| “抢人”政策对高新技术企业市场价值的影响 |
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| 引用本文： | 张岩,吴芳.“抢人”政策对高新技术企业市场价值的影响[J].科研管理,2022,43(3):72-78. |
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| 作者姓名： | 张岩 吴芳 |
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| 作者单位： | 江西财经大学会计学院，江西 南昌330013 |
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| 基金项目： | 国家自然科学基金：“定向增发新股、中介监督与盈余管理研究”(71772081,2018.01—2021.12);国家自然科学基金：“发审委审核质量研究：评价、影响因素与问责机制”(71862015,2019.01—2022.12);国家自然科学基金：“承销商跟投制度的治理效应研究：基于科创板的经验证据”(72062016,2021.01—2024.12)；;江西省教育厅科技项目：“地方人才政策对区域内企业创新绩效影响研究”(GJJ200514,2021.01—2022.12)； |
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| 摘 要： | 供给侧改革和创新驱动发展战略的实施引发了国内多个大中城市对人才的激烈争夺。本文运用事件研究法探讨2017年1月至2018年5月我国14个城市出台的“抢人”政策对当地高新技术企业市场价值的影响及其作用机制。实证结果显示：“抢人”政策有助于提升当地高新技术企业的市场价值；上述效应在高科技产业聚集度和城市宜居程度较高的地区均更为显著。从作用机制上看，“抢人”政策对高新技术企业价值的提升是通过人才红利而非人口红利机制实现的。本文的结论从理论上丰富了政府人才政策与当地创新绩效关系的研究，在实践上为地方政府制定或优化人才政策提供有益的参考。
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| 关 键 词： | “抢人”政策 产业聚集度 宜居度 人才红利 |
| 收稿时间： | 2019-08-15 |
| 修稿时间： | 2020-01-18 |
The effect of S&T talent-attracting policieson the market value of high-tech enterprises |
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| Zhang Yan,Wu Fang.The effect of S&T talent-attracting policieson the market value of high-tech enterprises[J].Science Research Management,2022,43(3):72-78. |
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| Authors: | Zhang Yan Wu Fang |
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| Abstract: | Recently, a new wave of S&T talents scramble battles has been started in many Chinese cities. They formulated different kinds of favorable policies to attract S&T talents with either high degree or high skill from home and abroad. These policies include permanent household registration, subsidy for housing purchase, settling-in allowances and public service in accordance with their education background or expertise. The main reason for this wave of battles for S&T talents is that China′s economy has been driven by extensive factors for a long time. However, the law of diminishing marginal returns indicates increasing downward pressure on China′s economy in recent years. In order to reverse this unfavorable situation, the Central Government put forward the Supply-Side Structural Reform and Innovation-Driven Development Strategy in time. Under such circumstance, local governments vigorously develop high-tech industries. Since research personnel are the driving force of innovation, more and more local governments have gradually transferred their development strategies from attracting investment to attracting S&T talents.This paper examines whether S&T talent-attracting policies can improve local innovation performance and what are the main influencing factors. Most studies on the relationship between the local government and regional innovation performance were conducted from the perspective of capital. However, whether a firm can innovate successfully requires not only sufficient funds, but also a large number of S&T talents. In this case, this paper aims at examining the relationship between local governments′ S&T talents support and regional innovation performance based on the issuance of S&T talent-attracting policies by major cities in China from January 2017 to May 2018.It uses the event study method to analyze the effect of S&T talent-attracting policies on the firm value of high-tech enterprises, and the internal mechanism. The research show that S&T talent-attracting policies can help improve local innovation performance, and the effect is realized through S&T talents dividend mechanism. Specifically, the findings of this paper suggest four main conclusions. Firstly, the issuance of S&T talent-attracting policies by local governments can promote the firm value of local high-tech listed companies. The policies may attract more highly educated and skilled S&T talents from home and abroad, and then increase the S&T talents supply for local enterprises. In addition, the gathering of S&T talents will produce agglomeration effect such as information sharing, collective learning and knowledge outflow. Moreover, they have different understandings and perspectives of even the same knowledge or technology. Their communication with each other may ignite sparks of wisdom to improve their ability to solve technical problems. This helps companies improve their innovation capability. Secondly, in areas with higher concentration of high-tech industries, the effect of S&T talent-attracting policies on the value of local high-tech enterprises is more significant. On the one hand, it is easier for S&T talents to obtain satisfactory jobs in those regions, and it is also relatively more convenient for them to find new jobs in the same city in the future. On the other hand, in the areas with high concentration of high-tech industries, there are a large number of S&T talents. This may shorten the distance among them in space and reduce the cost of information search. S&T talents can easily communicate with each other in order to have more opportunities for discussing, learning and developing. As a result, knowledge transfer, diffusion and communication will become more efficient, which may form knowledge spillover effect. On this basis, the innovation effect will be further improved.Thirdly, in the areas with better livability, the above effect is more significant. On the one hand, good ecological environment is more attractive to high-end research talents. On the other hand, high-end research talents enjoy more choices about their workplace, since they have better education background, more sophisticated skills and higher income.Lastly, the positive effect of S&T talent-attracting policies on the firm value of local high-tech enterprises is realized through the S&T talents dividend mechanism rather than the demographic dividend mechanism, because the effect is more significant in companies with higher R&D input, but it is not significant in non-high-tech companies. The conclusions may provide four implications for related policy-making. Firstly, local governments should improve the publicity of S&T talents policies so as to make more S&T talents aware of the existence of these policies. For example, local governments can organize staff to hold policy seminars in well-known universities across the country. Secondly, local governments should expand high-tech industrial parks and introduce more preferential policies to attract more high-tech enterprises so as to give better play to the effect of S&T talents policies. Thirdly, local governments should pay more attention to the ecological environment and create better living environment, which may play an important role in attracting S&T talents and developing local high-tech industries, to be in accordance with the development concept of "lucid waters and lush mountains are invaluable assets". Fourthly, China′s economic growth has begun to shift from a demographic dividend driven mode to S&T talents dividend driven mode. From the perspective of long-term development, local governments should not only focus on how to attract S&T talents, but also consider how to retain these S&T talents, so that they can make more contribution to the local construction and development for a long time. This requires the local government to earnestly fulfill their commitments listed in the S&T talent-attracting policies, and keep caring about the status and needs of S&T talents in the aspect of their work, study and life. |
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| Keywords: | S&T talent-attracting policy industrial agglomeration degree degree of livability S&T talents dividend |
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