Using Text Analysis to Determine Technology-intensive Firms from Technological Innovation Process Perspective

Based on the perspective of technological innovation process, we reconstruct the indicator system for determining technology-intensive enterprises. The existing determination methods weaken the influence of underlying technology and overlook the influence of the technological innovation process. We use Computer-Assisted Text Analysis to generate characteristics of the technology-intensive industry. By analyzing the annual report texts, the technical intensity characteristics dimensions are summarized, and methods such as new word discovery and topic modelling are used to construct a technology intensity dictionary and a technology intensity index. Experiments show that the text-based technology intensity index is an extension of the existing output-based measurement index, capturing the technological innovation process of enterprises and having robust predictive performance for enterprise performance. Additional empirical validation shows that the text-based technology intensity measurement index can effectively identify the technology intensity characteristics of enterprises in different market sectors, different property rights, and different industries, ensuring the external validity of the index.