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基于2009年第四季--2015年第三季我国创业板上市公司季度财务报表的面板数据,检验创新投入与企业盈余变量序列的平稳性及协整关系,并建立回归模型。对创新投入与企业盈余之间关系进行研究,为企业投资规划提供科学依据。结果表明我国创业板上市公司企业创新投入与企业盈余变量序列存在长期均衡关系(协整关系),并且企业创新投入对企业盈余之间是负相关的。
Based on the panel data of the quarterly financial statements of China’s GEM listed companies from the fourth quarter of 2009 to the third quarter of 2015, we test the stability and cointegration relationship between the innovation inputs and the corporate earnings variables and establish the regression model. Research on the relationship between innovation investment and corporate earnings provides a scientific basis for enterprise investment planning. The results show that there is a long-term equilibrium relationship (co-integration relationship) between the corporate innovation inputs and the corporate earnings variables of listed companies in China and the negative correlation between corporate innovation inputs and enterprise surpluses.