制度环境、不确定性与创新同群效应

Institutional Environment, Uncertaintyand Peer Effects of Innovation

摘要:

本文基于2009-2019沪深A股上市公司数据,探讨了同群企业的技术创新行为对目标公司自身创新决策的影响,以及企业面临的制度环境、不确定性对同群效应的调节作用。研究发现：中国上市公司的技术创新行为存在显著的行业同群效应；市场化程度、知识产权保护程度以及政策不确定性正向调节同群效应,企业经营环境不确定性负向调节同群效应；无政治关联的企业创新的同群效应更容易受到政策环境不确定性的影响,行业领导者创新的同群效应更容易受到经营环境不确定性的影响。

Abstract:

Based on the data of A-share listed companies in Shanghai and Shenzhen from 2009 to 2019, this paper discusses the impact of technological innovation behavior of the peer group of enterprises on the innovation decision-making of the target company, as well as the regulatory effect of institutional environment and uncertainty faced by enterprises on the peer effects. It is found that there is a significant industry peer effects in the technological innovation behavior of Chinese listed companies; The degree of marketization, intellectual property protection and policy uncertainty positively regulate the peer effects, while the uncertainty of enterprise business environment negatively regulates the peer effects; The peer effects of enterprise innovation without political connection is more vulnerable to the uncertainty of policy environment, and the peer effects of industry leader innovation is more vulnerable to the uncertainty of business environment.