Innovative efficiency and firm value: Evidence from China

被引：25
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.
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页数：8
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