企业创新文本信息的同群效应

Peer Effect of Enterprise Innovative Text Information

基于2008—2019年我国沪深公司文本数据,本文实证检验创新文本信息是否对企业创新投入产生同群效应。结果显示,我国上市企业创新文本信息存在显著的同群效应。在影响机制上,存在竞争机制和学习机制两种作用路径:通过竞争机制,行业市场竞争在同行企业创新文本信息与目标企业增加创新投入发挥中介作用;通过学习机制,信息学习需求促使处于劣势市场地位的目标企业向行业领先企业学习。进一步拓展分析,从同行信息可比性调节作用发现,可比性较强的同行企业之间创新信息同群效应越显著。从目标企业融资约束调节作用表明,目标企业融资约束程度越低,同行企业创新信息对目标企业创新投入的同群效应越显著。同群效应成为理解企业创新投资增加的一个重要视角,同行企业创新文本信息披露增加有助于目标企业增加创新投入,结论有助于相关部门借鉴规范企业创新文本信息披露规则、完善信息驱动的开放创新生态。

Based on the textual data of Chinese listed companies from 2008 to 2019,this paper empirically tests whether innovative text information has the peer effect on enterprise innovative investment.The results show that there is a significantly positive peer effect on the innovative text information of listed companies in China.In the influence mechanism,there are two kinds of explanations:through the competition mechanism,industry market competition plays an intermediary role in the innovation text information of peer enterprises and the increase of innovation input of target enterprises;through the learning mechanism,the information learning demand prompts target enterprises in a disadvantaged market position to learn from the industry-leading enterprises.The expansion analysis found that,the more comparable peer enterprises,the more significant the peer effect of innovative text information.The lower the degree of the target enterprise financial constraint,the more significant the peer effect of innovative text information.The peer effect has become an important perspective to understand the increase of enterprise innovation investment,and the increase of peer enterprise innovation text information disclosure will help the target enterprise to increase innovation input.The conclusion will help relevant departments to learn to standardize the rules of enterprise innovative text information disclosure and perfect the open innovation ecology driven by information.