Text-Based innovation measurement and its impact on enterprise operating performance

被引：0
|
作者：
Guo D. [1 ]
Wang J. [2 ]
Hu H. [1 ]
Yin Z. [1 ]
机构：
[1] School of Economics, Central University of Finance and Economics, Beijing
[2] Bank of China, Beijing
来源：
Xitong Gongcheng Lilun yu Shijian/System Engineering Theory and Practice | 2024年 / 44卷 / 06期
基金：
中国国家自然科学基金;
关键词：
enterprise performance; non-technological innovation; patent; R&D; text-innovation;
D O I：
10.12011/SETP2023-0172
中图分类号：
学科分类号：
摘要：
Based on the text of analyst research reports of A-share listed companies, this paper uses LDA model and sentiment analysis to construct a text-based innovation indicator. We verify the rationality of this indicator by examining the correlation between it and enterprise performance. The results show that: First, this indicator is comprehensive. It is not only highly correlated with traditional innovation indices such as R&D and patent, but also measures non-technological innovation activities to a certain extent. Second, this indicator is robust. Compared with traditional innovation indicators, it has a more robust positive correlation with enterprise performance. Third, this indicator is more accurate. It can partially reduce the estimation errors of traditional innovation indicators, which are caused by measurement errors and R&D manipulation. Overall, this study expands innovation measures and estimates the effect of innovation on enterprise performance accurately. At the same time, it also provides a measurement basis for the government to formulate relevant innovation policies. © 2024 Systems Engineering Society of China. All rights reserved.
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页码：1896 / 1912
页数：16
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