元宇宙创新中的企业文化力量  

The Power of Corporate Culture in Metaverse Innovation

作　　者：程思睿 李昊霖 李婉宁 王勇 华秀萍[1,2] 胡健薇 CHENG Sirui;LI Haolin;LI Wanning;WANG Yong;HUA Xiuping;HU Jianwei(Nottingham University Business School(China),Ningbo 315100,China;UNNC-NFTZ Blockchain Laboratory,Ningbo 315100,China;Faculty of Science and Engineering,University of Nottingham Ningbo China,Ningbo 315100,China;Institute of New Structural Economics,Peking University,Beijing 100871,China;Lingnan College,Sun Yat-sen University,Guangzhou 510275,China)

机构地区：[1]宁波诺丁汉大学商学院,宁波315100 [2]宁波诺丁汉大学-宁波保税区区块链实验室,宁波315100 [3]宁波诺丁汉大学理工学院,宁波315100 [4]北京大学新结构经济学研究院,北京100871 [5]中山大学岭南学院,广州510275

出　　处：《计量经济学报》2023年第2期367-386,共20页China Journal of Econometrics

基　　金：国家社会科学基金重点项目(20AJL017);宁波市科技创新2025重大专项(2019B10038,2021Z017,2022Z173);宁波市软科学研究项目(2022R018)。

摘　　要：元宇宙创新是基于人工智能、区块链、互联网、虚拟现实技术等多种新兴技术的创新,是实现制造强国、质量强国与数字中国的重要路径,而企业文化则是建设文化强国的核心组成.本文首先基于上市公司新闻和专利文本等文本数据,运用词向量模型构建了企业层面的“元宇宙创新指数”.然后就企业文化对元宇宙创新水平的影响进行实证分析.研究发现,强企业文化能够显著地帮助企业更好地发展元宇宙相关技术.这一结论在使用工具变量等方法控制内生性问题、以及进行稳健性检验以后依然成立.机制检验表明,强企业文化通过促进创新投入以及提升风险承担能力等机制,促使企业更好地进行元宇宙相关技术创新.此外,强企业文化对企业元宇宙相关创新的正面影响存在着异质性,CEO学历高、年龄低、与处在非高新技术行业的企业会受益更大.本文既丰富了元宇宙相关概念与度量方式,为元宇宙与公司治理的交叉研究提供了新的研究方法与见解,也为政府部门应该如何引导企业更好地推动元宇宙创新提供了政策参考.Metaverse innovation is based on various emerging technologies such as artificial intelligence,blockchain,the internet,and virtual reality technology.It is an important path to achieve a strong manufacturing,quality,and digital China.And corporate culture is a core component of developing a strong culture.Based on the news and patent data of the A-share listed companies in China,this paper creatively uses the Word2Vec model to build a metaverse dictionary and uses this dictionary to construct the firm-level metaverse development index.It finds that a strong corporate culture can help companies develop better and innovate more in metaverse.The results are consistent after addressing endogeneity concerns using an instrumental variable strategy and conducting robustness tests.The mechanism analysis reveals that strong corporate culture promotes metaverse development through higher levels of innovation investment and risk tolerance.Besides,cross-sectional heterogeneity is identified across firms with varying CEO education,CEO age,and the type of industry.The paper enriches the concepts and measurements related to metaverse and provides new research methods and insights for the cross-discipline between metaverse and corporate governance.It also provides policy references for government departments to guide enterprises to promote metaverse innovation better.

关 键 词：元宇宙 创新 企业文化 文本分析 词向量模型 

分 类 号：F270[经济管理—企业管理] F832.51[经济管理—国民经济] F49