中国创业板上市公司创新绩效及影响因素研究

摘要

The establishment of the GEM stock market is an important power to promote China’s economic development. GEM stock market in China is still emerging markets and in an immature state. Analyzing the factors affecting the innovation perfor-mance of Chinese companies listed on GEM stock market has important practical significance. The paper not only builds an analysis framework including the variable of innovation input, innovation output, the government support, tax policy etc, but also analyses the relationship between the innovation performance and the above-mentioned variables for the listed firms in the Chinese growth enterprise market (GEM) in Shenzhen by investigating on their innovation activities during 2010-2011 and tests the results from the industry level. The study shows that there is a significant positive correlation between the enter-prise performance and innovation input, and no significant correlation with the human capital investment and innovation out-put. Besides, no significant correlation is discovered between the performance and the innovation environment and industrial background such as the government support,opportunities of the innovation and tax policy support.%创业板市场的设立是推动我国经济发展的重要助力。由于我国创业板市场仍是新兴市场，尚处于不成熟的状态，因此对影响我国创业板上市公司创新绩效的因素进行分析具有重要的现实意义。文章构建了包括创新投入、创新产出、政府支持力度和税收政策支持力度等变量的分析框架，通过对中国创业板上市公司2010年、2011年的创新活动调查分析，检验了创新绩效与上述因子之间的关系，并从行业层面进行了检验。研究表明：企业创新绩效与创新投入呈现显著的正相关性，与人力资本投入和创新产出没有显著的相关性，而与其他创新环境变量如政府支持力度、创新机遇和税收政策支持力度之间也没有显著相关性。