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论文编号：	14114
作者编号：	2120202876
上传时间：	2023/6/9 21:36:21
中文题目：	企业创新投资决策中的锚定效应研究 —基于战略性新兴产业
英文题目：	Research on the anchoring effect in corporate innovation investment decisions -Based on strategic emerging industries
指导老师：	李莉教授
中文关键字：	战略性新兴产业；创新投入水平；内在锚效应；外在锚效应；双锚效应
英文关键字：	Strategic emerging industries; innovation input level; intrinsic anchor effect; external anchor effect; double anchor effect
中文摘要：	近年来，全球范围内以知识技术密集、绿色可持续为特征的新兴产业蓬勃发展，日渐成为驱动新一轮产业革命的主导力量。在此背景下，全球主要国家竞相出台相关政策，支持战略性新兴产业发展，以抢占新一轮国际经济竞争的制高点。发展战略性新兴产业是推动我国经济转型升级，实现由“投资驱动”转向“创新驱动”的重要举措。产业创新的主体是企业。在企业创新活动所需要素中，创新投资是基础性要素，对于推动战略性新兴产业发展意义重大。企业决策行为并非是完全理性的，在创新投资决策中除了受到企业财务状况、公司治理结构、外部环境等理性因素的影响，还会受到锚定效应等非理性因素的影响。 本文选取战略性新兴产业综合指数（000891）中1783个企业作为研究样本，对企业创新投资决策中的非理性因素—锚定效应进行理论推导与实证检验。以企业当期研发投入水平衡量创新投入水平，将内在锚定义为标的企业上一年度研发投入水平，将外在锚定义为上一年度企业所在行业平均研发投入水平和企业所在行业研发投入水平峰值。首先借助固定效应模型检验了企业创新投资决策中的内在锚效应、外在锚效应和双锚效应。其次，分析了制度环境对企业创新投资决策中锚定效应的调节作用。再次，通过分组回归研究了对于不同规模的企业，创新投资决策中的锚定效应是否具有差异性。 本文的实证研究结果表明，在不确定性决策中，企业的创新投资行为中存在明显的内在锚效应，即企业上一年度创新投入水平越高，本年度创新投入水平就越高;企业创新投资决策中不存在显著的外在锚效应;在双锚效应中，内在锚作用更加显著；制度环境对企业创新投资决策中的内在锚效应有显著正向影响，在制度发展水平调节下，外在锚对企业创新投入水平的影响由不显著变为显著；大型企业和小型企业的创新投资决策中均存在显著的内在锚效应，外在锚的影响不显著。其中，小型企业的内在锚效应强于大型企业。本文的结论对战略性新兴企业的创新投资决策和国家有关政策具有重要的理论和现实启示。
英文摘要：	In recent years, emerging industries characterized by knowledge-intensive, green and sustainable development around the world have increasingly become the leading force driving a new round of industrial revolution. In this context, major countries around the world are competing to introduce relevant strategies to support the development of strategic emerging industries in order to seize the commanding heights of a new round of international economic competition. Strategic emerging industries are important measures to promote China's economic transformation and upgrading, transform the mode of development, and realize the transition from "investment-driven" to "innovation-driven". The main body of industrial innovation is enterprises. Among the elements required for enterprise innovation activities, innovation investment is a basic element and is of great significance for promoting the development of strategic emerging industries. Enterprise decision-making behavior is not entirely rational. In addition to being influenced by rational factors such as the financial situation of the enterprise, corporate governance structure, and external environment, innovation investment decisions are also influenced by irrational factors such as anchoring effects. In this paper, 1783 enterprises in the Strategic Emerging Industries Composite Index (000891) are selected as the research samples, and the theoretical derivation and empirical test of the irrational factors and anchoring effects in the innovation investment decisions of enterprises are carried out. The innovation investment level is measured by the current R&D investment level of the enterprise. The internal anchor is defined as the R&D investment level of the target enterprise in the previous year, and the external anchor is defined as the average R&D investment level of the enterprise's industry in the previous year and the peak R&D investment level of the enterprise's industry. Firstly, the internal anchor effect, external anchor effect and double anchor effect in the innovation investment decision of enterprises are tested by means of fixed effect model. Secondly, the regulatory effect of institutional environment on the anchoring effect in enterprise innovation investment decisions is analyzed. Third, through group regression, we studied whether there was a difference in the anchoring effect in the innovation investment decisions of enterprises of different sizes. The empirical results of this paper show that in uncertain decision-making, there is a clear internal anchor effect in the innovative investment behavior of enterprises. That is, the higher the level of R&D investment in the previous year, there will be a higher the level of R&D investment in the current year; There is no significant external anchor effect in the innovation investment decision of enterprises; In the double anchor effect, the intrinsic anchor effect is more significant; The institutional environment has a significant positive impact on the internal anchor effect in the innovation investment decision of enterprises. And under the adjustment of the level of institutional development, the influence of the external anchor on the level of enterprise R&D investment has changed from not significant to significant; there is a significant internal anchor effect in the innovation investment decisions of large enterprises and small enterprises, and the impact of the external anchor is not significant. Among them, the intrinsic anchor effect of small enterprises is stronger than that of large enterprises. The conclusions of this paper have important theoretical and practical implications for the R&D investment decisions of strategic emerging enterprises and relevant national policies.
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