企业上市年限对企业创新的影响

经济是国之根本，经济增长的过程中，商业发展是绕不开的关键点，在商业领域，公司价值是一个关键概念，它代表了公司为股东和利益相关者创造的经济和社会效益。公司价值的提升是每个公司的追求，而实现这一目标需要公司承担一定的风险。同时，公司成立年限也是一个重要的指标，它反映了公司的历史和经验积累随着公司成立年限的增加，公司成立越久，公司的运营效率、产品质量、品牌知名度等都会得到提升，从而增加公司的价值。本文基于数据库提供的相关财务报表信息，结合实证方法，分析公司成立年限、风险承担水平与公司价值之间的关系。研究发现，企业成立越久，企业风险承担风险能力越强，公司价值也越高。本研究丰富了现有对于企业成立年限的研究，并给予企业对于平衡企业风险点以促进企业价值的建议。

以2019~2021年科创板上市企业的数据为研究样本，从企业生命周期视角探讨了处于不同发展阶段的科创板企业研发投入对企业成长性的影响作用。实证研究结果表明：科创板企业研发投入对企业成长性有正向促进作用；相对于成长期的企业，处于成熟期的企业研发投入对科创板企业成长性的影响效果更为显著。

高新技术企业因为高研发面临着更高的IPO成本，本文探讨注册制下科创板高新技术企业借助承销商突破信息不对称的可能。结果发现高声誉能负向调节研发投入对IPO抑价的影响，证明了科创板声誉机制发挥了作用；承销商跟投发挥正向调节作用，承销商对于自身利益的保护拥有更高的优先级。此外，对样本按照企业特质分类，发现成立年限、企业规模和盈利高低将影响承销商调节作用的发挥与否，证明了我国承销商机制作用的不确定性。

企业在生命周期的不同阶段，会呈现出不同的发展特征；企业不同发展阶段，其人力资源管理的着重点也不尽相同。本文在传统人力资源价值链管理的基础上，增加了人力资源的“价值分析和发现”环节；基于不同的员工类型，将人力资源价值链分成三种类型。此外，本文根据人力资源各价值环节在企业生命周期各阶段的重要程度进行排序，勾勒了一副完整的企业生命周期各阶段人力资源价值链的对比模型图。最后，对不同发展阶段的企业，在其制定人力资源政策时给出了一些建议。

数字技术与实体经济的深度融合已成为驱动企业高质量发展的核心引擎。本文立足于数字经济蓬勃发展的时代背景，利用2011~2024年中国A股上市公司面板数据，实证检验了数字化转型对企业创新绩效的赋能效应及其微观传导机制。研究发现：数字化转型对企业创新绩效具有显著的正向促进作用，该结论在经过一系列稳健性检验及内生性处理后依然稳固。机制分析表明，数字化转型主要通过“资源集聚效应”与“配置效率提升”双重路径驱动创新，即一方面通过缓解融资约束、增加研发要素投入，另一方面通过优化创新流程、提高全要素生产率。异质性分析进一步显示，这种创新驱动效应在处于生命周期前端的新创企业以及ESG表现优异的企业中更为显著。本研究不仅厘清了数字化转型驱动企业创新的内在逻辑，也为从微观层面推动数字经济与创新驱动发展战略的深度融合提供了经验证据与政策启示。

在数字化转型加速推进的背景下，企业传统运营模式面临系统性失效。本文从系统论视角出发，借鉴价值导向型组织的十二要素运营体系，构建数字化转型驱动的企业运营模式创新概念模型。研究指出，数字化转型可通过技术能力平台化、数据要素高效流动与组织边界柔性化三类机制，协同重塑价值创造、组织结构与运营执行三个维度，进而形成以敏捷响应、数据驱动决策与生态协同为特征的新型运营模式。进一步地，本文讨论不同行业特性、企业规模与生命周期阶段对要素重构优先级的影响，并提出“诊断–排序–迭代实施”的落地路径与管理建议。研究强调，运营模式创新并非单纯的技术升级，而是组织系统的整体性变革，需要推动关键要素协同演化，才能将数字化战略持续转化为运营绩效。

Companies are increasingly seeking the route of sustainable growth via green innovation in the wake of environmental catastrophe and global warming. Studying its mechanism of action on green innovation has significant consequences for the green and low-carbon transformation of firms as a green development pointer in the capital market. Based on the panel data of Chinese heavy pollution listed enterprises, we use the negative binomial distribution model to conduct a theoretical mechanism analysis and empirical data validation on this issue. We find that green investments significantly contribute to businesses' green innovation, and this effect is influenced by company age heterogeneity and information disclosure heterogeneity. Further mechanism analysis reveals that this effect works mainly through alleviating corporate financing constraints and reducing corporate agency costs. We provide recommendations for the growth of green innovation and the green low-carbon transformation of firms based on the research results.

