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研究目标:探讨创业板上市公司经济绩效的影响因素。研究方法:基于2012~2014年创业板上市公司的面板数据,运用贝叶斯模型平均法进行实证分析。研究发现:当期及滞后一期R&D强度对经济绩效存在显著负向影响,而R&D交互作用对经济绩效具有显著正向影响;经营现金流状况、总资产周转率对经济绩效具有显著正向影响;当期广告强度只对权益报酬率具有较显著正向影响。研究创新:第一,选择商品经营、资产经营与资本经营等三个方面的经济绩效指标,分别从R&D创新、广告营销、营运管理等方面探讨经济绩效的影响因素,拓展了研究视角;第二,运用贝叶斯模型平均法研究经济绩效的影响因素,估计结果更加稳健可信,具有方法的新颖性和有效性。研究价值:本文结论对改善创业板公司的创新和经营策略具有较强的现实意义。
Research Objectives: To explore the influencing factors of the economic performance of GEM companies. Research Methods: Based on the panel data of GEM companies listed from 2012 to 2014, the empirical analysis is carried out by Bayesian Model Average Method. The results show that the R & D intensity of the current period and the lag phase have a significant negative impact on economic performance, while the R & D interaction has a significant positive impact on economic performance. The operating cash flow and the total asset turnover have a significant positive impact on economic performance. The current advertising intensity only has a more significant positive impact on the return on equity. Research and Innovation: First, select the economic performance indicators of the three aspects of commodity management, asset management and capital management, discuss the influencing factors of economic performance from aspects of R & D innovation, advertising marketing and operation management, and expand the perspective of research; secondly, , Using Bayesian model averaging method to study the influencing factors of economic performance, the result of the estimation is more reliable and reliable, and has the novelty and effectiveness of the method. Research Value: The conclusion of this paper is of great practical significance for improving the innovation and management strategies of the GEM companies.