环境不确定性、透明度与企业创新

Environment Uncertainty,Transparency and Enterprise Innovation

在不确定的环境下,企业创新有利于占据市场先机,形成垄断优势,然而创新各阶段也将面临更多的不确定性风险,进而影响管理层的研发投资意愿。本文以我国沪深A股上市公司2013~2018年的数据为样本进行研究,发现:环境不确定性增加抑制了企业创新投入,这种负向作用主要通过加剧代理问题和高管职业忧虑进行传导,在较高的不确定性环境中,企业更倾向于规避风险,谨慎投资。进一步分析发现,透明度具有积极的公司治理效应,提升企业透明度能够缓解不确定性对企业创新的消极影响。

In an uncertain environment,enterprise innovation is conducive to occupying market opportunities and forming a monopoly advantage.However,innovation activities will also face more risks under the uncertain environment,then management’s willingness to R&D investment will be affected.In this paper,we examine the relationship between environmental uncertainty and enterprise innovation based on the sample of Chinese listed companies during the period 2013~2018,the results suggest that:increased environmental uncertainty has inhibited corporate innovation investment,this negative effect is mainly transmitted by exacerbating agency problems and executive career concerns,managements are inclined to avoid risks and invest more cautiously in a high uncertainty environment.Further study finds that transparency has a positive effect on corporate governance,improving accounting transparency can alleviate the negative impact of uncertainty on corporate innovation.