Do New Quality Productive Forces Created by"Hard Technology"Generate Innovation Premiums——Evidence from Companies Listed on the STAR Market
We have developed a"hard technology"evaluation index system that encompasses five dimensions:R&D investment,innovation output,innovation potential,technology industrialization,and technology advancement.Using the"hard technology"index,we empirically investigate the impact of a company's new quality productive forces created by"hard technology"on its stock market performance,referred to as the innovation premiums.The main conclusions are as follows.Firstly,companies with strong"hard technology"in the Science and Technology Innovation Board(STAR)market can achieve innovation premiums,such as higher stock prices and cumulative excess returns.Secondly,attracting the attention of securities analysts and institutional investors is one of the primary underlying mechanisms.Enhancing innovation efficiency and financial performance also plays a significant role in this influence mechanism.Furthermore,non-state enterprises and companies backed by venture capital before their IPO tend to exhibit more pronounced new quality productive forces created by"hard technology",resulting in greater innovation premiums.
Hard TechnologyNew Quality Productive ForcesInnovation Premiums
万方数据