Abstract Green entrepreneurship has been increasing with growing attention to environment protection by a variety of stakeholders. Green innovation, as the essence of green entrepreneurship, has attracted a broad range of scholarly attention with yet inconclusive findings regarding its effect on firm performance. According to our analyses of 1667 firms listed on SME board and GEM in China during the period from 2010 to 2019, we find interesting results regarding the type of green innovation involved and the moderating effect of firm age on the link between green innovation and SME performance. More precisely, we find green utility-model innovation positively influences firm performance for SMEs, whereas green invention innovation does not contribute to firm performance overall. More interesting, our empirical results suggest that older firms benefit more from both green invention innovation and green utility-model innovation than younger firms. This research contributes to the literature on green entrepreneurship as well as green innovation.

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This study investigates the relationship between firms’ competition, wage, CEOs’ characteristics, and firm performance (measured by net income per employee, return on assets (ROA) and return on equity (ROE)) of Vietnam’s 693 listed firms in 2015 using both the ordinary-least-square (OLS) and quantile regression methods. Triangulating the results coming from the analysis of three different measures of firm performance, this study consistently confirms that the sex of CEOs and chairman turns out to be insignificant in explaining firm performance and there is a negative association between capital intensity and firm performance. For financial firms, the age of a firm and average wage per employee are negatively associated with all types of firm performance. The quantile regression method shows that the age of a firm is negatively correlated with its net income per employee for small firms, while it is insignificant for medium-sized firms. Meanwhile, firm size is positively associated with firm performance. These results indicate Vietnam’s business activities are still concentrating on low labor cost, labor intensive, and low-tech production, thus, policies that promote innovation and high-tech applications should be encouraged.

Abstract Technology entrepreneurship and corporate innovation are important for the development of indigenous innovation. In the digital age, founders are subject to fundamental changes in their strategy choices, which in turn affect corporate innovation performance. This paper aims to explore the strategic choices adopted by technical founders of listed companies in China’s STAR market to reap the rewards of innovation in a digital context. Based on the annual reports of 124 listed companies in China’s STAR Market, this paper applies machine learning methods to quantify digital transformation of enterprises, and empirically analyzes the relationship between technical founders and innovation performance by constructing a moderated mediating model. Our results show that companies with technical founders are more likely to adopt digital transformation and thus show better innovation performance. In terms of heterogeneity, the empirical results demonstrate that firms with technical founders show better performance in digital transformation, followed in turn by those with business founders and academic founders. Both the positive relationship between enterprise digital transformation and innovation performance and the mediating effect of digital transformation are positively moderated by venture capital or private equity support. The findings reveal the microscopic mechanism of the role of technology-based founders on corporate innovation performance and hence have practical implications for promoting corporate digital transformation and enhancing firm technological innovation.

We empirically investigate valuations of Internet firms at various stages of the initial public offering (IPO) from two perspectives. First, we examine the association between the valuation of Internet IPOs and a set of financial and nonfinancial variables, which prior anecdotal or empirical evidence suggests may serve as value drivers. Second, we document differences in IPO valuations between Internet and non‐Internet firms as well as across different stages in the IPO process—i.e., initial prospectus price, final offer price, and first trading day price—within each set of firms. Our primary two conclusions are as follows. First, there are noticeable differences between valuations of Internet and non‐Internet firms, especially at the prospectus and final IPO stage. Specifically, the valuation of non‐Internet firms generally follows the conventional wisdom regarding valuation: positive earnings and cash flows are priced, while negative earnings and negative cash flows are not. The valuation of Internet firms, however, departs from conventional wisdom, with earnings not being priced, and negative cash flows being priced perhaps because they are viewed as investments. This difference between the two classes of firms may be expected, given the age and unique nature of the Internet industry. Second, there are significant differences between the initial valuation of firms at the prospectus and IPO stage and their valuation by the stock market at the end of the first trading day. For non‐Internet firms, the difference is largely ascribed to the relative offering size. For Internet firms, however, the differences are with respect to positive cash flows, sales growth, R&D, and high‐risk warnings, in addition to the relative offering size.

