Innovation Performance and Influencing Factors of Expansive Listed Companies
Zhefan Piao 1
Zhaohua Xiao 1
Binbin Miao 1
Rongda Chen 1  
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School of Finance, Zhejiang University of Finance & Economics, Hangzhou 310018, CHINA
Online publish date: 2017-11-16
Publish date: 2017-11-16
EURASIA J. Math., Sci Tech. Ed 2017;13(12):7755–7769
This article belongs to the special issue "Problems of Application Analysis in Knowledge Management and Science-Mathematics-Education".
The super efficiency DEA model and panel Tobit model were used in this study to conduct empirical research on innovation performance and its influencing factors in expansive companies based on patent and annual report data for A-shares, dilated listed companies in China from 2009 to 2015. Our results suggest that innovation performance in Chinese listed companies is generally stagnating at a low level, but scores for computer, communications equipment, electrical machinery, chemical, and pharmaceutical industries are high. There are significant differences in innovation performance between internal and external expansion companies. The internal expansion scale shows a significant negative correlation with innovation performance, while there is a “U” shaped nonlinear relationship between external expansion and innovation performance; the turning point appears when the external expansion scale is 0.2, that is, it is significantly negative to innovation performance below 0.2 (and vice versa). Firm age, firm size, executive pay, average age of executives, and depreciation have a negative impact on innovation performance, while equity concentration, capital intensity, and financial leverage have a positive impact on innovation performance.
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