产学研合作对股价崩盘风险的影响机制  

Impact Mechanism of Industry-University-Research Cooperation on Stock Price Crash Risk

作　　者：王靖宇 苏文淋 魏旭鹏 WANG Jing-yu;SU Wen-lin;WEI Xu-peng(School of Accountancy,Beijing Wuzi University,Beijing 101149,China;School of Accountancy,Capital University of Economics and Business,Beijing 100070,China)

机构地区：[1]北京物资学院会计学院,北京101149 [2]首都经济贸易大学会计学院,北京100070

出　　处：《科技创新发展战略研究》2025年第2期30-43,共14页Strategy for Innovation and Development of Science and Technology

基　　金：国家社会科学基金一般项目“注册制下机构投资者促进企业持续创新的模式、机制及制度设计”(21BGL098);北京市教育委员会科研计划项目“北京产学研创新链驱动供应链韧性提升的模式及机制研究”(SM202410037004);北京物资学院青年科研基金项目“链主企业数字化转型对供应链韧性的影响研究”(2024XJQN11)。

摘　　要：既有文献关于研发投入与股价崩盘风险之间的关系尚存在争论,为此,结合产学研合作这一具体的创新模式进一步分析其对股价崩盘风险的影响。以我国A股2010—2023年的上市公司为样本,手工搜集上市公司产学研合作数据,并基于双重差分法开展研究。研究发现:产学研合作对股价崩盘风险有抑制作用,其中主要通过抑制高管代理问题、增强分析师关注程度的途径实现了对股价崩盘风险的抑制;同时,产学研合作对股价崩盘风险的抑制作用更多地体现在合作程度较深、吸收能力较强的企业及国有企业之中。研究结论进一步丰富产学研合作相关理论,为促进资本市场高质量发展,服务实体经济、推动科技创新提供参考。The relationship between R&D investment and stock price crash risk is still debated in the existing literature,to this end,this paper further analyzes the impact of industry-university-research cooperation on the risk of stock price crash based on the specific innovation model of industry-university-research cooperation.Combined with the specific innovation model of industry-universityresearch cooperation,the paper further analyzes the A-share listed companies in China from 2010 to 2023,manually collects the data of industry-university-research cooperation of listed companies,and conducts research based on the difference-in-difference method.The results show that industry-university-research cooperation has an inhibitory effect on the risk of stock price crash,mainly by suppressing the problem of executive agency and enhancing the attention of analysts.Furthermore,the inhibitory effect of industryuniversity-research cooperation on the risk of stock price crash is more reflected in enterprises and state-owned enterprises with deep cooperation and strong absorption capacity.The research conclusions not only enrich the literature on the consequences of industryuniversity-research cooperation,but also provide a reference for promoting the high-quality development of the capital market,serving the real economy and promoting scientific and technological innovation.

关 键 词：产学研合作 股价崩盘风险 代理问题 分析师关注 

分 类 号：F270.1[经济管理—企业管理] F224.2[经济管理—国民经济]