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Analyst Coverage,Forecasting Bias,and corporate innovation:Evidence from China

Journal of Systems Science and Information 2024年第1期12卷 1-24页

作者： Xinping MA Yiru WANG Jianping LI Biao SHI School of Economics and Management University of Chinese Academy of SciencesBeijing 100049China School of Finance Nankai UniversityTianjin 300071China Institutes of Science and Development Chinese Academy of SciencesBeijing 100190China

Due to information asymmetry and strategic innovation,firms often encounter challenges related to insufficient driving forces and low-quality innovation outcomes.Analysts always act as information intermediaries who help foster the advancement of corporate innovation activities and the conversion of innovation output.This study examines the impact of analyst coverage and forecasting bias on corporate innovation,employing data from China A-shared listed firms spanning the period 2007 to 2019.We measure corporate innovation from two perspectives:Input and output.Specifically,we use the ratio of research and development(R&D)expenditure to sales as a proxy for the innovation input and the number of patent citations excluding self-citations to measure innovation output.We find that analyst coverage promotes corporate innovation,which is consistent with the“bright”side of analyst coverage.However,the positive effect of analyst coverage hinges on effectively transmitting and disclosing accurate information to investors in the capital market.Based on this,analysts'forecasting bias includes forecasting dispersion and optimism bias.We find evidence that an increase in analysts'forecast dispersion leads to a decrease in corporate innovation quality.Moreover,this paper presents a novel approach by employing the regression discontinuity method to examine the effect of analyst optimistic bias on firm innovation.The empirical findings reveal that overly optimistic forecasts by analysts exacerbate innovation quality.These analyses enrich the research on analyst coverage and corporate innovation,providing an empirical basis for improving the capital market with the help of analysts.

关键词： analyst coverage forecasting bias corporate innovation innovation quality

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Talent Policy,R&D Personnel Recruitment and corporate innovation

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Frontiers of Business Research in China 2023年第2期17卷 162-189页

作者： SUN Kunpeng LUO Ting XIAO Xing School of Public Finance and Taxation Central University of Finance and EconomicsBeijing 100081China School of Economics and Management Tsinghua UniversityBeijing 100084China

This paper analyzes the impact of talent policy on the R&D personnel recruitment and corporate innovation.The research is based on more than 5.8 million online recruitments from listed companies from 2017 to 2018.The study makes five principal findings.Firstly,companies affected by talent policy have significantly increased the number of R&D personnel recruited.Secondly,at the policy level,the incentive effect varies according to different levels of talent policy subsidies and threshold requirements,with more significant effects observed where subsidies are higher and threshold requirements are lower.Thirdly,at the enterprise level,the incentive effect is more significant for high-tech enterprises,better-governance companies,and non-state-owned enterprises.Fourthly,at the city level,the incentive effect is more significant in cities with better economic development,higher administrative levels,and better scientific research support environments.Finally,after the introduction of talent policy,there have been significant improvements in enterprises'R&D investment,patent output and R&D efficiency.In terms of R&D personnel recruitment,this paper provides micro-level evidence for the influence effect,and identifies specific mechanisms and boundary conditions of talent policy on corporate innovation.It expands the research on the influence effect of government and institutional factors on corporate innovation.In addition,it provides reference for accelerating the building up of a talent-strong country,deepening the implementation of innovation-driven development strategy and realizing economic transformation and upgrading.

关键词： talent policy R&D personnel recruitment corporate innovation

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corporate innovation and environmental investment:The moderating role of institutional environment

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Advances in Climate Change Research 2020年第2期11卷 85-91页

作者： TIAN Jin-Fang PAN Chao XUE Rui YANG Xiao-Tong WANG Chen JI Xu-Zhao SHAN Yu-Li School of Statistics Shandong University of Finance and EconomicsJinan250014China Centre for corporate Sustainability and Environmental Finance Macquarie Business SchoolMacquarie UniversitySydney2109Australia Integrated Research for Energy Environment and Society(IREES)Energy and Sustainability Research Institute GroningenUniversity of GroningenGroningen9747 AGthe Netherlands

corporate environmental investment helps improve corporate environmental performance,which,therefore,is an effective micro-level solution to mitigate environmental concerns generated by corporate excessive resource exploitation and energy use.Using Chinese listed firms within environment-related industries over the period 2011–2018 as the research setting,this study applies the panel data model to investigate the impact of corporate innovation on environmental investment,as well as the moderating effects of institutional factors.The results show that corporate innovation significantly improves firms'environmental investment with 1%Research&Development(R&D)investment ratio increase generating 2326 CNY(around 351 USD at 2018 exchange rate)increase in environmental investment;the moderating effect of environment policy is positive and significant while the moderating effect of internationalisation level is not significant,indicating that current environment policy implementation helps to strengthen the positive impact of corporate innovation on environmental investment while the role of internationalisation level in this nexus is not observed.From a micro-level perspective,the findings of this study shed light on mitigating environmental concerns through enhancing corporate innovation,and provide evidence that China's corporate internationalisation process awaits more regulatory controls.

