政策不一致与中国区域创新动态：来自文本分析的证据

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-06-07 DOI:10.1016/j.frl.2025.107748

Yutong Sun , Tong Fang , Libo Yin , Ying Li

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引用次数: 0

摘要

本文运用文本分析方法构建了城市层面政策不一致性的测度，并考察了城市层面政策不一致性对中国区域创新的影响。结果表明，政策不一致性显著降低了区域总专利申请量和区域企业申请量，但与产学研合作专利申请量正相关。机制分析表明，政策不一致加剧了区域资源配置扭曲和企业风险规避，从而阻碍了区域总量和企业创新活动。高校科研投入和经费对政策不一致不敏感，高校是企业的“避风港”。

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Policy inconsistency and regional innovation dynamics in China: Evidence from textual analysis

We construct a new measure of city-level policy inconsistency using textual analysis and examine its impact on regional innovation in China. The results indicate that policy inconsistency significantly reduces regional total patent applications and regional corporate applications, but is positively related to industry-university-research collaborative patent applications. Mechanisms analyses indicate that policy inconsistency exacerbates both regional resource allocation distortion and corporate risk aversion, thereby hindering regional total and corporate innovation activities. Research investment and funding for higher education institutions are not sensitive to policy inconsistency, and higher education institutions serve as a “safe haven” for corporations.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance