Research On The Transmission Path And Economic Consequences Of Enterprise Innovation Investment Behavior Based On Peer Effect

In this study,the peer effect in the field of social psychology is introduced into the research of enterprise innovation investment behavior,trying to explore the internal mechanism and economic consequences of the transmission of innovation investment behavior between enterprises from the perspective of peer effect.The main contents of the research include:(1)exploring and testing the existence and transmission law of the peer effect of enterprise innovation investment behavior;(2)constructing and verifying the transmission path model of enterprise innovation investment behavior under the peer effect;(3)exploring the influence of social network on the transmission path of innovation investment behavior;(4)testing the consequence of the peer effect of innovation investment behavior in promoting enterprise innovation.The value of this study lies in that the use of peer effect to promote enterprise innovation is to internalize the innovation demand of social development into a voluntary behavior of enterprises,which is a mild external intervention.It not only helps to save huge policy costs and reduce unforeseen policy resistance,but also is more easily recognized and accepted by enterprises.At the critical moment when China implements the strategy of innovationdriven development,this study is of great significance for the government to design an effective mechanism to guide the group innovation investment behavior and for enterprises to strengthen the decision-making and management mechanism of innovation investment so as to promote the implementation of the national innovation strategy.The main research achievements and conclusions of this study can be summarized into the following four points:(1)The enterprise innovation investment behavior shows peer effect and follows the "law of descent" and the "law of inside-out".Within the same industry,the innovation investment behavior among enterprises can influence and drive each other,which is manifested as the peer effect.The transmission of innovation investment behavior follows the "law of descent" and the "law of inside-out".The "law of descent" is reflected in that enterprises with smaller scale and lower R&D level are more likely to be driven by peer enterprises and the "law of inside-out" is reflected in that enterprises with the same property rights show more significant peer effect on innovation investment behavior.From the perspective of information transmission,the innovation investment behavior of enterprises in the inferior position of information is more likely to be affected by peer enterprises and higher the quality of information disclosure of peer enterprises,the more peer effect of innovation investment behavior can be promoted.(2)The transmission path of enterprise innovation investment behavior under peer effect is as follows: "peer enterprise innovation investment behavior → focus enterprise managers’ innovation attention → focus enterprise innovation investment behavior".As a key node,managers’ innovation attention plays an intermediary effect in the transmission process of enterprise innovation investment,which is a bridge connecting the innovation investment behavior of peer enterprises and the focus enterprise.Through this key node,the peer enterprises can exert a driving effect on the innovation investment behavior of the focus enterprise.The higher the managerial ability,the greater the managerial power,the higher the degree of industrial competition and the higher the technical requirements of the industry,the more significant the mediating effect of the innovation attention of the managers of the focus enterprise in the transmission path.(3)Social network relationship has a moderating effect on the transmission path of innovation investment behavior under peer effect.The chain relationship and human relationship have a moderating effect on the transmission path of corporate innovation investment,which is reflected in strengthening the mediating effect of innovation attention of managers in the focus enterprise.Both of them can adjust the path of "peer enterprise innovation investment behavior → focus enterprise managers’ innovation attention" by expanding the channels of enterprise information acquisition.At the same time,the chain relationship is helpful for enterprises to obtain and utilize innovation resources,promote managers to transform innovation attention into actual innovation investment behavior,and thus adjust the path of "focus enterprise managers’ innovation attention → focus enterprise innovation investment behavior".(4)The peer effect of innovation investment behavior promotes the "quality and quantity" of enterprise innovation.The peer effect of innovation investment can promote the "quality and quantity improvement" of enterprise innovation,especially for the enterprises with less innovation experience and less government innovation subsidies.It has the function of internal experience supplement mechanism at micro level and innovation incentive policy supplement mechanism at macro level.From the perspective of industry and macro-economy,the higher the degree of industry competition and the higher the level of economic policy uncertainty,the more obvious the promotion effect of innovation investment on the quantity and quality of enterprise innovation.