联系我们

论文查询结果	返回搜索

论文编号：	14664
作者编号：	1120201081
上传时间：	2024/6/5 19:04:00
中文题目：	同行信息披露、研发联盟与创新绩效研究
英文题目：	Research on Disclosure of Peer Information, R&D Alliance, and Innovation Performance
指导老师：	程新生 教授
中文关键字：	创新信息披露；企业决策；长效激励；研发联盟；创新绩效
英文关键字：	innovation information disclosure；enterprise decision-making；long-term incentive；R&D Alliance；innovation performance
中文摘要：	本文在构建丰富创新信息词库的基础之上，使用文本分析方法发掘A股上市公司在年报中披露的创新信息，以及在战略合作协议中披露的研发联盟信息，对同行创新信息披露是否以及如何助推本企业的决策制定进行了探究，并进一步考察本企业的决策制定与创新绩效提升之间的关系。其中本企业所制定的决策包含了在企业内部进行长效激励以及在企业外部构建研发联盟的组合形式。 在内部长效激励方面，研究发现，同行企业综合的创新信息披露通过信息学习机制和竞争压力机制引致了本企业的长效激励行为。且长效激励契约具有偏好股票期权、重视核心技术人员、设置较长有效期等特点。在本企业市场势力低，同行信息披露可靠性高的情况下，同行创新信息披露对本企业长效激励的影响更为突出。考虑创新信息的类型，同行企业创新优势和创新进展信息的披露促进了本企业的长效激励，创新成果信息的披露则抑制了本企业的长效激励。进一步地，企业在实施长效激励后，相较于原本具有相似公司特征和创新能力而没有进行长效激励的企业，在创新产出方面取得了跨越式增长，即创新绩效的提升。总的来说，同行企业所披露的创新文本信息以助推本企业长效激励决策为路径促进了本企业创新。 在外部研发联盟构建方面，研究发现，同行企业综合的创新信息披露通过知识溢出机制和竞争激励机制引致了本企业的研发联盟构建行为。且本企业在构建研发联盟时具有偏好多类型合作伙伴，倾向产学研联盟，重视非同行高科技企业，成立股权式研发联盟等特点。在本企业市场势力低，同行信息披露质量高、受分析师关注多的情况下，同行创新信息披露对于本企业研发联盟构建的影响更为突出。考虑创新信息的类型，同行企业创新优势和创新进展信息的披露促进了本企业缔结研发联盟，创新成果信息的披露则抑制了本企业的研发联盟构建。 进一步地，企业在与合作伙伴共同成立了研发联盟之后，相较于原本具有相似公司特征和创新能力而没有构建研发联盟的企业，在实质性创新、创新质量和创新效率方面取得了跨越式提高，在策略性创新方面则出现了转折式下降。这说明研发联盟的构建促使企业对创新资源进行重新调配，聚焦于实质性创新，相应缩减策略性创新行为，从而实现了创新质量和创新效率的提升。总的来说，同行企业所披露的创新文本信息以助推本企业的研发联盟构建为路径促进了本企业向高质量高效率的创新模式转型。研究有助于充分揭示企业之间创新信息传递的溢出效应，为我国完善信息披露制度，以企业之间的信息助推促成创新的加速生成机制提供参考。
英文摘要：	On the basis of building a rich innovation information lexicon, this paper uses text analysis methods to dig up innovation information disclosed by A-share listed companies in their annual reports, as well as the R&D alliance information disclosed in their strategic cooperation agreements. It explores whether and how the innovation information disclosed by peers triggers the decision-making of the enterprise, and further investigates the relationship between the decision-making and the improvement in innovation performance of the enterprise. The decision made by the enterprise includes a combination of long-term incentives within the enterprise and the construction of R&D alliances outside the enterprise. In terms of internal long-term incentives, it is found that the disclosure of peer enterprises’ comprehensive innovation information leads to long-term incentive of the enterprise through information learning mechanism and competitive pressure mechanism. Moreover, long-term incentive contracts have the characteristics of preference for options, emphasising on core technical personnel, and setting a longer validity period. Given the low market power of the enterprise and the high reliability of peer’s information disclosure, the impact of peer’s innovation information disclosure on long-term incentives for the enterprise is more prominent. Considering the types of innovation information, the disclosures of peer enterprises’ innovation advantages information and innovation progress information promote long-term incentive of the enterprise, and the disclosure of peer enterprises’ innovation achievements information inhibits long-term incentive of the enterprise. Furthermore, after implementing long-term incentives, compared with enterprises with similar corporate characteristics and innovation capabilities but no long-term incentives, enterprises have achieved leapfrog growth in innovation output, that is, the leap in innovation performance. In general, the innovation text information disclosed by peer enterprises promotes the innovation of the enterprise by promoting the long-term incentive decision of the enterprise. In terms of external R&D alliance construction, it is found that the disclosure of peer enterprises’ comprehensive innovation information leads to the R&D alliance construction behavior of the enterprise through knowledge spillover mechanisms and competitive incentive mechanisms. And the enterprise has many types of partners while constructing R&D alliances, tends towards industry university research alliances, values non peer high-tech enterprises, and establishes equity based R&D alliances. Given the low market power of the enterprise, the high reliability of peer’s information disclosure, and the high attention to peers from analysts, the impact of peer’s innovation information disclosure on the construction of the enterprise's R&D alliance is more prominent. Considering the types of innovation information, the disclosures of peer enterprises’ innovation advantages information and innovation progress information promote the construction of R&D alliance of the enterprise, and the disclosure of peer enterprises’ innovation achievements information inhibits the construction of R&D alliance of the enterprise. Furthermore, after constructing R&D alliances with partners, enterprises have made significant improvements in substantive innovation, innovation quality, and innovation efficiency compared to those that originally had similar company characteristics and innovation capabilities but did not build a R&D alliance. Furthermore, after constructing R&D alliances with partners, compared with enterprises with similar corporate characteristics and innovation capabilities but no R&D alliance, enterprises have achieved leapfrog growth in substantive innovation, innovation quality, and innovation efficiency. However, there has been a turning point decline in strategic innovation. This indicates that the construction of R&D alliances has prompted enterprises to reallocate innovation resources, focus on substantive innovation, and correspondingly reduce strategic innovation behavior, thereby achieving the improvement in innovation quality and efficiency. Overall, the innovation text information disclosed by peer enterprises has facilitated the transformation of the enterprise towards a high-quality and efficient innovation model by promoting the construction of R&D alliance. This research will help fully reveal the spillover effect of innovation information transmitted among enterprises, and provide reference for improving the information disclosure system in China and forming an accelerated mechanism for innovation with the help of information nudge among enterprises.
查看全文：	预览  下载(下载需要进行登录)