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基于沪深两市A股上市企业财务数据,研究了不同技术投资方式与企业价值的关系,并考察了环境不确定性对自主研发(技术引进)与企业价值关系的调节作用,以及多种环境不确定性下自主研发和技术引进协同效应对企业价值的影响。研究结果表明,自主研发和技术引进均有利于企业价值提升,且自主研发对企业价值的贡献更大;环境不确定性会削弱自主研发的价值创造效应,但并不影响技术引进与企业价值的关系;与较低的环境不确定性相比,较高的环境不确定性有利于企业利用自主研发和技术引进的协同效应进一步提升自身价值。本文为企业价值创造和技术投资决策提供了有益参考。
Based on the financial data of A-share listed companies in Shanghai and Shenzhen stock exchanges, the paper studies the relationship between different technology investment patterns and firm value, examines the regulatory role of environmental uncertainty in the relationship between independent R & D (technology introduction) and firm value, The Influence of Independent Research and Development and Technology Introduction Synergy on Enterprise Value under Uncertainty. The results show that the independent research and development and the introduction of technology all contribute to the improvement of enterprise value, and the independent research and development contribute more to the enterprise value. The environmental uncertainty will weaken the value creation effect of independent research and development, but it will not affect the technology introduction and enterprise value Compared with lower environmental uncertainty, the higher environmental uncertainty is conducive to enterprises to further enhance their value by using synergies between independent research and development and technology introduction. This article provides a useful reference for enterprise value creation and technology investment decision.