Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2022.2142827
Capitalisation of research and development investment and enterprise value: a study on the threshold effect based on level of financialisation
Xuewei Wang
Maosheng Ran
Xiaoge Tong
Sažetak
This study uses a mathematical model to explore how enterprises’
financialisation levels affect the role of research and development
(R&D) investment capitalisation in enterprise value. We construct
a mathematical model involving the financialisation level, capitalised
R&D investment, and enterprise value. The sample comprises
A-share listed companies that disclosed the capitalisation of R&D
investment in the Shanghai and Shenzhen stock markets from
2014 to 2020. The results suggest that R&D investment capitalisation
positively impacts enterprise value, especially in the current
phase. With financialisation level as the threshold variable, R&D
investment capitalisation has a double threshold effect on enterprise
value in the current and next phases. Additionally, corporate
financial investment behaviour has a timely impact on capitalised
R&D investment but does not significantly impact enterprise value
in a future phase. Enterprises evidently choose financial investment
to enhance enterprise value by increasing capitalised R&D
investment. These results can help enterprises formulate financial
asset investment strategies and promote their development from
virtual to real. The government should standardise enterprises’
financial investment behaviour, prevent excessive financialisation,
and promote high-quality development of the real economy.
Ključne riječi
A-share listed companies; R&D investment capitalisation; enterprise value; financial investment behaviour; enterprises; financialisation level; threshold effect
Hrčak ID:
306799
URI
Datum izdavanja:
30.4.2023.
Posjeta: 144 *