R&D value of Chinese manufacturing listed companies

China Political Economy Pub Date : 2018-11-21 DOI:10.1108/CPE-10-2018-012

T. An, Wang Wenyi

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引用次数: 1

Abstract

Purpose The way to measure the value of an enterprise’s R&D investments remains elusive for theoretical and empirical study on innovation economics. The paper aims to discuss this issue. Design/methodology/approach This paper expands the asset-value model pioneered by Griliches (1981) and applies it for the first time to the Chinese stock market to calculate the value of R&D investment instilled by Chinese manufacturing listed companies (CMLCs) from 2003 to 2014. Findings The authors find that: the assets-value model can better explain the enterprise value composition of CMLCs; with equal input, the value of R&D is higher than that of tangible assets, and lower than that of organizational assets; compared with the developed countries, the R&D value of CMLCs is lower; and the R&D value of CMLCs saw a downward trend from 2007 to 2014. Originality/value Furthermore, by rationally estimating the value of organizational assets and non-tradable shares, and innovatively introducing semi-annual momentum indicators from the perspective of behavioral finance to control the influence of investor sentiment on enterprise value, this paper tries to develop the asset-value model and provides a feasible solution to the problem of measuring the value of Chinese enterprises’ R&D investment.

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中国制造业上市公司的研发价值

目的衡量企业研发投资价值的方法一直是创新经济学理论和实证研究的难点。本文旨在对这一问题进行探讨。本文扩展了Griliches(1981)的资产价值模型，并首次将其应用于中国股票市场，计算了2003 - 2014年中国制造业上市公司(CMLCs)投入研发的价值。研究发现:资产价值模型能较好地解释CMLCs的企业价值构成;在投入相同的情况下，研发价值高于有形资产价值，低于组织资产价值;与发达国家相比，CMLCs的研发价值较低;2007 - 2014年，CMLCs的研发价值呈下降趋势。此外，本文通过合理估算组织资产和非流通股的价值，并从行为金融学的角度创新性地引入半年动量指标来控制投资者情绪对企业价值的影响，试图构建资产价值模型，为中国企业研发投资价值的计量问题提供一个可行的解决方案。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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China Political Economy

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