Measurement and determinants of innovation efficiency and its impact on asset prices – empirical evidence from listed companies in China

被引：0

作者：

Zeng K. ^{[1
,2
]}

Li F. ^{[1
]}

Mills E.F.E.A. ^{[3
]}

机构：

[1] School of Economics and Management, Jiangxi University of Science and Technology, Ganzhou

[2] Ganzhou Academy of Financial Research (GAFR), Ganzhou

[3] School of Mathematical Sciences, Wenzhou-Kean University, Wenzhou

来源：

International Journal of Applied Decision Sciences | 2023年 / 16卷 / 02期

关键词：

China; DEA model; determinants; dynamic SBM model; Fama-MacBeth cross-sectional test; innovation efficiency; portfolio strategies; stock returns; Tobit regression;

D O I：

10.1504/IJADS.2023.129480

中图分类号：

学科分类号：

摘要：

This study adopts a dynamic slack-based DEA framework to estimate the innovation efficiency of the exchange-listed companies that are at the centre of China’s innovation network. On average, these companies have low efficiency scores, signalling an over-investment in fixed assets, R&D, and excessive subsidies received from the government, along with a shortage of patent output. A Tobit-based analysis indicates that market share of sales, overvaluation, and profitability are positively linked to innovation efficiency, while excess analyst coverage can impede corporate innovation. Moreover, innovation efficiency is positively associated with stock returns from both cross-sectional regression tests and portfolio strategies. Copyright © 2023 Inderscience Enterprises Ltd.

引用

页码：210 / 236

页数：26

共 50 条

[21] Performance and Innovation Insights: Empirical Evidence From Portuguese and Spanish Listed Companies
Lopes, Ilidio Tomas
PROCEEDINGS OF THE 9TH EUROPEAN CONFERENCE ON INNOVATION AND ENTREPRENEURSHIP (ECIE 2014), 2014, : 302 - 310
[22] Artificial intelligence, resource reallocation, and corporate innovation efficiency: Evidence from China's listed companies
Li, Chengming
Xu, Yang
Zheng, Hao
Wang, Zeyu
Han, Haiting
Zeng, Liangen
RESOURCES POLICY, 2023, 81
[23] Does the Improvement of the Business Environment Improve the Innovation Efficiency of Enterprises? Evidence from the Listed Companies in China
Han, Yan
Pan, Cheng
Jin, Fengjun
SUSTAINABILITY, 2023, 15 (14)
[24] An empirical analysis of the determinants of listed companies' cash holdings in China
Zhuang Yan
Xia Xinping
Proceedings of the 3rd International Conference on Innovation & Management, Vols 1 and 2, 2006, : 528 - 534
[25] Determinants of Share Prices of Listed Companies Operating in the Steel Industry: An Empirical Case from Vietnam
Phu Ha Nguyen
Phi-Hung Nguyen
Jung-Fa Tsai
Thanh Tam Nguyen
Van Nguyen Ho
Trong-Khoi Dao
JOURNAL OF ASIAN FINANCE ECONOMICS AND BUSINESS, 2020, 7 (12): : 131 - 138
[26] The actual controller of listed companies and innovation input- Evidence from A-share listed companies in China
Wu, Jiao-jiao
Su, Wei-dong
PROCEEDINGS OF THE 2014 2ND INTERNATIONAL CONFERENCE ON ADVANCES IN SOCIAL SCIENCE, HUMANITIES AND MANAGEMENT, 2015, 12 : 224 - 228
[27] The Impact of High-Tech Enterprise Certification on Green Innovation: Evidence from Listed Companies in China
Liang, Zhiqiang
Shen, Yao
Yang, Kunyu
Kuang, Jinsong
SUSTAINABILITY, 2025, 17 (01)
[28] Impact of environmental information disclosure on green technology innovation:Evidence from China's Listed Companies
Wang, Nan
Yang, Gang
Wu, Jin
Wenya, Lv
FINANCE RESEARCH LETTERS, 2025, 71
[29] Measuring the Technological Innovation Efficiency of Listed Construction Companies in China
Min Cheng
Xiaofeng Yi
Fangliang Wang
Xiaotong Cheng
KSCE Journal of Civil Engineering, 2023, 27 : 5057 - 5070
[30] A neural network-based measurement of corporate environmental attention and its impact on green open innovation: Evidence from heavily polluting listed companies in China
Zor, Shutter
JOURNAL OF CLEANER PRODUCTION, 2023, 432

← 1 2 3 4 5 →