Research On The Influence Of Innovation Input Of Listed Companies On Their Market Performance

Innovation is the core driving force of enterprise development,the intensity of enterprise innovation investment has naturally become the focus of investors,through the fluctuation of stock prices can also reflect the preferences of investors and the characteristics of the company information,to a large extent,the capital markets of developed countries thus play the role of resource allocation,and the market in developing countries there is such a feedback mechanism,the impact of innovation investment on the excess earnings of stock prices is worth studying.This paper studies the performance of enterprise innovation investment in the market,firstly,based on four theories of technological innovation theory,signal correlation theory,market effective theory and agency theory,analyzes the present situation of innovation input(R & amp;d expenditure)of a-share listed companies,and discusses the relationship between enterprise innovation input and enterprise performance in the market.This paper selects the annual report data of listed companies in Shanghai and Shenzhen from 2015 to 2017,takes the high innovation input and the low innovation input enterprise as the processing group and the control group respectively,and examines the feedback effect of enterprise innovation input in the capital market by using the tendency score matching method(PSM).It is found that the excess earnings of companies with high innovation investment are lower than those of low-innovation inputs,and the matching can not significantly reduce the volatility of stock prices,so the paper further discusses the extent to which innovation input reaches the excess income of enterprises in the capital market through the panel threshold model,and obtains the intensity of innovation investment(innovation input/operating income).Less than the threshold value,the innovation input can promote the excess income,in the Highgate limit group is not significant,further according to whether the stateowned enterprises are grouped,with the same method to find that the threshold values of state-owned enterprises and non-state-owned enterprises are different,the threshold value of non In view of the research results obtained in this paper,this paper puts forward some suggestions from the perspective of government,investors and enterprises,hoping to give enterprises the Enlightenment of innovation activities and investors to make investment decision suggestions,and improve China's capital market.