关键词： corporate innovation Environmental investment Institutional environment Emerging economy

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Fault Tolerance for corporate innovation:Evidence from the Reform of State-owned Enterprises

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Frontiers of Business Research in China 2023年第1期17卷 126-159页

作者： ZHUANG Qinqin LIN Ruixing LUO Weijie Institute of Quantitative&Technical Economics Chinese Academy of Social SciencesBeijing 100732China Said Business School University of OxfordOxfordEnglandOX11HPUK Center for China Fiscal Development Central University of Finance and EconomicsBeijing 102206China

innovation is the source of power for high-quality development,and a relaxed institutional arrangement is a necessity for promoting innovation in enterprises.This paper examines the impact of fault tolerance on corporate innovation,theoretically analyzes the positive effects of fault tolerance on stimulating innovation,and estimates the influence of fault tolerance on corporate innovation by using the panel data of listed manufacturing companies from 2007 to 2019,taking the quasi-natural experiment of fault-tolerance system in various places since the new round of stateowned enterprise(SOE)reform.This study finds that the fault-tolerance system has significantly improved the R&D investment and patent application of the pilot SOEs,but the incentive effect is mainly reflected in the utility model patents;fault-tolerance system mainly promotes corporate innovation by alleviating managers’career worries and improving governance ability.Furthermore,the fault-tolerance system is more effective for small and medium-sized SOEs with low market competition and can alleviate the restriction of agency cost on corporate innovation.In addition,the fault-tolerance system has not yet had a significant spillover effect on private enterprises.These results show that in the SOE reform,it is necessary to strengthen the institutional arrangement of fault tolerance and create a relaxed environment to encourage innovation;it is necessary to organically integrate fault-tolerancesystem design into executive measurement and corporate governance,promote faulttolerant system to be implemented in a wider range of enterprises,and enhance the incentive effect on high-quality innovation.

关键词： fault tolerance corporate innovation incentive mechanism stateowned enterprise reform quasi-natural experiment

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Bureaucratic Culture and innovation

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China & World Economy 2024年第3期32卷 31-66页

作者： Shigang Li Kexin She Li Zhang International School of Business and Finance Sun Yat-sen UniversityChina National School of Development Peking UniversityChina International School of Business and Finance Key Laboratory of Mesoeconomics and Coordinated Development of Regions and IndustriesSun Yat-sen UniversityChina

This study explores the effects of bureaucratic culture on innovation.We define bureaucratic culture as a culture in which power and officials are held in the highest regard.Using panel data of publicly listed Chinese manufacturing firms from 2007 to 2015,we found that bureaucratic culture negatively correlated with firms'patent output.A mechanism analysis shows that bureaucratic culture hindered corporate innovation by reducing firms'research and development inputs and decreasing innovation efficiency.Furthermore,we provided evidence that anti-corruption campaigns and the development of formal institutions could neutralize the negative impact of bureaucratic culture on corporate innovation.This study is the first to investigate quantitatively the causal effect of bureaucratic culture on corporate innovation and it can deepen the understanding of the relationship between culture and innovation in China.We speculate that promoting a creative culture,particularly one that fosters entrepreneurial spirit,is of utmost importance.

关键词： bureaucratic culture corporate innovation economic growth talent allocation

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Home purchase restriction, real estate investment, and corporate innovation

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Frontiers of Business Research in China 2020年第4期14卷 519-539页

作者： Weida Kuang Changyu Chen Qilin Wang Department of Finance Business SchoolRenmin University of China59 Zhongguancun StreetHaidian DistrictBeijing 100872China

It is ubiquitous for non-real estate firms to condua real estate business in China.Home purchase restriction(HPR)affeas corporate innovation by dampening the real estate investment of non-real estate firms.The extant literature has examined the impaa of HPR on corporate innovation,but it has not focused on the expeaation of HPR and the endogeneity problem.Employing a dataset of 1,830 listed non-real estate firms over the period 2009-2016,this research explores the expectation of HPR on corporate innovation based on the motivations for real estate investment in non-real estate firms.We demonstrate that HPR facilitates the enhancement of research and development(R&D)investment in non-real estate listed firms by hindering real estate investment,particularly for non-high-tech firms.The effects of HPR arrive at the crest in the third implementation year and remain steady thereafter.The real estate investment of non-real estate firms rebounds and the R&D investment declines along with the cancellation of HPR.Tackling the selection bias and endogeneity problems,the baseline results are also robust.Hence,HPR should serve as a long-term vehicle to improving corporate innovation,in addition to preventing housing speculation.

