创新链视角下分析师关注对企业创新的影响机制研究  

Influence Mechanism of Analysts Attention on Enterprise Innovation from Perspective of Innovation Chain

作　　者：杨君笑 海本禄[2] Yang Junxiao;Hai Benlu

机构地区：[1]山西财经大学工商管理学院,山西太原030006 [2]河南师范大学商学院,河南新乡453007

出　　处：《企业经济》2025年第1期99-109,共11页Enterprise Economy

基　　金：国家社会科学基金重点项目“基于伙伴竞合关系的标准联盟企业知识管理策略选择机制研究”(项目编号:18AGL005);河南省教育厅人文社会科学研究项目“创新联合体情境下竞合关系影响牵头企业创新资源整合机制的计算实验研究”(项目编号:2024-ZZJH-044)。

摘　　要：分析师作为金融市场信息中介的代表,是投资者与投资项目之间的信息桥梁。本文基于创新链视角发现,分析师关注在技术研发阶段抑制了企业研发投资,在专利申请阶段促进了企业申请专利。加强知识产权保护能够弱化分析师关注对研发投资的抑制作用,而在分析师关注与专利申请之间并未呈现出显著的调节效应。区分专利质量后发现,知识产权保护仅能促进高质量专利的申请,对低质量专利没有显著性影响。本文的创新链视角丰富了分析师关注对企业创新的影响研究,认为企业应健全内部保护体系,形成行业规范;政府应积极促进信息共享,完善知识产权维权机制;全社会应培育多元融资渠道,营造尊重原创的氛围,共同致力于鼓励原始创新,避免策略创新。As the representative of financial market information intermediary,analysts are the information bridge between investors and investment projects.From the perspective of innovation chain,this paper finds that analysts attention inhibits the R&D investment at technology R&D stage,and promotes patent application at patent application stage.Strengthening IPR(intellectual property protection)can weaken the inhibitory effect of analyst attention on R&D investment,but there is no significant moderating effect between analyst attention and patent applications.After distinguishing patent quality,it is found that IPR can only promote the application of high-quality patents,and has no significant effect on low-quality patents.The perspective of innovation chain in this paper has enriched the research of analysts attention on enterprise innovation.It is suggested that enterprises should improve their internal protection system and form industry norms.The government should actively promote information sharing and improve the IPR protection mechanism.The whole society should cultivate multiple financing channels,create an atmosphere of respect for originality,and work together to encourage original innovation and avoid strategic innovation.

关 键 词：分析师关注 研发投资 专利申请 信息透明度 知识产权保护 

分 类 号：F273[经济管理—企业管理]