要素资源错配对企业创新的作用机制及实证检验——基于制造业上市公司的经验分析
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摘要
本文构建理论模型分析了要素资源错配对企业创新的作用机理,并采用2012-2016年中国制造业上市公司数据实证检验了要素资源错配对企业创新的影响效果.研究发现:企业创新存在循环累积效应,要素资源错配是影响企业创新的重要因素,但劳动力和资本资源错配对企业创新具有不同的影响,整体而言,劳动力资源错配显著促进了企业创新.分地区来看,劳动力资源错配对企业创新的作用效果存在中东西部依次递减趋势,中部地区资本资源错配显著抑制了企业创新;分股权性质来看,国有企业和民营企业劳动力资源错配促进了企业创新,民营企业和外资企业资本资源错配抑制了企业创新;分行业来看,不同要素资源错配对企业创新存在行业差异.此外,企业规模、资本密集度、企业年龄和市场集中度也在不同程度上影响了企业创新.
This paper constructs a theoretical model to analyze the mechanism of factor resource misallocation on enterprise innovation, and empirically tests the effect of factor resource misallocation on enterprise innovation by using the data of manufacturing companies from 2012-2016 in China. It is found that there is a cumulative effect of enterprise innovation, and factor resource misallocation is an important factor affecting enterprise innovation. However, labor and capital resource misallocation have different effects on enterprise innovation. On the whole, labor resource misallocation significantly promotes enterprise innovation. Regionally, the effect of labor resource misallocation on enterprise innovation has decreasing tendency in central, east and west region. Capital resource misallocation significantly inhibits the enterprise innovation in the central region. Based on the nature of equity, labor resource misallocation promotes enterprises innovation in state-owned enterprises and private enterprises, and capital resources misallocation inhibits enterprise innovation in private enterprises and foreign enterprises. Based on the view of industry, different factor resource misallocation on enterprise innovation exist industry difference.In addition, enterprise scale, capital density, enterprise age and market concentration also affect enterprise innovation in varying degrees.
This paper constructs a theoretical model to analyze the mechanism of factor resource misallocation on enterprise innovation, and empirically tests the effect of factor resource misallocation on enterprise innovation by using the data of manufacturing companies from 2012-2016 in China. It is found that there is a cumulative effect of enterprise innovation, and factor resource misallocation is an important factor affecting enterprise innovation. However, labor and capital resource misallocation have different effects on enterprise innovation. On the whole, labor resource misallocation significantly promotes enterprise innovation. Regionally, the effect of labor resource misallocation on enterprise innovation has decreasing tendency in central, east and west region. Capital resource misallocation significantly inhibits the enterprise innovation in the central region. Based on the nature of equity, labor resource misallocation promotes enterprises innovation in state-owned enterprises and private enterprises, and capital resources misallocation inhibits enterprise innovation in private enterprises and foreign enterprises. Based on the view of industry, different factor resource misallocation on enterprise innovation exist industry difference.In addition, enterprise scale, capital density, enterprise age and market concentration also affect enterprise innovation in varying degrees.
引文
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1.A_i本意表示技术进步(综合技术水平),在开放经济中,技术进步的途径主要有三个方面即企业创新、技术扩散、技术转移与引进,技术进步可以看作是企业创新的目的.对技术进步的测度部分学者采用全要素生产率方法,但限于上市公司数据的可获得性,本文重点考察企业创新问题,在此将A_i表示为企业创新水平,并不影响全文分析.
2.在模型设置变量时,考虑到某些变量是比值数据,并且要素资源错配取值为-1到1,因此,部分变量并没有取对数,而是保留原始变量.
3.研发人员数据有大量缺失,因此,在度量时没有采用研发人员数量而是用员工数量,表示企业创新强度.
4.通过Hausman检验最终选择固定效应面板估计.
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[23]吕承超.中国高技术产业专业化比多样化更有利于区域产业创新吗?[J].研究与发展管理,2016, 28(6):27-37.Lii C C. Is the specialization of China's high-tech industry more conducive to regional industrial innovation than diversification?[J]. Research and Development Management, 2016, 28(6):27-37.
[24] Wahal S, McConnell J J. Do institutional investors exacerbate managerial myopia?[J]. Journal of Corporate Finance, 2000, 6(3):307-329.
[25]杨浩昌,李廉水,刘军.高技术产业聚集对技术创新的影响及区域比较[J].科学学研究,2016, 34(2):212-219.Yang H C, Li L S, Liu J. The impact of high-tech industrial agglomeration on technological innovation and regional comparison[J]. Studies in Science of Science, 2016, 34(2):212-219.
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1.A_i本意表示技术进步(综合技术水平),在开放经济中,技术进步的途径主要有三个方面即企业创新、技术扩散、技术转移与引进,技术进步可以看作是企业创新的目的.对技术进步的测度部分学者采用全要素生产率方法,但限于上市公司数据的可获得性,本文重点考察企业创新问题,在此将A_i表示为企业创新水平,并不影响全文分析.
2.在模型设置变量时,考虑到某些变量是比值数据,并且要素资源错配取值为-1到1,因此,部分变量并没有取对数,而是保留原始变量.
3.研发人员数据有大量缺失,因此,在度量时没有采用研发人员数量而是用员工数量,表示企业创新强度.
4.通过Hausman检验最终选择固定效应面板估计.
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