关键词： Home purchase restriaion(HPR)expeaation Real estate investment Nonreal estate firms corporate innovation

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Official rotation and corporate innovation: Evidence from the governor rotation

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China Journal of Accounting Research 2020年第4期13卷 361-385页

作者： Xiangyan Shi Danlu Bu Chenyu Zhang School of Accounting Southwestern University of Finance and EconomicsChina Business School Beijing Technology and Business UniversityChina

Rotation is a practice whereby officials are regularly moved between equally ranked positions.Focusing on governor rotation,this paper examines the effect of official rotation on corporate innovation in China.First,we find that official rotation significantly promotes corporate innovation,including enterprises’innovation investment,quantity,and quality.Second,we find that the effect of official rotation on corporate innovation varies because of official and regional heterogeneity.Officials rotating from other provinces significantly stimulate corporate innovation,but officials rotating from the central government have an insignificant influence on corporate innovation.In addition,offi-cials rotating to non-eastern regions significantly enhance corporate innovation,while officials rotating to eastern regions have a negligible impact on corporate innovation.We further examine the driving mechanism behind the effect of official rotation on corporate innovation and find that officials rotating from eastern regions to non-eastern regions can significantly promote corporate innovation,but officials rotating from non-eastern regions to eastern regions do not boost corporate innovation.These findings imply that the different effects of official rotation on corporate innovation are due to the official experience effect.We also find that official rotation can promote corporate innovation through reducing corporate charitable donations and increasing corporate innovation subsidies.In a supplementary analysis,we find that GDP-oriented performance appraisal pressure weakens the effect of official rotation on corporate innovation.The lower the pressure on officials regarding their performance,the more significant the effect of official rotation on corporate innovation.In addition,official rotation can significantly promote the development of the regional economy and improve the GDP growth rate via corporate innovation,which is a micro-level economic growth effect of official rotation.Overall,our findings further verify the eco

关键词： Official rotation corporate innovation Official heterogeneity Region heterogeneity

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Non-actual controllers and corporate innovation:Evidence from China

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China Journal of Accounting Research 2022年第3期15卷 110-134页

作者： Shanzhong Du Lianfu Ma China Academy of corporate Governance Nankai UniversityTianjinChina Business School Nankai UniversityTianjinChina

As the number of“ownerless”enterprises in China’s capital market increases,so does the importance of paying attention to their behavior.From the perspective of enterprises’control rights allocation,we find that non-actual controllers can inhibit corporate innovation by intensifying agency conflicts,reducing corporate risk-taking and strengthening financing constraints.We also find that a larger proportion of independent directors,higher audit quality,greater managerial ownership and less environmental uncertainty weaken the negative effect of non-actual controllers on corporate innovation.In contrast,multiple large shareholders strengthen the inhibitory effect of nonactual controllers on corporate innovation,but this inhibitory effect comes from over-supervision rather than from collusion.We further divide nonactual controllers into real and hidden types and find that real non-actual controllers still have a significant inhibitory effect on corporate innovation.Finally,we rule out the competitive explanation of equity dispersion,whereby non-actual controllers inhibit corporate innovation.This study enriches the literature on the factors influencing corporate innovation and provides evidence of the adverse impact of non-actual controllers.

关键词： Non-actual controller corporate innovation Agency cost corporate risk-taking Financing constraint

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产品市场竞争与商业类国有企业创新

财务与会计导刊（理论版）

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财务与会计导刊（理论版） 2023年第6期

作者：毛新述于娜

在深化国有企业改革进程中，明确外部市场机制对国有企业创新的作用，对推进我国的国有企业创新升级、建设创新型国家具有重要的现实意义。本文选取2015-2020年商业类国有企业上市公司为研究样本，从财力资源和人力资源两个维度，实证... 详细信息

在深化国有企业改革进程中，明确外部市场机制对国有企业创新的作用，对推进我国的国有企业创新升级、建设创新型国家具有重要的现实意义。本文选取2015-2020年商业类国有企业上市公司为研究样本，从财力资源和人力资源两个维度，实证检验了产品市场竞争对商业类国有企业创新的影响。结果表明，产品市场竞争能显著促进商业类国有企业进行创新投入。通过异质性分析发现，这种促进作用主要存在于商业一类国有企业中，而在商业二类国有企业中不显著。此外，相较于地方国有企业，产品市场竞争对中央商业类国有企业创新的促进作用更强，且主要体现在人力方面的投入。本文结论有利于明确国有企业创新受阻的痛点，为推动国有企业分类改革背景下如何从外部治理机制角度提高国有企业的创新动力提供参考。

关键词：产品市场竞争商业类国有企业企业创新　　product market competition commercial state-owned enterprise corporate innovation

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社会资本与企业创新决策

创新政策与管理

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创新政策与管理 2019年第1期 69-82页

作者：陈宏波李思飞王莅静

本文以全国范围内的民营企业调研数据为样本，实证检验了地区、企业和个人三个层面的社会资本对于企业创新活动的影响。实证研究发现，由于社会资本可以通过增强经济个体之间的信任，降低合约执行与监督成本等路径在创新资源获取，创新... 详细信息

本文以全国范围内的民营企业调研数据为样本，实证检验了地区、企业和个人三个层面的社会资本对于企业创新活动的影响。实证研究发现，由于社会资本可以通过增强经济个体之间的信任，降低合约执行与监督成本等路径在创新资源获取，创新投资机会识别等方面促进企业创新投入，因此三个层面的社会资本都会对企业的创新决策有正向的影响。关于三个层面社会资本的相互作用的进一步研究发现，地区层面的社会资本与企业层面社会资本，个人层面的社会资本在影响企业创新决策方面有替代效应，但是企业层面和个人层面的社会资本之间没有显著的相互影响。

关键词：民营企业社会资本企业创新　　Private Firms Social Capital corporate innovation

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