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本文以2008年《高新技术企业认定管理办法》为背景,利用事件研究法和869家高新技术上市公司数据首次考察了我国特殊的高新技术企业认定公告的市场反应。实证结果显示,并没有足够证据说明投资者对上市公司的高新技术企业认定给予较高定价。进一步检验发现,在高新技术企业认定公告期间,相对于对照组,中小上市公司、国有上市公司和2008年后新认定为高新技术企业的上市公司的市场反应都更差。本文的研究结果表明我国投资者存在短视行为,股票T市场未能有效支持企业成为自主创新主体。
Based on the 2008 “High and New Technology Enterprise Accreditation Measures”, this article first investigates the market response of China’s special high-tech enterprise accreditation announcement by using event research method and data from 869 high-tech public companies. The empirical results show that there is not enough evidence to prove that investors have given higher pricing to listed high-tech enterprises. Further examination found that during the announcement period of high and new technology enterprises, the market response of listed SMEs, state-owned listed companies and listed companies newly identified as high-tech enterprises after 2008 was even worse than that of the control group. The research results of this paper show that my investors have short-sighted behavior, and the stock T market can not effectively support enterprises to become the main body of independent innovation.