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论文编号：	16108
作者编号：	2120233668
上传时间：	2026/6/7 23:23:52
中文题目：	企业创新投资的同侪效应研究：基于政府创新补贴的调节作用
英文题目：	Peer Effect in Corporate Innovation Investment: The Moderating Role of Government Subsidies
指导老师：	程新生
中文关键字：	同侪效应；企业创新投资；政府创新补贴；创新绩效
英文关键字：	Peer Effect; Corporate Innovation Investment; Government Innovation Subsidies; Innovation Performance
中文摘要：	创新是驱动企业持续发展、获取竞争优势的核心引擎，也是国家经济实现高质量发展的重要支撑。在创新驱动发展战略深入实施的背景下，如何有效激励企业增加研发投入、提升创新效率，成为学术界与实务界共同关注的重要议题。企业创新决策深受同行业其他企业行为的动态影响，同时政府创新补贴作为纠正市场失灵的关键政策工具，在推动企业创新的过程中发挥着关键作用。 基于此，本文以2016—2023年中国沪深A股上市公司为研究样本，首先验证了企业创新投资是否存在同侪效应；其次，从市场占有率与行业竞争程度两个维度检验同侪效应的作用机制；随后基于创新绩效的视角，验证了企业创新投资同侪效应的有效性。在进一步分析中，引入政府创新补贴作为调节变量，验证了其对企业创新投资同侪效应的影响，并基于创新绩效视角证实了其实质作用；最后，基于产权性质分组，探讨政府补贴调节效应的异质性表现。主要研究发现如下：第一，企业创新投资存在显著的同侪效应。同行竞争者研发投入与企业自身研发投入之间呈显著正相关关系，这一效应源于双重动机：在机制检验中发现市场占有率越低的企业，其创新投资对同行研发投入的敏感度越高，支持了信息获取机制；另一方面，行业竞争越激烈，企业创新投资对同行研发投入的敏感度越高，支持了竞争维持机制；同侪效应也具有积极的经济后果，同行竞争者研发投入对企业专利产出具有显著正向影响，验证了同侪效应的有效性。第二，政府创新补贴对同侪效应具有显著的正向调节作用：政府补贴通过资源补充效应与信号传递效应，增强了企业对同行研发行为的关注与模仿动机，直接缓解了融资约束，同时传递了官方认可的信号，从而放大了同侪效应；同时显著强化了同行研发投入对企业创新绩效的正向影响，形成了从补贴到强化模仿到促进产出的完整链条；在政府补贴的调节效应存在产权异质性，政府创新补贴对同侪效应的正向促进作用在国有企业样本中显著，在非国有企业样本中不显著，可能源于国有企业更强的政策敏感性、更顺畅的资源获取渠道以及决策特征，而非国有企业受市场主导且面临更紧的融资约束，补贴的调节作用相对有限。最后基于实证研究结果，对政府、企业管理者、投资者在同侪效应作用机制下的决策提供了建议。
英文摘要：	Innovation is the core engine that drives the sustainable development of enterprises and gains competitive advantages, and it is also an important support for the country 's economy to achieve high-quality development. Under the background of the in-depth implementation of the innovation-driven development strategy, how to effectively encourage enterprises to increase R & D investment and improve innovation efficiency has become an important issue of common concern in the academic and practical circles. Enterprise innovation decision-making is deeply influenced by the dynamic behavior of other enterprises in the same industry. At the same time, government innovation subsidies, as a key policy tool to correct market failure, play a key role in promoting enterprise innovation. Based on this, this paper takes China 's Shanghai and Shenzhen A-share listed companies from 2016 to 2023 as the research sample, and first verifies whether there is a peer effect in corporate innovation investment ; secondly, the mechanism of peer effect is tested from the two dimensions of market share and industry competition. Then, based on the perspective of innovation performance, the effectiveness of the peer effect of enterprise innovation investment is verified. In the further analysis, the government innovation subsidy is introduced as a moderating variable to verify its impact on the peer effect of enterprise innovation investment, and its substantive role is confirmed based on the perspective of innovation performance. Finally, based on the grouping of property rights, the heterogeneity of the adjustment effect of government subsidies is discussed. The main findings are as follows : First, there is a significant peer effect in corporate innovation investment. There is a significant positive correlation between the R & D investment of peer competitors and the R & D investment of enterprises themselves. This effect stems from dual motives : in the mechanism test, it is found that the lower the market share of enterprises, the higher the sensitivity of their innovation investment to peer R & D investment, which supports the information acquisition mechanism ; on the other hand, the more intense the industry competition, the higher the sensitivity of enterprise innovation investment to peer R & D investment, which supports the competition maintenance mechanism. Peer effect also has positive economic consequences. Peer competitors ' R & D investment has a significant positive impact on corporate patent output, which verifies the effectiveness of peer effect. Second, government innovation subsidies have a significant positive moderating effect on the peer effect. Through resource supplement effect and signal transmission effect, government subsidies enhance enterprises ' attention and imitation motivation to peer R & D behavior, directly alleviate financing constraints, and transmit official recognition signals, thus amplifying the peer effect. At the same time, it significantly strengthens the positive impact of peer R & D investment on enterprise innovation performance, forming a complete chain from subsidy to strengthening imitation to promoting output. There is property right heterogeneity in the moderating effect of government subsidies. The positive promoting effect of government innovation subsidies on peer effect is significant in the sample of state-owned enterprises, but not significant in the sample of non-state-owned enterprises, which may be due to the stronger policy sensitivity, smoother resource acquisition channels and decision-making characteristics of state-owned enterprises, while non-state-owned enterprises are dominated by the market and face tighter financing constraints, and the moderating effect of subsidies is relatively limited. Finally, based on the results of empirical research, it provides suggestions for the decision-making of government, enterprise managers and investors under the mechanism of peer effect.
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