技术资本配置及净资产收益率相关性的分析——来自战略性新兴产业公司财务数据.pdf

The Correlation Analysis Between Technical Capital A llocation and Return on Equity--Evidence from Companies of Strategic Emerging Industries Abstract Science and technology are primary productive forces. Effected by the planned economic system for a long time, the development of the economy in China mainly rely on the cheap labor and financial capital investment, which results in the lack of technological innovation ability and the low levels of capital allocation. While the importance of emerging production factors, especially technical factor, is rapidly improving in the fierce competition, national and corporate status began to strengthen investment in technology and innovation, leading to the internal changes in the level of asset allocation, which might do profound impacts on the ROE of enterprises. Ever since 2006, the discussion about the ROE of Chinese companies has become the focus which decides whether the growth of Chinese economy is overheating and sustainable. This paper make ROE as the starting point to study the impact of technical capital configure to the ROE of enterprises. We adopt the methods of empirical research and select 2007-2011 listed A-share companies in China which are related to the strategic emerging industries as the object of our study. This is because the strategic emerging industries, which has become an important part of Chinas 12th Five-Year Plan, are not only representative of the important areas of science and the cutting edge of technology, but also the core to cultivate the own property and critical core technology for companies. In addition, we will also study the level of technical capital allocation, operating performance and the efficiency of