| 科创型企业盈利前景评价机制及影响因素 |
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| 引用本文： | 汪建,吴会琴,张驰,倪晓杰.科创型企业盈利前景评价机制及影响因素[J].科学学研究,2020,38(1):124-132. |
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| 作者姓名： | 汪建 吴会琴 张驰 倪晓杰 |
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| 作者单位： | 1. 上海大学管理学院;2. 上海市经济和信息化发展研究中心;3. ; |
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| 摘 要： | 上海证交所科创板挂牌企业吸引投资的优势不在于现在的盈利状态而是盈利前景。本研究通过研究科创型企业的盈利前景为科创板申请评价以及信息披露内容提供建议。在方法上，以2015年-2017年上海某区三年共计797家企业为样本，以经济效益增长性为目标，从多个方面研究其影响因素。结果发现企业的经济效益的增长性与研发投入、研发产出以及经济效益没有直接关系；在另外一个方面，企业的研发投入，研发产出和经济效益之间的良好循环是区分企业增长性强弱的重要特征。由于单方面指标无法很好地评价长期盈利能力，建议同时评价三个方面的信息：研发投入、研发产出、经济效益。同时建议培育第三方市场用于统计和发布难以统计的其他信息以帮助投资者合理评价科创板企业，例如市场占有率及独占性技术。
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| 关 键 词： | 科技创新 盈利能力 评价机制 科创板 实证研究 |
| 收稿时间： | 2019-01-06 |
The evaluation mechanism and influencing factors of profitability of sci-tech innovation enterprises |
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| Abstract: | The advantages of enterprises on sci-tech innovation board attracting investment are not the current profit status, but their profit prospects. This study provides suggestions for evaluation of Sci-Tech innovation board application and information disclosure content by studying the profitability of sci-tech innovation enterprises. In terms of methods, a total of 797 enterprises in a certain district of Shanghai in three years from 2015 to 2017 were taken as samples, and the growth of economic benefits was taken as the target. The influencing factors were studied from multiple aspects. The results show that the growth of economic benefits of enterprises is not directly related to the single variable of R&D investment, R&D output and economic benefits; On the other hand, a good circular mechanism between R&D investment, R&D output and economic benefit of an enterprise is an important feature that distinguishes the growth strength of an enterprise. Since the single indicator cannot provide a good assessment of long-term profitability, it is recommended to evaluate three aspects simultaneously: R&D investment, R&D output, and economic benefits. At the same time, it is suggested to cultivate the third-party markets for statistics and release other information, such as market share and exclusive technology etc. The information is very helpful for private investors to evaluate the enterprises on sci-tech innovation board but difficult to be achieved for them. |
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