Research on the Technological Innovation Capabilities of Listed Companies and Their Impact on Company Market Value
Taking listed companies in Shandong Province as the research sample,this study selects key indicators that affect the technological innovation capabilities of these companies,such as R&D personnel and R&D expenditures.By employing principal component analysis,a comprehensive evaluation of the companies'technological innovation capabilities is conducted.Based on this evaluation,quantile regression is utilized to examine the impact of enhancing the technological innovation capabilities of Shandong's listed companies on their market value.The study finds that the key to improving the technological innovation capabilities of listed companies in Shandong lies in strengthening the integration of technological production factors,increasing support for R&D,and obtaining more patents and research achievements.Overall,there is a significant positive correlation between the technological innovation capabilities of these companies and their market value.However,the relationship between technological innovation capabilities and market value exhibits noticeable heterogeneity depending on whether the company is state-owned or non-state-owned,and whether its market value exceeds 10 billion yuan.
new quality productive forcetechnological innovation capabilityR&D investmentShandong listed companies
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