高新技术企业资本要素配置效应影响因素实证分析——基于A股高新技术上市公司的财务数据

以我国A股上市的制造业中高新技术企业2013-2015年的财务数据为样本，采用多元线性回归方法，构建上市公司资本要素配置效应影响因素模型并进行实证分析。研究发现：各个资本要素与企业资本要素配置效应正相关。人力资本、财务资本、物质资本和技术资本在企业价值创造中发挥了重要作用，是企业发展必需的资本要素。其中，技术资本是企业成长性的重要体现，企业要素资本的投入产出及其结构状态直接影响着企业的核心竞争力。总资产净利率与资本要素配置效应存在显著正相关，这表明资本要素配置效应随着企业盈利能力的提高而提高；总资产周转率与企业资本要素配置效应正相关，总资产的周转速度越快，企业资本的流动性越好，资本要素配置效应越高；净利润增长率与资本要素配置效应显著正相关，说明在发展能力好的企业中资本配置的效率也更高；资本要素配置效应在一定程度上还受企业规模等因素的影响。回归分析得出企业规模与企业资本要素配置效应正相关。针对实证分析提出了解决对策，旨在提高企业的资本要素配置效应，促进企业健康发展。

Empirical Analysis of the Influencing Factors of the Allocation Effect for Capital Factors in the High-and-New Technology Firms-based on the financial data of the high-and-new technology firms in A share market

This paper selects the financial figures of high-and-new technology firms in manufacturing industry in A share market during the period of 2013 to 2015 as samples and use the multiple liner regression method to make an empirical analysis of allocation effect on capital factors. The research finds that each capital factor has positive correlation with the allocation effect of capital factors. Human capital, financial capital, physical capital and technological capital play important roles in creation of corporate value; they are essential capital factors for the further development of a firm. The main factors of the enterprise growth are technological capital, capital input and output and its structural behavior, which produce a directly effect on a firm's core competitiveness. The profit rate of asset has strong positive correlation with the allocation effect of a firm's capital.This illustrates that there will be a rise in the allocation effect on a firm's capital as the firm's ability of making profit increases; total assets turnover ratio has positive correlation with the firm's capital allocation efficiency. As the rate of total assets turnover increases, the flexibility of firm's capital increases and the allocation effect on a firm's capital increases; profit rate of assets has significantly positive correlation with the allocation effect on a firm's capital. It means that there will be more allocation efficiency in the firm, which has potential effect on further development; the allocation effect on firm's capital may be affected by the size of the firm etc. The analysis of regression concludes that the size of the firm has positive correlation with a firm's capital allocation effect. This empirical analysis proposes solutions so as to increase the allocation effect of a firm's capital factors and promote the firm's health growth.