投资者意见分歧与企业创新  

Investors'Opinion Divergence and Corporate Innovation

作　　者：张静[1] 杨娅萍 ZHANG Jing;YANG Yaping(School of Economics and Management,Shihezi University,Shihezi 832003,China)

机构地区：[1]石河子大学经济与管理学院,新疆石河子832003

出　　处：《经济与管理》2024年第1期82-92,共11页Economy and Management

基　　金：国家自然科学基金青年项目(72103144);教育部人文社会科学研究项目(21YJA790077)。

摘　　要：基于企业财务决策与资本市场之间的联动性关系,研究投资者意见分歧对企业创新的影响,以及包含传统新闻媒体和网络新闻媒体在内的多源媒体对企业的报道态度异质性对二者关系的影响。结果表明,投资者意见分歧通过管理层情绪效应抑制了企业创新。相比传统新闻媒体,网络新闻媒体报道态度异质性更能强化投资者意见分歧对企业创新的抑制作用。进一步研究发现,投资者意见分歧激发管理层悲观情绪效应,并受到股权分散程度的正向影响和高管异质性的负向影响。投资者意见分歧通过管理层情绪效应对探索式创新影响更大,最终降低企业价值。Based on the linkage relationship between corporate financial decisions and the capital market,this study investigates the impact of investor disagreements on corporate innovation behavior,as well as the impact of heterogeneity in reporting attitudes of multiple media sources,including traditional news media and online news media,on the relationship between the two.The results indicate that investor disagreement suppresses corporate innovation through the management sentiment effect,and compared to traditional news media,the heterogeneity of reporting attitudes in online news media can strengthen the inhibitory effect of investor disagreement on corporate innovation.Further research has found that the pessimistic sentiment effect of management triggered by investor disagreements is positively influenced by the degree of equity dispersion and negatively influenced by executive heterogeneity.The disagreement among investors has a greater impact on exploratory innovation through the emotional effect of management,ultimately reducing the value of the enterprise.

关 键 词：投资者意见分歧 企业创新 管理层情绪效应 创新类型 

分 类 号：F273.1[经济管理—企业管理]