|
|
|
| The Double-Threshold Effect Between the Science and Technology Innovation and Enterprise Value Related to the Marine Economy |
| Lu Lu1, Sheng Yuhua1, Qu Guoming1,2, Dong Hongchao1 |
1.School of Business,Nanjing Normal University,Nanjing 210023,China;
2.School of Business,TaizhouInstitute of Science and Technology,Nanjing University of Science and Technology,Taizhou 225300,China |
|
|
|
|
Abstract In the context of the report of the 19th National Congress of the Communist Party of China as well as the Strategy of Powerful Country by Ocean,the paper focuses on the relationship between the investment innovation and the improvement of the value of enterprises in sea-related enterprises,by using the panel data of listed companies which are related to the marine economy in 2012—2015 with Stata15.0.The results indicate that the double-threshold effect of investment and enterprise value is significant and there is a big difference of this non-linear relationship between the coastal areas and non-coastal areas,the threshold value of the coastal areas is significantly lower than the threshold of non-coastal areas.Moreover,there is a structural imbalance during the statistical period.Such imbalances have been improved in the coastal areas but still need to be solved in non-coastal areas.
|
|
Received: 28 December 2017
|
|
|
|
|
|
[1]约瑟夫·熊彼特.经济发展理论——对于利润、资本、信贷、利息和经济周期的考察[M].上海:商务印书馆,2009:173-176.
[2]MODIGLIANI Franco,MILLER Merton H.The cost of capital,corporate finance,and the theory of investment[J].The American economic review.1958,48(3):261-297.
[3]MYERS Stewart C.Determinants of corporate borrowing[J].Journal of financial economics.1977(5):147-175.
[4]LEVY Haim,SARNAT Marshall.Capital investment and financial decisions[M].Prentice-Hall.1986.
[5]张春霖.企业组织与市场体制[M].上海:上海三联书店,1994:54-69.
[6]CHESBROUGH Henry W.Why companies should have open business models[J].MIT sloan management review.2007,48(2):22.
[7]SUNDARAM Anant K,JOHN Teresa A,JOHN Kose.An empirical analysis of strategic competition and form value:the case of R&D competition[J].Journal of financial economics.1996,44(1):129-161.
[8]徐欣,唐清泉.R&D活动、创新专利对企业价值的影响——来自中国上市公司的研究[J].研究与发展管理,2010,31(4):20-29.
[9]陈修德,彭玉莲,卢春源.中国上市公司技术创新与企业价值关系的实证研究[J].科学学研究,2011(1):138-146.
[10]陶峰.吸收能力、价值链类型与创新绩效——基于国际代工联盟知识溢出的视角[J].中国工业经济,2011(1):140-150.
[11]金永红,蒋宇思,奚玉芹.风险投资参与、创新投入与企业价值增值[J].科研管理,2016(9):59-67.
[12]HANSEN Bruce.Threshold effects in non-dynamic panels:estimation,testing and inference[J].Journal of econometrics,1999(93):345-368.
[13]WANG Qunyong.Fixed-effect panel threshold model using Stata[J].The stata journal,2015,15(1):121-134.
[14]戴小勇,成力为.研发投入强度对企业绩效影响的门槛效应研究[J].科学学研究,2013,11(31):1708-1735.
[15]杨文君,何捷,陆正飞.家族企业股权制衡度与企业价值的门槛效应分析[J].会计研究,2016(11):38-45. |
|
|
|
2018, Vol. 0 