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Are the attitudes and beliefs of chief executive officers (CEOs) linked to their firms' innovative performance? This paper uses a measure of overconfidence, based on CEO stock-option exercise, to study the relationship between a CEO's “revealed beliefs” about future performance and standard measures of corporate innovation. We begin by developing a career concern model where CEOs innovate to provide evidence of their ability. The model predicts that overconfident CEOs, who underestimate the probability of failure, are more likely to pursue innovation, and that this effect is larger in more competitive industries. We test these predictions on a panel of large publicly traded firms for the years from 1980 to 1994. We find a robust positive association between overconfidence and citation-weighted patent counts in both cross-sectional and fixed-effect models. This effect is larger in more competitive industries. Our results suggest that overconfident CEOs are more likely to take their firms in a new technological direction. This paper was accepted by Kamalini Ramdas, entrepreneurship and innovation.

Family firms are often portrayed as an important yet conservative form of organization that is reluctant to invest in innovation; however, simultaneously, evidence has shown that family firms are flourishing and in fact constitute many of the world’s most innovative firms. Our study contributes to disentangling this puzzling effect. We argue that family firms—owing to the family’s high level of control over the firm, wealth concentration, and importance of nonfinancial goals—invest less in innovation but have an increased conversion rate of innovation input into output and, ultimately, a higher innovation output than nonfamily firms. Empirical evidence from a meta-analysis based on 108 primary studies from 42 countries supports our hypotheses. We further argue and empirically show that the observed effects are even stronger when the CEO of the family firm is a later-generation family member. However, when the CEO of the family firm is the firm’s founder, innovation input is higher and, contrary to our initial expectations, innovation output is lower than that in other firms. We further show that the family firm–innovation input–output relationships depend on country-level factors; namely, the level of minority shareholder protection and the education level of the workforce in the country.

Abstract We investigate the firm characteristics associated with innovation in over 19,000 firms across 47 developing economies. While existing finance literature on innovation is limited to large public firms in developed markets such as the United States, our database includes public and private firms, and small and medium-sized enterprises. We define innovation broadly to include introduction of new products and technologies, knowledge transfers, and new production processes. We find that access to external financing is associated with greater firm innovation. Further, having highly educated managers, ownership by families, individuals, or managers, and exposure to foreign competition is associated with greater firm innovation.

Abstract We present evidence suggesting that chief executive officer (CEO) connections facilitate investments in corporate innovation. We find that firms with better-connected CEOs invest more in research and development and receive more and higher quality patents. Further tests suggest that this effect stems from two characteristics of personal networks that alleviate CEO risk aversion in investment decisions. First, personal connections increase the CEO’s access to relevant network information, which encourages innovation by helping to identify, evaluate, and exploit innovative ideas. Second, personal connections provide the CEO with labor market insurance that facilitates investments in risky innovation by mitigating the career concerns inherent in such investments.

Are some management practices akin to a technology that can explain firm and national productivity, or do they simply reflect contingent management styles? We collect data on core management practices from over 11,000 firms in 34 countries. We find large cross-country differences in the adoption of management practices, with the US having the highest sizeweighted average management score. We present a formal model of "Management as a Technology", and structurally estimate it using panel data to recover parameters including the depreciation rate and adjustment costs of managerial capital (both found to be larger than for tangible non-managerial capital). Our model also predicts (i) a positive impact of management on firm performance; (ii) a positive relationship between product market competition and average management quality (part of which stems from the larger covariance between management with firm size as competition strengthens); and (iii) a rise in the level and a fall in the dispersion of management with firm age. We find strong empirical support for all of these predictions in our data. Finally, building on our model, we find that differences in management practices account for about 30% of total factor productivity differences both between countries and within countries across firms.

