Comprehensive innovation capability factor
factor.formula
Research and development expenses in the last 12 months (TTM)
The total amount of R&D expenses of a company in the last 12 months reflects the scale of its capital investment in technological innovation. The larger the value, the more attention the company pays to R&D activities. The data comes from the company's financial statements.
Last 12 Months Operating Income (TTM)
The total operating income of a company in the last 12 months is used to measure the overall business scale of the company. It is often used as the denominator when calculating R&D intensity.
Number of patent applications in the last year
The total number of patent applications submitted by the company in the most recent year, including invention patents, utility model patents and design patents, reflects the company's innovation output capacity and patent layout. The larger the value, the more innovative the company's achievements.
Number of invention patents applied for in the last year
The total number of invention patent applications submitted by the company in the past year. Compared with other types of patents, invention patents have higher technical content and can better reflect the company's core technological innovation capabilities. The larger the value, the more advantages the company has in technological innovation.
This factor first performs cross-sectional standardization (Z-score standardization) on each subdivision factor, and the calculation formula is as follows:
- :
The original value of the i-th segmentation factor (for example: R&D expenses, number of patent applications, etc.)
- :
The average value of the subdivision factor on the current cross section
- :
The standard deviation of the subdivision factor on the current cross section
- :
The standardized value of the i-th subdivision factor
- :
The final comprehensive innovation capability factor
factor.explanation
The comprehensive innovation capability factor measures the technological innovation capability of listed companies more comprehensively from the two dimensions of R&D input (R&D expenses) and R&D output (number of patent applications), and takes into account the impact of operating income scale. This factor is standardized through cross-section processing, so that factors of different dimensions can be added up and compared, eliminating the impact of differences in company size. This factor can be used in stock selection strategies, quantitative models and risk management. A listed company with higher comprehensive innovation capabilities is generally considered to have better long-term growth potential.