科研管理

科研管理 ›› 2016, Vol. 37 ›› Issue (12): 1-9.

• 论文 •    下一篇

高新技术企业认定公告的市场反应研究

许玲玲1,郑春美2   

  1. 1 武汉大学经济与管理学院，湖北 武汉430072；
    2 郑州轻工业学院经济与管理学院，河南 郑州450002
  • 收稿日期:2014-10-14 修回日期:2016-03-05 出版日期:2016-12-20 发布日期:2016-12-16
  • 通讯作者: 许玲玲
  • 基金资助:

    我国高新技术上市公司绩效评价指标体系构建与有效性研究;适宜要素、区域分工与后发大国经济协调发展

Study on Market Reaction to Announcements of Recognition of High&New-tech Enterprises

Xu Lingling1,2, Zheng Chunmei1   

  1. 1. Economics and Management College, Wuhan University, Wuhan 430072, Hubei, China;
    2. Economics and Management College, Zhengzhou University of Light Industry, Zhengzhou 450002, Henan, China
  • Received:2014-10-14 Revised:2016-03-05 Online:2016-12-20 Published:2016-12-16

摘要： 本文以2008年《高新技术企业认定管理办法》为背景，利用事件研究法和869家高新技术上市公司数据首次考察了我国特殊的高新技术企业认定公告的市场反应。实证结果显示，并没有足够证据说明投资者对上市公司的高新技术企业认定给予较高定价。进一步检验发现，在高新技术企业认定公告期间，相对于对照组，中小上市公司、国有上市公司和2008年后新认定为高新技术企业的上市公司的市场反应都更差。本文的研究结果表明我国投资者存在短视行为，股票市场未能有效支持企业成为自主创新主体。

关键词: 高新技术企业认定公告, 市场反应, 事件研究法

Abstract: On the background of the “Administrative Measures for the Recognition of High&New-tech Enterprises”released in 2008,this paper firstly investigates the market reaction of announcements of Chinese special recognition of high&new-tech enterprises by using event study and data of 869 high&new-tech listed companies.The results show that there are no significant evidence that can explain investors pricing higher to the recognition of high&new-tech enterprises of listed companies.Further tests find that,in the event window of announcements of recognition of high&new-tech enterprises,relative to control groups,small and mediam-sized listed companies, state-owned listed companies and newly-recognized listed companies after 2008 have worse market reaction.The results of this paper reveal that investors are short-sighted and stock market fails to support effectively companies to become independent innovation subject.

Key words: Announcement of Identification of High-Tech Enterprises, market reaction, event study