Abstract
The capital market economy had created a good environment for the development of enterprises, and innovation had brought great impetus to the sustainable development of enterprises. However, the research on the relationship between stock market and enterprise innovation was not deep enough. Therefore, this paper proposed an empirical study on the relationship between stock price information and enterprise innovation management based on information learning mechanism, in order to provide reference for enterprise innovation and development. Firstly, taking the A-share listed enterprises from 2005 to 2020 as the research sample, this paper analyzed the factors that may affect the innovation behavior of enterprises, such as enterprise stock price information, peer stock price information, and IPO, and put forward relevant assumptions. Secondly, according to various factors that restrict the innovation behavior of enterprises, this paper defined relevant indicators to reflect the change law of enterprise stock price information, peer stock price information, and IPO and described the restrictive relationship between exploratory innovation and developmental innovation with different influencing factors by constructing a correlation regression model. Finally, through empirical analysis, the results show that exploratory innovation and developmental innovation are not affected by the enterprise's own stock price information, but with the increase of peer stock price information, enterprise exploratory innovation becomes more sensitive to peer stock price information. Although the share price information of peers has no significant impact on enterprise development and innovation, after IPO, enterprises are more sensitive to the share price information of peers in exploratory innovation and developmental innovation. However, with the passage of time, the impact of peer stock price information on enterprise developmental innovation is gradually weakened.
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