技术创新效率对股票收益率影响的实证研究——基于中国制造业的面板数据回归.docVIP

重庆大学硕士学位论文 英文摘要 ABSTRACT Since the 2008 financial crisis, the stock market in China had been in the doldrums by 2014. Chinese government vigorously promotes the comprehensive reform and economic stimulus policies, and as a result, stock market in China ended several years of decline, and the Shanghai composite indicator rose 52.8% by the end of 2014. Stock market in China performed only after Argentina in the global stock market, and became the best performing stock market in Asia by the end of 2014. As the most concerned problem of stock investors, studies about stock returns attract the attention of scholars at home and abroad again. Recent studies provide evidences suggesting that owing to limited investor attention, prices do not fully and immediately impound the arrival of relevant public information. In recent years, governments focus on technological innovation, and as result, scholars begin to study the predictability of technological innovation indicators, which reflect incremental information of the companys future potential ability and which investors pay less attention to, on stock returns. Since 1996, scholars at home and abroad made empirical analysis of the important role which technological innovative input, and output play on the predictability of stock returns. Foreign scholars furtherly made Fama-Macbeth empirical cross-sectional regression analysis from the perspective of efficiency to study the impact of technological innovative efficiency play on US stock returns in 2013. As a comprehensive and dimensionless indicator which measures the technological innovative capability, and compared with the purely technological innovative input or output indicators, technological innovative efficiency can measure the impact of technological innovation on stock returns better. There is no empirical analysis to study the impact which technological innovative efficiency plays on stock returns in China ever, and no further research on the impact which the techn