产业政策与企业创新策略选择研究

Industrial policy and firm’s innovation strategies

从行为金融学视角出发,采用“产业政策--投资者关注--企业创新策略选择”这一研究思路,以2011-2015年我国A股制造业上市公司为样本,采用Multinomial Logit-中介效应模型分析产业政策对企业创新策略选择的作用机制。研究发现,与发明专利相比,产业政策的“资源效应”显著增加了企业非发明专利申请的数量。我国证券市场具有典型的投资者有限理性特征,产业政策会带来“投资者关注效应”,当市场有效性不足时会进一步诱使管理层选择低质量的创新策略。对于非国有企业以及不具有政治关联的企业而言,产业政策引致的“投资者关注效应”是诱使其选择低质量创新策略的主要原因。研究结论为更好地引导产业政策和证券市场共同提升企业实质性创新能力提供了经验证据。

From the perspective of behavior finance, we built up the research structure as industrial policy-investor attention-firm’s innovation strategies, we apply Multinomial Logit-Mediating effect Model with the panel data of a share listed companies from 2011 to 2015 to analyze the impact and mechanism of industrial policy on firm innovation strategies. The results showed that, comparing with patents of invention, firms who receiving industrial policy can increase the number of their patents of utility models and design.Furthermore, due to the limited investor attention in Chinese stock market, industrial policy can bring “investor attention effect”, stock market inefficiency will further induce firm managers to choose lower quality innovation. Meanwhile, for SOEs or firms with political links, it is the “investor attention effect “that matters when making innovation decisions. The results will provide practical evidence on how to make both industrial policy and stock market help firm build real innovation ability.