科技创新发展战略研究2025，Vol.9Issue(2)：30-43,14.
产学研合作对股价崩盘风险的影响机制
Impact Mechanism of Industry-University-Research Cooperation on Stock Price Crash Risk
摘要
Abstract
The relationship between R&D investment and stock price crash risk is still debated in the existing literature,to this end,this paper further analyzes the impact of industry-university-research cooperation on the risk of stock price crash based on the specific innovation model of industry-university-research cooperation.Combined with the specific innovation model of industry-university-research cooperation,the paper further analyzes the A-share listed companies in China from 2010 to 2023,manually collects the data of industry-university-research cooperation of listed companies,and conducts research based on the difference-in-difference method.The results show that industry-university-research cooperation has an inhibitory effect on the risk of stock price crash,mainly by suppressing the problem of executive agency and enhancing the attention of analysts.Furthermore,the inhibitory effect of industry-university-research cooperation on the risk of stock price crash is more reflected in enterprises and state-owned enterprises with deep cooperation and strong absorption capacity.The research conclusions not only enrich the literature on the consequences of industry-university-research cooperation,but also provide a reference for promoting the high-quality development of the capital market,serving the real economy and promoting scientific and technological innovation.关键词
产学研合作/股价崩盘风险/代理问题/分析师关注Key words
industry-university-research cooperation/stock price crash risk/agency cost/analyst focus分类
经济学引用本文复制引用
王靖宇,苏文淋,魏旭鹏..产学研合作对股价崩盘风险的影响机制[J].科技创新发展战略研究,2025,9(2):30-43,14.基金项目
国家社会科学基金一般项目"注册制下机构投资者促进企业持续创新的模式、机制及制度设计"(21BGL098) （21BGL098）
北京市教育委员会科研计划项目"北京产学研创新链驱动供应链韧性提升的模式及机制研究"(SM202410037004) （SM202410037004）
北京物资学院青年科研基金项目"链主企业数字化转型对供应链韧性的影响研究"(2024XJQN11) （2024XJQN11）
