High-tech Qualification Accreditation and Innovation Governance of Chinese Listed Firms

Sun Gang, Sun Hong, Zhu Kai

Journal of Finance and Economics Vol. 42, Issue 01, pp. 30 - 39,82 (2016)  DOI:10.16538/j.cnki.jfe.2016.01.003

Abstract

Against the background of the transformation from R & D management to innovation governance in China,this paper places emphasis on the role of governments in the construction of innovation governance system.Regarding high-tech qualification accreditation as special government-enterprise innovation alliance and innovation resources allocation mechanism,it investigates the innovation strength of listed firms and its value relevance in different economic environments.It indicates that compared with SOEs,the strength of innovation input and its value relevance improve significantly in non-state-owned enterprises recognized as high-tech enterprises.The study further shows that with the reduction in government intervention,the promotion role of high-tech qualification accreditation in innovation efficiency in listed firms notably strengthens.It reveals the effect of government-dominated high-tech qualification accreditation policy on firm innovation activities from the perspective of innovation stakeholders,and has important theoretical and policy implications for establishing innovation governance system.

Keywords

high-tech qualification accreditation; innovation governance; government intervention; corporate innovation