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4014在全面推动中国制造向中国智造升级的战略背景下，资本市场预期如何影响制造企业创新投入尚未达成一致结论。本文以2010—2017年中国沪深A股制造业上市公司为研究样本，对市场预期差距、市场预期评级和企业创新行为之间的内在关联进行了理论分析和实证检验，并进一步探讨了机构关注程度和政府补助程度的调节作用机制。研究结果显示：第一，机构对企业未来发展前景的市场预期绩效越大于企业实际经营绩效，即市场预期差距越大，企业管理者面临的绩效压力越大，企业增加创新投入的概率也越大。第二，机构对企业当期投资价值的市场预期评级越高，投资者越有可能进行逆向投资，管理者需要提高当期绩效以吸引投资者，企业减少创新投入的概率就越大。第三，机构关注增强市场预期差距对企业创新投入的正向促进作用，政府补助则可能改变两者之间的正向影响关系。第四，机构关注与政府补助都增强市场预期评级对企业创新的负向影响。本文的研究发现为企业管理者有效应对外部绩效压力和机构关注，优化政府创新补助方式以促进制造企业创新转型升级提供了一定的理论支持和政策参考。
市场预期对制造企业创新投入的影响——机构关注和政府补助的调节作用
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参考文献
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引用本文
蒋樟生. 市场预期对制造企业创新投入的影响——机构关注和政府补助的调节作用[J]. 外国经济与管理, 2019, 41(11): 57-69.
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