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The Impact of Investment-Mix on ICT Firms' Financial and Market Performances

机译：混合投资对ICT企业的财务和市场绩效的影响

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摘要

This research evaluates the relative impact of an Investment-Mix, composed of innovation-oriented investments (technology and entrepreneurship) as well as the traditional CAPEX investment, on the market and financial performances of Information and Communications Technology (ICT) firms. This study is inspired by Schumpeter's innovation economic theory, which views technology and entrepreneurship as the main drivers of economic growth. To perform this analysis, I created two models: a Sales Growth Estimation Model (SGEM) for financial performance analysis and a Stock Market Evaluation Model (SMEM) for market performance analysis. I tested the models first on the entire ICT sector and then on four selected industries, each representing an order in a value chain. The test results are consistent with Schumpeter's innovation economic theory. The results show that technology and entrepreneurship do have a major impact on ICT firms' financial performance. However, these firms appear to have spent too much on internal R&D and are getting diminishing returns from this investment. To maximize returns, ICT firms should find ways other than mere internal R&D to gain a technological advantage, such as collaboration with other firms (which is part of SG&A). This Investment-Mix may have opposite impacts on financial performance and market performance. When making an Investment-Mix decision, firm managers must consider and balance the potential reverse impacts on both performances because they must satisfy the customers and investors. It appears that Investment-Mix proportion varies depending on the order of the industry in a value chain. In general, down-stream industries push more innovation activities (technology and market) responsibilities to up-stream industries. Major negative events, such as the 2008 financial crisis, influence the Investment-Mix impact on both financial and market performance. Therefore, an analysis should be time-segmented accordingly to draw meaningful conclusions.
机译：这项研究评估了由创新型投资（技术和企业家精神）以及传统的CAPEX投资组成的混合投资对信息和通信技术（ICT）公司的市场和财务绩效的相对影响。这项研究的灵感来自熊彼特的创新经济理论，该理论将技术和企业家精神视为经济增长的主要驱动力。为了执行此分析，我创建了两个模型：用于财务绩效分析的销售增长估计模型（SGEM）和用于市场绩效分析的股票市场评估模型（SMEM）。我先在整个ICT部门中测试模型，然后在四个选定的行业中测试模型，每个行业代表价值链中的订单。测试结果符合熊彼特的创新经济学理论。结果表明，技术和企业家精神确实对ICT公司的财务绩效产生重大影响。但是，这些公司似乎在内部研发上花费过多，并且正从这项投资中获得越来越少的回报。为了获得最大的回报，ICT公司不仅应寻求内部研发以外的方法来获取技术优势，例如与其他公司（属于SG＆A）合作。此投资组合可能对财务绩效和市场绩效产生相反的影响。在制定“投资混合”决策时，公司经理必须考虑并平衡对两种绩效的潜在反向影响，因为他们必须满足客户和投资者的要求。看起来，投资混合的比例根据价值链中行业的顺序而变化。通常，下游产业将更多的创新活动（技术和市场）责任推向上游产业。重大负面事件（例如2008年的金融危机）影响了Investment-Mix对财务和市场绩效的影响。因此，应按时间分段进行分析，以得出有意义的结论。

著录项

  • 作者

    Budiman, Santoso.;

  • 作者单位

    The University of Texas at Dallas.;

  • 授予单位 The University of Texas at Dallas.;
  • 学科 Finance.;Commerce-Business.
  • 学位 Ph.D.
  • 年度 2018
  • 页码 142 p.
  • 总页数 142
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 康复医学;
  • 关键词

  • 入库时间 2022-08-17 11:41:20

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