网络平台互动对企业创新投入的影响研究  

Research on Influence of Network Platform Interaction on Enterprise Innovation Investment

作　　者：安世强 张金昌[2] An Shiqiang;Zhang Jinchang

机构地区：[1]防灾科技学院经济管理学院,河北廊坊065201 [2]中国社会科学院工业经济研究所,北京100006

出　　处：《企业经济》2025年第4期48-57,共10页Enterprise Economy

基　　金：国家社会科学基金重大项目“驱动产业链供应链现代化水平提升的关键因素研究”(项目编号:21ZDA023);中央高校基本科研业务费专项资助项目“投资者网络平台互动的治理机制与信息披露操纵研究”(项目编号:ZY20250216)。

摘　　要：在信息技术发展与监管市场化背景下,网络平台成为中小投资者优化上市公司战略决策的重要治理机制。本文以2010—2023年投资者与A股上市公司在沪深证券交易所的在线问答数据为样本,实证检验了网络平台互动对创新投入的影响效应。研究结果表明,网络平台互动能够促进企业创新投入。机制检验表明,网络平台互动通过缓解融资约束、吸引分析师关注等具体路径促进创新投入。异质性分析表明,网络平台互动对创新投入的促进作用在非国有企业、机构投资者持股比例较低的企业、无严重公司治理问题的企业、信息环境一般的企业中更显著。拓展性研究发现,网络平台互动能够增加创新产出、提升创新效率、降低税收规避,说明网络平台互动引致的创新投入增加并非是管理层迎合中小投资者的短期策略或虚列研发支出的结果。因此,企业需重视网络平台互动,并结合其股权结构特征,综合利用多类治理机制完善治理基础和促进企业创新。Under the background of the development of information technology and the marketization of supervision,the network platform has become an important governance mechanism for small and medium-sized investors to optimize the strategic decision-making of listed companies.Based on the online Q&A data of investors and A-share listed companies on Shanghai and Shenzhen stock exchanges from 2010 to 2023,this paper empirically examines the impact of network platform interaction on innovation investment.The results show that the network platform interaction has a significant positive impact on innovation investment.Mechanism inspection shows that network platform interaction promotes innovation investment by taking specific paths such as alleviating financing constraints and attracting analyst attention.Heterogeneity analysis shows that the promotion effect of network platform interaction on innovation investment is more significant in non-state-owned enterprises,enterprises with lower shareholding ratio of institutional investors,enterprises without serious corporate governance problems,and enterprises with general information environment.The expansion research shows that network platform interaction can help enterprises enhance innovation output,improve innovation efficiency,and reduce tax avoidance,which means that the increase of innovation investment triggered by network platform interaction is not the result of the short-term strategy of the management to cater to the small and medium investors or fictitious R&D expenditure.Therefore,enterprises need to pay attention to the network platform interaction,combine with the characteristics of their shareholding structure,and comprehensively use various governance mechanisms to improve the governance foundation and promote enterprise innovation.

关 键 词：网络平台互动 创新投入 融资约束 分析师关注 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济] F273.1