摘要
为了研究竞争对手财务约束对企业投资和创新的影响,基于掠夺理论提出假设并进行实证研究。采用专利文本相似度的方法来甄别竞争对手,并使用2014—2018年中国A股上市企业的财务数据进行回归分析。结果表明,竞争对手财务约束与企业投资和企业创新均呈正相关关系。当竞争对手遭遇财务约束,企业一方面会扩大投资来掠夺对手的产品市场,从而增加企业价值;另一方面会增加创新支出,开发与新占领市场的产品类似的新产品,进而建立市场壁垒。
In order to discuss the impact of competitors′financial constraints on enterprise investment and innovation,hypotheses are proposed based on Predation Theory and an empirical study is conducted.This paper uses the method of text-based analysis to identify competitors and build regression model to analyze the financial data of Chinese A-share listed enterprises from 2014 to 2018.Results show that the financial constraints of competitors have positive relationships between the investment and innovation of firms.When competitors have trouble in financial problems,enterprises will invest more to seize the market share of rivals to improve enterprise value.On the other hand,they will increase spending on innovation and develop new products similar to those newly occupied in the market,thus establish market barriers.
出处
《现代管理科学》
北大核心
2021年第4期84-91,共8页
Modern Management Science
关键词
竞争对手
财务约束
企业投资
企业创新
competitors
financial constraint
investment behavior
enterprise innovation
