基于专利文本信息挖掘的企业创新能力评价与其经济后果的关系分析

Research on evaluation of enterprise innovation capability and its economic consequences: Based on patent text information mining

摘要:

为实现对企业创新能力的科学评价，揭示企业创新的经济后果，本文选取中国信息行业上市公司2005－2020年样本数据，基于词频-逆文本频率（TF－IDF）算法加权对专利文本摘要内容进行文本挖掘，结合多个维度下的细化指标构建企业创新能力评价体系，并通过实证检验考察了企业创新能力与企业绩效和市场价值波动的关系特征。研究发现：第一，基于专利文本信息挖掘构建的企业创新能力评价体系具有科学性和可靠性，信息行业创新能力呈现“U”型特征，符合近年来信息行业发展趋势；第二，企业创新能力对企业绩效有显著的正向影响；第三，基于创新能力对企业绩效的影响，进一步研究发现创新能力对企业市场价值的提升有显著正向影响；第四，通过多空投资组合测试与GRS检验，发现创新能力因子的加入能够更好的解释股票收益。因此，企业应积极进行技术创新，不断提高自身创新能力，以便更好地利用资本市场进行融资，同时，政府在进行研发补贴和税收优惠时，需更加注重技术创新的质量，减少企业为了获取补贴而大量申请低质量专利的现象，提高中国自主创新能力，增强核心竞争力。

Abstract:

In order to achieve a scientific evaluation of enterprise innovation capabilities and reveal the economic consequences of enterprise innovation, this paper selects sample data from 2005 to 2020 of listed companies in China's information industry, conducts text mining on patent text abstracts based on the TF-IDF algorithm weighted method, and constructs an evaluation system for enterprise innovation capabilities by combining detailed indicators under multiple dimensions. The relationship characteristics between enterprise innovation capabilities and enterprise performance and market value fluctuations are examined through empirical tests. The study found that: First, the enterprise innovation capability evaluation system constructed based on patent text information mining is scientific and reliable, and the innovation capability of the information industry presents a U-shaped feature, which is in line with the development trend of the information industry in recent years. Second, the enterprise innovation capability has a significant positive impact on enterprise performance. Third, based on the impact of innovation capability on enterprise performance, further research found that innovation capability has a significant positive impact on the improvement of enterprise market value. Fourth, through long-short portfolio testing and GRS testing, it was found that the addition of innovation capability factors can better explain stock returns. Therefore, the research not only enriches the theoretical research results of relevant enterprise innovation, but also provides theoretical guidance and experience basis for enterprises to achieve performance and market value growth by improving their own innovation ability.