期刊论文

Internationalization Degree,R&D Investment and Enterprise Value in the Whole Industry Chain Enterprises

中文

中国软科学

1005-0566

2020

2020

11

124-133

10.3969/j.issn.1002-9753.2020.11.011

国家社会科学基金重点项目（18AJY022）；

本校为其他机构

以全产业链分析为视角,采用2015-2019年的样本数据,对中国轨道交通全产业链企业中的上市公司的企业国际化程度、研发投入与企业价值的关系进行推导和验证。研究发现:企业国际化程度与企业价值间呈U型关系,且当期研发投入、滞后一期研发投入对其关系存在积极的调节效应。对设计管理与咨询服务、装备制造和土建工程三种类型的分链企业而言,企业国际化程度与企业价值分别呈现出积极线性关系、U型关系和负向线性关系。最后,本文从国际化发展、企业研发投入、“强链、补链”三个角度提出对策建议。

This paper examines the relationship between enterprise’s internationalization degree,R&D investment and enterprise value of listed companies in China’s whole industrial chain enterprises of rail transit based on the data from 2015 to 2019 from the perspective of whole industry chain analysis. The result indicates that there is a U-shaped relationship between internationalization degree and enterprise value. Moreover,the current R&D investment and lagging one-stage R&D investment have a positive moderating effect on the relationship between i...