How Does the Mode of "Open Bidding for Selecting the Best Candidates" Restrain the Enterprise Innovation Bubble: Based on the Perspective of Innovation Factor Agglomeration

LIU Donghui; BAI Fuping

Volume 40 Issue 5

Sep. 2025

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LIU Donghui, BAI Fuping. How Does the Mode of 'Open Bidding for Selecting the Best Candidates' Restrain the Enterprise Innovation Bubble: Based on the Perspective of Innovation Factor Agglomeration[J]. Journal of Guangdong University of Finance & Economics, 2025, 40(5): 50-64.

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LIU Donghui, BAI Fuping. How Does the Mode of "Open Bidding for Selecting the Best Candidates" Restrain the Enterprise Innovation Bubble: Based on the Perspective of Innovation Factor Agglomeration[J]. Journal of Guangdong University of Finance & Economics, 2025, 40(5): 50-64.

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How Does the Mode of "Open Bidding for Selecting the Best Candidates" Restrain the Enterprise Innovation Bubble: Based on the Perspective of Innovation Factor Agglomeration

LIU Donghui¹,
BAI Fuping^2
,

1.
School of Economics and Management, Fuzhou University, Fuzhou 350000, China
2.
School of Management, Shandong University of Technology, Zibo 255000, China

Received Date: 2025-03-21
Available Online: 2025-10-25
Publish Date: 2025-09-28

Abstract

Abstract

In the critical period of China's economic growth shift, the mode of "open bidding for selecting the best candidates" is an strategic deployment for deepening the innovation system and mechanism reform, which can effectively curb the phenomenon of the enterprise innovation bubble. This paper takes China's A-share listed companies from 2016 to 2024 as the research object and uses manual methods to collect the list of listed companies actually participating in the provincial or municipal "open bidding for selecting the best candidates" in each year to explore the impact and its mechanism of the mode of "open bidding for selecting the best candidates" on the enterprise innovation bubble. The results show that the innovation bubble can be significantly suppressed by the mode of "open bidding for selecting the best candidates", and the conclusion is still valid after a series of robustness tests. From the perspective of innovation factor agglomeration, the mode can effectively exert knowledge effect, capital effect, and resource effect by expanding enterprise knowledge width, attracting patient capital injection, and promoting enterprise industry-university-research cooperation, thus restraining the enterprise innovation bubble. Heterogeneity analysis results show that for the samples with deeper digital government construction, higher financial agglomeration level, and weak regional innovation endowment, the mode of "open bidding for selecting the best candidates" has a more significant inhibitory effect on the enterprise innovation bubble. The analysis of economic consequences shows that the suppression effect of the mode on the enterprise innovation bubble has brought about the simplification and upgrading of enterprise labor and employment. The research conclusions provide theoretical reference to further promote the implementation of the mode of "open bidding for selecting the best candidates", and restrain the phenomenon of enterprise innovation bubbles.
- open bidding for selecting the best candidates,
- innovation bubble,
- patient capital,
- industry-university-research cooperation,
- key core technology research

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References(50)

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