RQ Innovative Efficiency and Firm Value
引入并检验了一个新的企业层面创新效率指标：研究商数（RQ），该指标与现有创新测度相关性低，且在多项企业价值测试中表现稳健，可作为补充性创新测度。
Abstract We introduce and test a firm-level innovation-efficiency measure new to the finance literature. The measure, termed the research quotient (RQ), defined as the firm-specific output elasticity of research and development (R&D), was first developed in the management literature. RQ has a low correlation with existing innovation input, output, and efficiency measures. We test RQ in a number of innovation tests common to the finance literature and find that RQ is robust in all tests of firm value, even after controlling for previous innovation measures. The results suggest that RQ may serve as a relevant complementary measure of a company’s innovation.