| Under economic globalization,technological innovation plays an important role in national development;In recent years,China has introduced several policies to encourage small and medium-sized enterprises to increase investment in research and development to promote scientific and technological innovation.This paper mainly discusses the impact of R&D investment on the market value of enterprises from National Equities Exchange and Quotations(NEEQ).In the framework of technological innovation theory and asymmetric information theory,this paper uses the panel data of 2852 NEEQ listed companies from 2013 to 2017 to conduct empirical analysis.The key findings are as follows:1)The R&D investment of NEEQ listed companies has a significant positive impact on the market value of the companies.Increasing R&D input can enhance the competitiveness of technological innovation,thus promoting enterprise value.2)The positive effect of R&D investment on enterprise market value usually lags.3)Compared with the Innovation-level enterprises,the market value of the Base-level enterprises is more significantly affected by R&D investment.This paper explores the R&D investment of NEEQ listed companies,which is less studied so far,and introduces the stratified system perspective of NEEQ for comparative analysis,making contributions to the existing literature.The conclusion of this paper provides empirical evidence for the R&D investment decision of NEEQ listed companies and also offers reference for the capital investment in the market. |
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