摘要
基于上海证券交易所"上证e互动"平台的特有场景,以2014—2019年沪市A股上市公司为样本,实证检验了投资者社交媒体"发声"如何影响企业技术创新。研究发现,投资者通过社交媒体与管理层互动促进了企业的技术创新,其内在机制是降低管理层职业忧虑、缓解融资约束以及抑制代理冲突,表明社交媒体对企业决策具有信息效应和治理效应。进一步研究发现,社交媒体"发声"对技术创新的促进作用主要来源于投资者对创新类事项的关注。此外,社交媒体"发声"对技术创新的作用效果在国有企业和机构持股比例较高的企业中更显著。
Based on the unique scenario of“E-Interactive Platform”built by Shanghai Stock Exchange(SSE),the paper used the sample of A-share listed companies on SSE from 2014 to 2019,and empirically investigated how investors’“posting information”had affected corporate technical innovation.We found that,the interaction between investors and management via social media had promoted corporate technical innovation through the inner paths of reducing the career worries of management,alleviating financing constraints and suppressing agency conflicts,which indicated that there were information effect and governance effect of social media on corporate decisions.Further research found that,above positive effect mainly came from investor’attention to innovation issues.In addition,the promoting effect mainly existed in state-owned enterprises and the firms with higher institutional shareholdings.
作者
杨凡
张玉明
YANG Fan;ZHANG Yu-ming(School of Management,Shandong University,Jinan 250100,China)
出处
《山西财经大学学报》
CSSCI
北大核心
2021年第11期115-126,共12页
Journal of Shanxi University of Finance and Economics
基金
国家社会科学基金项目(18BJY108)
关键词
社交媒体
技术创新
投资者
信息效应
治理效应
social media
technical innovation
investor
information effect
governance effect
