制度环境、不确定性与创新同群效应

Institutional Environment, Uncertainty and Innovation Peer Effect

从同群效应的视角出发,基于2009—2019年沪深A股上市公司数据,探讨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易受到经营环境不确定性的影响。因此,企业要善于学习、参考行业领导者的创新决策以获得更多行业和市场信息,同时也要从企业自身情况及外部环境出发进行创新决策;政府则要充分发挥市场对经济的调节作用,实现资源的优化配置。

From the perspective of the peer effects, based on the data of Shanghai and Shenzhen A-share listed companies from 2009 to 2019, this paper explores the impact of the technological innovation behavior of peer enterprises on the innovation decision-making of target enterprise, and the moderating effect of the institutional environment and uncertainty of enterprises on the peer effect. The research finds that there is a significant industry peer effect in the technological innovation behavior of listed companies in China;the degree of marketization, the intellectual property protection and policy uncertainty positively regulate the peer effect, and the uncertainty of the business environment negatively regulates the peer effect. The peer effect of enterprise innovation without political connections is more likely to be affected by the uncertainty of the policy environment, and the peer effect of industry leader innovation is more easily to be affected by the uncertainty of the business environment.Therefore, enterprises should learn and refer to the innovation decisions of industry leaders to obtain more industry and market information,and also make innovation decisions based on their own conditions and external environment;The government should give full play to the regulatory role of the market on the economy and optimize resources allocation.