| 技术创新对资本配置效率影响的实证测度——基于大型高新技术企业的分析 |
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| 引用本文： | 张宗成,李建良.技术创新对资本配置效率影响的实证测度——基于大型高新技术企业的分析[J].中国科技论坛,2010(3). |
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| 作者姓名： | 张宗成 李建良 |
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| 作者单位： | 华中科技大学经济学院,湖北,武汉,430074 |
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| 基金项目： | 国家自然科学资金资助项目"中国境内外金融衍生产品监管和政策框架设计" |
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| 摘 要： | 本文基于技术创新对资本配置效率有重要影响的思路,借助Jeffrey Wurgler的资本配置效率模型,测度了我国大型高新技术企业经营的各个行业的资本配置效率水平。同时通过引入技术创新能力指标和对Jeffrey Wurgler的资本配置效率模型进行有效的改进,并利用2001—2008年的相关数据,检验了技术创新对资本配置效率影响的存在,实证结果表明技术创新对我国大型高新技术企业经营的各个行业的资本配置效率有显著的影响,其影响值约为0.135;结果同时显示,相对于企业利润指标,技术创新指标对资本配置效率的影响在技术创新能力高的一组中的作用更加明显。
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| 关 键 词： | 技术创新 资本配置效率 高新技术行业 面板数据 |
The Empirical Analysis of the Impact of Technical Innovation on Capital Allocation Efficiency——Based on the Analysis of Large-scale High-tech Enterprises |
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| Zhang Zongcheng,Li Jianliang.The Empirical Analysis of the Impact of Technical Innovation on Capital Allocation Efficiency——Based on the Analysis of Large-scale High-tech Enterprises[J].Forum on Science and Technology in China,2010(3). |
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| Authors: | Zhang Zongcheng Li Jianliang |
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| Institution: | Zhang Zongcheng,Li Jianliang(School of Economics,Huazhong University of Science , Tecchnology,Wuhan 430074,China) |
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| Abstract: | Based on the ideas that techmcM innovation have a major impact on capital allocation efficiency,this paper Uses Jeffrey Wurgler model measures the efficiency level of large-scale high-tech industries to capital allocation of our country.At the same time this paper uses the index of technological innovation capability to improve Jeffrey Wurgler model,and uses the 2001-2008 data of high-tech industries in China to examine the impact of technical innovation on capital allocation efficiency.The results showes that significant impact existent and the efficiency of capital allocation of high-tech industry value around 0.135.When compared with the index of industry profit,technological innovation ability index in industries with high technological innovation capability exerts more influence on the efficiency of capital allocation. |
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| Keywords: | techncial innovation capital allocation efficiency large-scale high-tech enterprises panel data |
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