in order to get the R&D efficiency of firms,this paper uses stochastic frontier analysis to establish the model,and analyzes the macro and micro factors that affect the R&D efficiency.The study found that the R&D efficiency is affected by the degree of marketization in the region where the enterprise is located.The higher degree of marketization,the higher the R&D efficiency of enterprises.Finally,using the market index and the R&D efficiency obtained from the stochastic frontier model as explanatory variables,and establishing the regression model with the firm value as the explanatory variable,the R&D efficiency and the marketization process have a positive impact on the firm value.The relationship between the R&D efficiency and firm value is influenced by the process of marketization,that is,the higher the marketization process,the greater the impact of R&D efficiency on the firm value.