| The level of scientific and technological development has become a major indicator for judging the strength of a country in today’s world,and is also an important part of a country’s comprehensive national power.Governments at all levels in China have always attached importance to the scientific and technological innovation of enterprises,continuously optimising the ecology of scientific and technological innovation through financial and taxation policies,awards and other means,constantly strengthening the position of enterprises as the main body of innovation,promoting the concentration of innovation factors in enterprises,and encouraging enterprises to engage in scientific and technological research,development and innovation.As one of the five national science and technology awards in China,the National Science and Technology Progress Award is also the only highest science and technology award granted to enterprises,which can rally the enthusiasm of researchers for innovation,promote the transformation of scientific and technological achievements and boost economic and social development.For listed companies,if they receive this award,it represents that the company has significant outstanding achievements in R&D and innovation,and therefore,it can send positive signals to investors in the market about the strength and development prospect of the company,thus influencing investors’ buying and selling decisions,which in turn will have an impact on the fluctuation of its share price.What impact,if any,will a listed company’s receipt of the National Award for Scientific and Technological Progress have on the risk of share price volatility? If so,what are the mechanisms involved?Does this impact show some heterogeneity across different types of companies? These are all questions worth studying.This thesis takes the National Science and Technology Progress Award received by listed companies in China as an example,focuses on the theme of the impact of science and technology awards on the risk of share price volatility of enterprises,carries out the analysis of the impact mechanism and proposes hypotheses to be tested by applying theories such as information asymmetry comprehensively,and collects and collates relevant data such as A-share listed companies that received the National Science and Technology Progress Award during 2010-2020 by hand,and empirically constructs an econometric model by The impact of national science and technology awards on the risk of share price volatility of listed companies was examined.The results of the study show that:(1)the award of national science and technology progress awards can suppress the risk of share price volatility,however,there is no significant difference in the suppression effect of the award level of national science and technology progress awards on the risk of share price volatility of enterprises.(2)The suppression effect of the National Science and Technology Progress Award on share price volatility risk differs significantly across different property rights and different levels of industry competition.Compared with state-owned enterprises,private enterprises are more likely to reduce the risk of share price volatility by receiving the award;compared with oligopolistic enterprises,competitive enterprises are more likely to reduce the risk of share price volatility by receiving the award.(3)The dampening effect of the National Award for Scientific and Technological Progress on share price volatility can be achieved through two intermediaries: enhancing firm reputation and reducing information asymmetry.By revealing the impact of the National Science and Technology Progress Award on the risk of share price volatility and its mechanism,this study not only finds that the National Science and Technology Progress Award can play the role of a "share price stabiliser",but also enriches the research on the economic consequences of technology awards for enterprises,and is useful for motivating enterprises to carry out science and technology innovation,optimising investors’ investment decisions,and It also has certain reference value for stimulating enterprises to carry out science and technology innovation,optimizing investors’ investment decisions,and formulating technology innovation policies by government departments at all levels. |
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