| 上市公司技术创新与股票特质波动率 |
| |
| 引用本文： | 杨亭亭. 上市公司技术创新与股票特质波动率[J]. 科技管理研究, 2017, 0(21) |
| |
| 作者姓名： | 杨亭亭 |
| |
| 作者单位： | 广东财经大学 |
| |
| 基金项目： | 广东省哲学社会科学“十三五”规划基金青年项目“企业专利质量评估及其价值相关性研究”(GD16YYJ03) |
| |
| 摘 要： | 选取1 626家创新型上市公司在2006—2013年的数据为样本,研究技术创新活动对其股票特质波动率的影响,发现:第一,上市公司研发投入越多,股票特质波动率越大;而新增专利越多,特质波动率反而越小;第二,相对传统行业,高科技行业的研发投入或专利引起的股票特质波动率相对较小;第三,不同类型的专利对股票特质波动率的影响有显著差异。
|
| 关 键 词： | 技术创新；研发密度；专利；特质波动率 |
| 收稿时间： | 2016-12-19 |
| 修稿时间： | 2017-01-20 |
Technology Innovation of Listed Companies and Stock Idiosyncratic Volatility |
| |
| Abstract: | Technology innovation will affect stock price volatility due to its high uncertainty and information asymmetry. This paper selects 1626 innovative listed companies between 2006 and 2013 as samples and does research on how does technology innovation activities influence idiosyncratic volatility. This paper finds that: Firstly, the more the R&D investment is, the greater idiosyncratic volatility is. The more new patent is, the less idiosyncratic volatility is. Secondly, relative to traditional industries, stock idiosyncratic volatility is relatively small in the high-tech industries because of R&D investment and new patents. Thirdly, different types of patent have significantly different influence on the stock idiosyncratic volatility. |
| |
| Keywords: | Technology Innovation R&D Density Patents Idiosyncratic Volatility |
| 本文献已被 CNKI 等数据库收录！ |
| 点击此处可从《科技管理研究》浏览原始摘要信息 |
|
点击此处可从《科技管理研究》下载全文 |
|
