摘要
选取在深圳中小板上市的高新技术企业为样本,运用事件分析法分析了我国2006年以来创新政策中的税收优惠政策的颁布对公司市场价值的影响。与考察单个事件影响原理不同,此次研究的税收优惠政策为"间断发生的同类事件",故通过对该类事件发生作用的事件窗口内的"异常波动"来衡量事件的影响作用。实证研究结果表明:税收优惠政策的颁布给深圳中小板上市的高新技术企业市场价值带来了正向影响。此外,以传统的石化产业和新兴的生物医药产业为例,研究创新政策对不同产业公司的影响差异。结果表明:税收优惠政策的颁布对不同产业的平均超常收益率和累积平均超常收益率影响趋势基本相同,均呈现出增长趋势;但相比而言,对新兴的高新技术产业影响更为显著。
This study attempts to evaluate impact of national innovation policies on small and medium enterprises（SMEs） based on Event Study Methodology（ESM）.ESM is an effective approach using data from the financial markets to analyze the influences of one specific issue on the value of a corporation.Different from the theory of investigating on single issue＇s influences,innovation policies can be considered as some similar events which have happened at intervals.In this paper,fiscal and taxation policies from 2006 to 2010 in China have been studied as input variable and companies listed on Shenzhen Stock Exchange have been selected as output variable.The empirical analysis shows that the policies can promote companies market value and influence their innovation behavior.What is more,contrast studies between bio-pharmacy industry and petrochemical industry shows that the average abnormal rate of return（AAR） and the cumulated average abnormal rate of return（CAAR） of both are in rising trend,but the result of bio-pharmacy industry as the representative of the new high-tech industries is more significant.
出处
《科学学与科学技术管理》
CSSCI
北大核心
2011年第9期43-50,共8页
Science of Science and Management of S.& T.
基金
国家自然科学基金项目(70802061)
北京市自然科学基金项目(9082014)
2007年度北京市教育教学改革项目
