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首页> 外文会议>2011 Proceedings of Technology Management in the Energy Smart World >ESM-based national innovation policy influence analysis with the panel data of listed Chinese electronic SMEs
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ESM-based national innovation policy influence analysis with the panel data of listed Chinese electronic SMEs

机译：基于ESM的国家创新政策影响力分析与中国上市电子中小企业的面板数据

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This study uses the Event Study Methodology (ESM) to evaluate the influence of national innovation policies on small and medium size enterprises (SMEs) in high-tech industries. Originally, ESM was employed in the field of finance, and gradually it has been applied in many other fields to study the impact of a specific issue or event on organizational behaviors, including impact identification and impact duration for an event. ESM is regarded as an effective empirical research method because of its specific procedures for identifying event consequences and its explicit statistical analysis for investigating relationships among complex factors. Traditionally, most ESM applications are single event applications. However, innovation policies must be treated as a series of multiple relevant events at irregular time intervals. Employing ESM to study the impacts of innovation policies has not been attempted until now. In this paper, we use ESM to investigate the impacts of one specific type of Chinese innovation policy, namely, the tax preference policies for enterprises during the period of 2006–2010. For this study, tax preference policies have been treated as input variables and the market values of electronic companies listed on Shenzhen SMEs Stock Exchange have been selected as output variables. ESM-based empirical analysis shows that these policies have substantial impacts on enterprise performance. More specifically, the upward trends of the Average Abnormal Return and Cumulative Average Abnormal Returns are both significant for companies taking advantage of these policies, and as a result, the enactment of the policies demonstrates a positive influence on the market values of the relevant companies. This study indicates that enforcing tax preference policies is an effective approach for Chinese government to promote the development of high-tech industries by influencing innovation behaviors of individual companies.
机译：本研究使用事件研究方法论（ESM）来评估国家创新政策对高科技行业中小型企业（SME）的影响。 ESM最初用于金融领域，后来逐渐应用于许多其他领域，以研究特定问题或事件对组织行为的影响，包括事件的影响识别和影响持续时间。 ESM被认为是一种有效的经验研究方法，因为它有确定事件后果的特定程序以及用于调查复杂因素之间关系的显式统计分析。传统上，大多数ESM应用程序都是单事件应用程序。但是，创新政策必须视为不规则时间间隔内的一系列相关事件。到目前为止，尚未尝试使用ESM研究创新政策的影响。在本文中，我们使用ESM来研究一种特定类型的中国创新政策（即2006-2010年期间企业的税收优惠政策）的影响。在本研究中，税收优惠政策被视为输入变量，而在深圳中小企业交易所上市的电子公司的市场价值被选为输出变量。基于ESM的经验分析表明，这些策略对企业绩效具有重大影响。更具体地说，平均异常收益率和累积平均异常收益率的上升趋势对于利用这些政策的公司而言都是重要的，因此，该政策的制定证明对相关公司的市场价值具有积极影响。这项研究表明，实施税收优惠政策是中国政府通过影响单个公司的创新行为来促进高科技产业发展的有效途径。

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