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研发投资是企业自主创新能力的根本体现,出于投资者对研发型企业潜在增长能力、赢利能力和发展空间的高预期,研发型企业一般存在市场超额收益,企业研发密度与市场收益正相关。本文以国家认定企业技术中心为样本对这一问题作了研究。实证结果表明,国家级企业技术中心所属单位的市场平均收益高于市场组合的平均收益,整体上市的国家级企业技术中心单位比部分上市的国家级企业技术中心单位具有更高的市场收益。同时,这些结论也得到收益增长幅度指标的证实。
R & D investment is the fundamental manifestation of the independent innovation capability of enterprises. Due to the investors’ high potential growth potential, profitability and development potential, R & D enterprises generally have excess returns in the market. The research and development density of a company is positively correlated with market returns. This article has made a research on this issue by taking the Nationally Recognized Enterprise Technology Center as a sample. The empirical results show that the average returns of the units owned by the state-level enterprise technology centers are higher than the average returns of the market portfolios. The overall listing of state-level enterprise technology center units has a higher market return than some of the listed national-level enterprise technology center units. At the same time, these conclusions have also been confirmed by the indicators of revenue growth.