| 企业创新策略选择与股价波动之间关系实证研究 |
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| 引用本文： | 杨建君,刘刃.企业创新策略选择与股价波动之间关系实证研究[J].管理工程学报,2009,23(1):35-40,46. |
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| 作者姓名： | 杨建君 刘刃 |
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| 作者单位： | 西安交通大学管理学院,陕西西安,710049 |
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| 基金项目： | 国家自然科学基金，教育部人文社会科学研究项目 |
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| 摘 要： | 本文以内地上市公司为研究对象,运用事件分析法研究了不同公司采用不同创新策略时,股票市场对其预期收益将做出何种调整与变化.研究姥.果表明:托宾Q值大于1的企业采取外部创新以及托宾Q值小于1的企业采取内部创新时,股价将上升;托宾Q值大于1的企业采取内部创新以及托宾Q值小于1的企业采取外部创新时,股价将下跌.
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| 关 键 词： | 托宾Q 创新策略 股价 企业创新 |
Empirical Study on Relationship between Enterprise Innovation Strategies and Stock Price Fluctuation |
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| YANG Jian-jun,LIU Ren.Empirical Study on Relationship between Enterprise Innovation Strategies and Stock Price Fluctuation[J].Journal of Industrial Engineering and Engineering Management,2009,23(1):35-40,46. |
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| Authors: | YANG Jian-jun LIU Ren |
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| Institution: | School of Management;Xi'an Jiaotong University;Xi'an 710049;China |
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| Abstract: | This paper attempts to find how the stock market adjusts to the expected proceeds for different innovation strategies in different mainland listed companies.Event study methodology was applied to study this problem.The research results show that the external innovation in the Tobin's Q greater than 1 firms and the internal innovation in the Tobin's Q less than 1 firms will lead to a stock price rise,while the internal innovation in the Tobin's Q greater than 1 firms and the external innovation in the Tobin'... |
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| Keywords: | Tobin's Q innovation strategy stock price firm innovation |
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