Innovative efficiency and firm value: Evidence from China

被引：23
|
作者：
Kong, Dongmin [1 ]
Yang, Yiwei [1 ]
Wang, Qin [2 ]
机构：
[1] Huazhong Univ Sci & Technol, Sch Econ, Wuhan 430074, Peoples R China
[2] Zhongnan Univ Econ & Law, Sch Finance, Wuhan 430073, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2023年 / 52卷
基金：
中国国家自然科学基金;
关键词：
Innovative efficiency; Market valuation; Stock returns; ASSET PRICING MODEL; FINANCING CONSTRAINTS; FAMA-FRENCH; STOCK; UNCERTAINTY; VALUATION; RETURNS; MARKETS; MATTER;
D O I：
10.1016/j.frl.2022.103557
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
In this paper, we investigate the impact of innovative efficiency on a firm's market valuation based on a sample of Chinese listed firms. We find that innovative efficiency prominently con-tributes to enhancing a firm's market valuation. We examine the important role of securities analysts and institutional investors in conveying information about innovative efficiency and thus increasing firm value. Empirical results show that high-tech industry and intellectual property protection have a positive moderating effect, and financing constraints have a negative moder-ating effect. Additionally, we find that portfolio returns with different innovative efficiencies can be priced properly by the market.
引用
收藏
页数：8
相关论文
共 50 条
  • [31] Domestic Value Added in Exports: Theory and Firm Evidence from China
    Kee, Hiau Looi
    Tang, Heiwai
    AMERICAN ECONOMIC REVIEW, 2016, 106 (06): : 1402 - 1436
  • [32] Investor-firm interactions and corporate investment efficiency: Evidence from China
    Xu, Weidong
    Luo, Zijun
    Li, Donghui
    JOURNAL OF CORPORATE FINANCE, 2024, 84
  • [33] Executive pay restrictions, political promotion, and firm efficiency: Evidence from China
    Li, Wentao
    Wang, Xiaoke
    Yu, Lisheng
    PACIFIC-BASIN FINANCE JOURNAL, 2024, 88
  • [34] Highway Networks and Allocative Efficiency Firm-level Evidence from China
    Liu, Chong
    Wang, Wei
    Wu, Qunfeng
    Zhang, Hui
    JOURNAL OF TRANSPORT ECONOMICS AND POLICY, 2021, 55 : 283 - 307
  • [35] Ultimate ownership, risk-taking and firm value: evidence from China
    Su, Kun
    Li, Liuchuang
    Wan, Rui
    ASIA PACIFIC BUSINESS REVIEW, 2017, 23 (01) : 10 - 26
  • [36] Product market competition, shareholder governance and firm value: The evidence from China
    Li Wei-an
    Niu Jian-bo
    Ran Fan-sheng
    PROCEEDINGS OF THE 2006 INTERNATIONAL CONFERENCE ON MANAGEMENT SCIENCE & ENGINEERING (13TH), VOLS 1-3, 2006, : 760 - 766
  • [37] Global value chain participation and firm capacity utilization: Evidence from China
    Xie, Mufang
    Yu, Binbin
    JOURNAL OF INTERNATIONAL TRADE & ECONOMIC DEVELOPMENT, 2024, 33 (03): : 390 - 417
  • [38] Does Diversification Create or Destroy Firm Value? New Evidence from China
    Wang, Hui
    Huang, Jian-bing
    PROCEEDINGS OF THE SECOND CHINA PRIVATE ECONOMY INNOVATION INTERNATIONAL FORUM, 2009, : 715 - 720
  • [39] Ownership, institutions and firm value: Cross-provincial evidence from China
    Wang, Boya
    RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE, 2018, 44 : 547 - 565
  • [40] Digital transformation, competitive strategy choices and firm value: evidence from China
    Ren, Changman
    Lin, Xiaoxing
    INDUSTRIAL MANAGEMENT & DATA SYSTEMS, 2024, 124 (04) : 1656 - 1676
12345