Innovation,efficiency and firm value: an empirical analysis on Japanese electrical appliance industry

摘要

This paper begins with measuring Japanese electrical appliance industry's technical efficiency of earning capacity basing on the sample of listed companies from 2000 to 2005. Our result shows that low-level efficiency exists in Japanese electrical appliance since 2000;the average technical efficiency of earning capacity is even below 0.4. Then four panel data regressions are estimated for testing the links among firm value,efficiency of earning capacity,innovation capacity and other factors. Our estimations show that firm's Research & Development expenditure and innovation capacity can positively and significantly affect firm value in long-term,but this relationship is not dear in short-term. Jointly,we find that firm's efficiency of earning capacity is strongly relative with firm value. Additionally,just as the mainstream viewpoint,firm's volatility of stock dealing,structure of shareholder,growth rate of sales will have a significant and positive role to firm value.