随着数字化浪潮引发信息媒介的深刻变革,以公众为主体的网络舆论关注可能为企业创新活动带来额外机会与压力。为此,结合眼球效应与压力效应构建了系统理论框架,并以2011—2019年沪深A股的5个高技术行业为样本,采用面板回归模型考察了网络舆论关注对企业双元创新的影响,以及高管社会网络嵌入带来的边界。得出以下结论:网络舆论关注与企业探索性创新之间存在倒U型关系,但对利用性创新产生持续正向影响;高管社会网络嵌入正向调节了上述关系;进一步研究表明网络舆论关注的冲击在绩效逆差企业与民营企业中更显著,且网络舆论环境是制约创新平衡模式有效性的重要外部因素。研究结论丰富了社交媒体时代双元创新的相关理论,并为企业与政府相关部门辩证应对这种外部冲击提供思路。

With the wave of digitalization triggering profound changes in the information media, Internet public opinion attention may bring additional opportunities and pressures on enterprises' innovation activities. In order to explore the intrinsic relationship, this study constructed a systematic theoretical framework by combining the eyeball effect and the pressure effect, and used a panel regression model to examine the impact of Internet public opinion attention on enterprises' dual innovation and the boundaries brought by the embeddedness of the executives' social networks, by using a sample of five high-technology industries in the A-shares of Shanghai and Shenzhen in the period of 2011-2019. The key findings of this study are as follows: firstly, there is an inverted U-shaped relationship between Internet public opinion and enterprises' explorative innovation, but a sustained positive impact on exploitative innovation. Secondly, executive social networks embedding positively moderates the above relationship. Further research showed that the impact of Internet public opinion attention is more significant in the performance-deficit firms and non-state firms, and that the Internet public opinion environment is an important external factor constraining the effectiveness of the innovation balance model. The findings of the study will enrich the theories related to dual innovation in the social media era and will provide ideas for enterprises and relevant government departments to dialectically cope with this external shock.