| 股权性质、环境不确定性与技术资本配置效率 |
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| 引用本文： | 李欣先,周红根.股权性质、环境不确定性与技术资本配置效率[J].科技进步与对策,2016,33(17):67-72. |
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| 作者姓名： | 李欣先 周红根 |
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| 作者单位： | 首都经济贸易大学 经济学院，北京 100070；中国海洋大学 管理学院，山东 青岛 266100；齐鲁工业大学 工商管理学院，山东 济南 250353 |
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| 基金项目： | 国家社会科学基金项目(15BJL021)，山东省社科规划基金项目(15CKJJ10)，齐鲁工业大学人文社科基金项目(SKXMY150) |
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| 摘 要： | 技术转化为资本，资本创造价值已经成为共识，技术资本在不同公司创造价值的作用程度不同，根源是技术资本配置效率问题。选取沪深两市2008-2013年间制造业上市公司为样本，检验了基于不同股权性质的公司环境不确定性对企业技术资本配置效率和价值的影响，研究结果表明：①企业环境不确定性程度越高，技术资本配置效率越低，并且技术资本配置偏离度在国有公司中表现为配置过度，在非国有公司表现为配置不足；②在股权性质为国有的公司中，由环境不确定性引发的技术资本配置偏离将降低企业价值，在非国有控股公司中，由环境不确定性导致的技术资本配置偏离将增加企业价值。
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| 关 键 词： | 股权性质 不确定性 技术资本配置效率 企业价值 |
| 收稿时间： | 2016-05-20 |
The Nature of Stock Right,Environment Uncertainty and Technical Capital Allocation Efficiency---Evidence from Chinese Listed Manufacturing Companies |
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| Li Xinxian,Zhou Honggen.The Nature of Stock Right,Environment Uncertainty and Technical Capital Allocation Efficiency---Evidence from Chinese Listed Manufacturing Companies[J].Science & Technology Progress and Policy,2016,33(17):67-72. |
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| Authors: | Li Xinxian Zhou Honggen |
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| Institution: | School of Economic, Capital University of Economic and Business, Beijing 100070;Management of School，Ocean University of China，Qingdao 266100，China;School of Business Administration，Qilu University of Technology，Jinan 250353，China |
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| Abstract: | The general rule of value creation function of technology capital has formed a consensus.Technical capital in dif-ferent companies to create the value of different degrees,which relates to the technical capital allocation efficiency issues. In this paper,taking two city in 2008-2013 manufacturing listing Corporation as samples from the Shanghai and Shenzhen Stock Exchange,tests the effect of environmental uncertainty on the efficiency and value of enterprise technology capital allocation based on the nature of stock right.The results of the study show that:① The higher the enterprise's environ-mental uncertainty,the lower technology capital allocation efficiency is,technology capital configuration deviation degree in state-owned companies are overinvestment,while the non-state-owned companies are associated with underinvestment;② In state-owned companies,investment deviation induced by environment uncertainty will lower firm value,while in non-state-owned companies,it will improve firm value. |
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| Keywords: | The Nature of Stock Right Environment Uncertainty Technical Capital Allocation Efficiency Firm Value |
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