After the regression, we can draw conclusions: Firstly, hi-tech industries in China are mostly in the growth stage and maturity stage. Investment value of the industries in the growth stage are mostly influenced by market premium factor, market factor, P/E ratio factor and R & D density factor, while hi-tech industries in maturity stage are mainly affected by the market premium factor, market factor, P/E ratio factor. Secondly, dynamic multi-factor model can measure the investment value of hi-tech industries adequately. The conclusions give a reference for investors on how to make investment plan on the stocks of hi-tech enterprises, and provide some policy recommendations on the way promoting hi-tech enterprises to enhance their core technology as well.
Website: http://www.arjonline.org/business-and-management/american-research-journal-of-business-and-management/
Website: http://www.arjonline.org/business-and-management/american-research-journal-of-business-and-management/
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