State-owned enterprises are the main force of scientific and technological innovation in China.In the era of accelera-ting cultivation of new quality productivity,exploring the means to improve the quality of innovation and enhance the efficiency of innovation is an important issue to promote the state-owned enterprises to become stronger,better and bigger.Based on the listed companies of the state control group from 2010 to 2018,this paper empirically tested whether innovation comparison exists in SOEs and what factors influence innovation comparison.We found through the study that there is a phenomenon of innovation comparison among SOEs,that is,when it is observed that other companies in the same group increase innovation investment,the company will significantly increase its innovation investment in the next year under the influence of performance evaluation.The innovation comparison among companies reduces the real innovation efficiency.This conclusion is still valid after several robust-ness tests.When the pressure of performance evaluation is greater or the possibility of manager promotion is higher,the innova-tion comparison is more serious,and the adverse influence of innovation comparison on innovation efficiency is stronger.The findings of this paper will not only enrich the literature on the mutual influence of corporate financial decisions,but also provide important policy insights for improving the performance evaluation system and promoting the construction of a strong innovative country.
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