创业板与主板上市公司创新效率比较的实证研究技术经济与管理专业论文.docxVIP

复口J大学硕：I：论文 复口J大学硕：I：论文 创业板．’j土板．J：市公i订创新效牢比较的实证研究 摘 要 中国的创业板终于在2009年10月23同向广大投资者丌启了大门，这是中 国资本市场一个重要事件。创业板的开启对于促进我国技术进步与创新、优化产 业结构以及完善多层次的资本市场体系意义重大。 对创新效率的评价是非常必要和有意义的，通过创新效率的评价，可以对比 不同的主体创新效率的高低，进而找出影响创新效率的关键因素，从而指导企业 做出有效的投资决策和安排，减少创新风险。 纵观全球创业板上市公司，多数为高成长性的科技型企业．虽然他们规模较 小，但研发能力比较突出，创新能力较强。主板上市公司规模比创业板上市公司 规模大，产品和市场较为稳定。直观上看，创业板上市公司的创新效率要高于主 板上市公司，但本研究的结果却没有证明这一点，本研究发现创业板和主板上市 公司的创新效率差别不大。本研究还尝试着去发现影响创新效率的关键因素，籍 此来指导企业作出有效的投资决策。 关键词：创业板主板创新效率数据包络分析(DEA) 复日．人学硕：}：论文 复日．人学硕：}：论文 创业板‘j主板卜市公司创新效牢比较的实证研究 Abstract China’S Growth Enterprise Market(GEM)finally opened its door to massive investors on Oct．23，2009，which is an important event in China’S capital market．The open of GEM is significant for the promotion of our technological progress and innovation，optimizing industrial structure and improving the multi—level capital market system． Evaluation of the innovation efficiency is necessary and meaningful．Through evaluation，we can compare the level of innovation efficiency of different bodies，and then find out the key factors affecting the efficiency of innovation，to guide enterprises to make effective investment decisions and arrangements to reduce innovation risks． The listed companies on GEM board are mostly science and technology enterprises with high growth potential．Although they are very small，they are with more prominent RD and innovation ability．Listed companies on main board have a larger scale，more stable market and products than that on GEM．It is seemingly that innovation efficiency of listed companies on GEM is high than that on main board， however,our research presents different views and there is no obvious difference between two samples．This study tried to discover the key factors affecting the efficiency of innovation，to take to guide businesses to make effective investment decisions． Key Words：Growth Enterprise Market Main board Innovation efficiency DEA 复口．人学硕士论文