科技创新政策感知对企业价值的影响OA

This study investigates the impact of science and technology(S&T)innovation policy perception on enterprise value,utilizing a large dataset of Chinese A-share listed companies from 2007 to 2022.A textual analysis method is used in the management discussion and analysis(MD&A)sections of annual reports to construct a novel firm-level index for innovation policy perception.The findings reveal a nuanced dynamic:while policy perception may initially impose short-term adjustment of enterprise,high-level S&T innovation policy perception significantly enhances long-term enterprise value.This long-term value creation operates through a chain mediation mechanism,whereby policy perception first stimulates increased innovation input and innovation output,which subsequently leads to a higher total factor productivity.Heterogeneity analyses show that this positive effect is more pronounced in non-state-owned enterprises,smaller enterprises,and enterprises located in the eastern China.Furthermore,the relationship is positively moderated by ownership concentration,which streamlines decision-making,but negatively moderated by media attention,which can induce managerial myopia.Drawing on the research conclusions,the study offers practical implications and recommendations for policymakers,enterprises,and investors.