중국 기업의 기술혁신이 기업가치에 미치는 영향에 관한 연구 : R&D 투자와 특허 취득을 중심으로 = A study on the influence of Technological Innovation on Enterprise Value of Chinese Companies : Focus on R&D investment and patent licensing

다국어 초록 (Multilingual Abstract)

China’s rapid economic growth is accompanied by low technological level. As a result, China is experiencing a series of high pollution, high energy consumption and massive overproduction. This is an obstacle to the continued development of the economy. To address these problems, China has announced an innovation-led development strategy, with technological innovation as a key direction for economic growth. China is gradually becoming a scientific and technological power through the country’s vigorous efforts to encourage scientific and technological innovation. However, there is a big gap between China’s technological level and that of developed countries, which is considered as an obstacle to technological innovation of enterprise.
This study selects the Chinese stock market as an emerging market and empirically analyzes the impact of technological innovation on enterprise value. The results show that R&D investment has no effect on enterprise value in the Chinese market as a whole, but patents have a significant positive (+) effect on enterprise value. From the stock market, the technological innovation of Shenzhen stock market has a positive impact on enterprise value. In Shanghai stock market, R&D investment, as an input of technological innovation, does not directly affect enterprise value, but also has a positive impact on enterprise value. In addition, the analysis results of ownership structure show that the R&D investment of state-owned enterprise has no statistical significance. Among non-state-owned enterprises, R&D investment and patent have a positive impact on enterprise value. The robustness test of this study adopts the time lag of explanatory variables, and the results are consistent with the previous analysis.
The results of this study contributes to our understanding of enterprise value based on technical innovation theory and provide theoretical guidance for management and investors. Finally, it provide some effective measures for Chinese companies to carry out technological innovation activities.

목차 (Table of Contents)

• Ⅰ. 서 론 1
• 제1절 연구배경 및 목적 1
• Ⅱ. 이론적 배경 및 선행연구 5
• 제1절 기술혁신 5
• 1.1 기술혁신이론 5
• 1.2 중국 기술혁신의 현황 6
• 제2절 선행연구 11
• 2.1 R&D 투자와 기업가치 11
• 2.2 특허와 기업가치 13
• Ⅲ. 연구 설계 16
• 제1절 가설설정 16
• 제2절 표본 선정 18
• 제3절 연구모형의 설계 20
• 제4절 변수의 정의 21
• 4.1 종속변수 21
• 4.2 설명변수 22
• 4.3 통제변수 24
• Ⅳ. 실증분석 결과 27
• 제1절 기술통계량 27
• 제2절 상관관계분석 29
• 제3절 회귀분석 31
• 3.1 전체표본의 회귀분석 결과 31
• 3.2 주식시장별 회귀분석 결과 31
• 3.3 기업 소유구조별 회귀분석 결과 34
• 제4절 강건성 검정 36
• Ⅴ. 결론 및 한계점 40
• 제1절 결론 40
• 제2절 시사점 41
• 제3절 한계점 42
• 참고문헌 43