关键词: 排名变动 , 中国500强 , 合法性 , 创新强度

Abstract: As a piece of public information that takes both horizontal and vertical comparisons into consideration, enterprises  rankings are external signals representing the organizational legitimacy which has a crucial influence on enterprises confidence, stakeholders  supports, resources and informationThus, they will inhibit the development of innovation activitiesAccording to this point, this paper intends to explore the impact of ranking mobility on enterprise innovation activities based on the perspective of organizational legitimacyThis article takes China s Top 500 Enterprises listed on Shanghai and Shenzhen A stock market for examples, analyzing the panel data from 2011 to 2015This study found that when the rankings rise, enterprise innovation intensity will be significantly promotedWhen the rankings descend continuously, the enterprise innovation intensity decreases significantlyThe technical background of executives is a factor which cannot be ignoredWhen the ability of enterprises gets improved, enterprises tend to gain more competitive advantages by investing in the innovationThis is one reason why competitive enterprises become stronger and stronger

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