Abstract Although China is now the largest patent filing country in the world, there is little firm‐level research using Chinese patents due to difficulties in integrating Chinese patent data with firm data. To partially address this gap, we construct a Chinese Patent Database linking State Intellectual Property Office (SIPO) patents to all listed firms and their subsidiaries in China, and we are making the database publicly available to the research community. We first develop a computer program to match the assignee names of SIPO patents to the names of listed firms and subsidiaries based on a similarity score, taking into account unique challenges associated with Chinese firm‐names and Chinese characters. High‐scoring likely matches are then checked manually to determine whether they are indeed true matches. The resulting database includes 191,325 SIPO patents matched to listed firms in China from 1990 to 2010. Using this database, we find a large amount of patenting heterogeneity across firms of different geographic locations, technological foci, and ownership types. We also leverage strengths of the data to conduct a detailed analysis of the patent examination process at the SIPO. Although there is not much difference in the examination process between listed firms and their nonlisted counterparts in China, substantial differences exist between Chinese firms and foreign firms. We find that foreign firms experience substantial delay in publishing patent applications and requesting for substantive examination compared to Chinese firms. Such delay accounts for 40–60% of the longer duration from application date to decision date for foreign firms. However, after accounting for such delay, foreign firms still face much longer pendency in reaching an examination outcome (grant, withdrawal, or refusal) than Chinese firms. We hope that the public database and such analysis will encourage new streams of research on Chinese patents to improve our knowledge of China's fast‐changing innovation landscape.

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We establish a positive link between non-executive employee stock ownership plans (ESOPs) and corporate innovation efficiency through a propriety dataset of listed firms on the Shanghai and Shenzhen Stock Exchanges. Our findings suggest that the ratio of shares held by non-executive employees is positive towards corporate innovation efficiency. In addition, only the long duration of ESOPs is positively related to innovation efficiency. The positive link is more pronounced among firms with more research and development (R&D) personnel, better-educated employees, and a smaller remuneration gap between executives and non-executive employees. Our findings are robust after mitigating endogeneity issues.

This study attempts to investigate the influence of managerial mindfulness on firm innovation. Managerial mindfulness is defined as a collective psychological state shared by top management team (TMT) members and represents their collective attention to present-moment events and experiences. Drawing from two psychological mechanisms of mindfulness, we argue that managerial mindfulness can positively affect R&D intensity—a proxy for firm innovation. The first psychological mechanism is that mindfulness facilitates self-regulation. By facilitating self-regulation, managerial mindfulness enables TMT members to behave less opportunistically and act in a less self-serving manner. Therefore, TMT members are concerned about the shareholders’ interests in long-term value creation and hence are willing to take more risk such as investing more in R&D. The second psychological mechanism is that mindfulness facilitates goal-pursuit, especially for intrinsic goals. Mindful TMT members are autonomously motivated to pursue goals that are more satisfying, persist for longer durations, and show greater success than goals that are extrinsically motivated; mindful TMT members are likely to view R&D as an intrinsic goal to pursue. In addition to the main effect, this study also examines several moderators and suggests that the positive relationship between managerial mindfulness and R&D intensity is moderated by firm age, slack resources, and past financial performance. Specifically, this relationship becomes weaker when a firm grows older and the firm has better past financial performance, while it is stronger when a firm has greater slack resources. To empirically test our hypotheses, we rely on a sample of Chinese listed companies and collect data from the China Stock Market and Accounting Research (CSMAR). Feasible generalized least squares (FGLS) regression is adopted due to the presence of significant autocorrelations and heteroskedasticity. The empirical analyses provide full support for our hypotheses. Therefore, this study contributes to literature of mindfulness, as well as studies on TMT’s influence on firm strategy and decision-making.

ABSTRACT Growth enterprise markets (GEM) firms aiming to achieve sustainable innovation still face underperformance due to uncertainty in the business environment. In fact, as underperformance duration increases, many GEM firms still show a sustained and strong willingness to innovate, which has seldom been systematically explored in existing studies. Based on corporate behavior theory and stakeholder theory and using data of Chinese listed on the A‐share market from 2016 to 2021, the impact mechanism of underperformance duration on corporate innovation willingness was empirically examined by employing multiple regression analysis. The results show that the primary transmission mechanism through which the underperformance duration enhances innovation willingness is by inhibiting corporate social irresponsibility; earnings management motivation (EMM) and the degree of industry competition jointly moderate the relationship between underperformance duration and innovation willingness. This study offers practical insights for firms seeking to improve their financial performance, achieve sustainable innovation, and build sustainable development competitive advantage.