摘要
与现有文献多从制度环境、企业家能力角度研究企业创新能力制约因素有所不同,从企业投资行为选择这一独特视角,就企业过度投资对自身创新能力的挤出效应进行稳健性检验。基于“中国企业-劳动力匹配调查”(CEES)一手微观数据进行检验,结果发现:在相关因素充分控制的前提下,企业在研发创新领域以外的过度投资对于企业专利产出与产品创新均具有显著负向影响,表明企业投资行为扭曲对自身创新能力形成了较为突出的挤出效应。进一步分析发现,过度投资显著降低了企业技术研发投入,不利于企业人力资本结构优化与管理效率提升,这些因素是企业过度投资抑制创新能力提升的主要渠道。为此,建议通过营造公平竞争的营商环境,抑制企业过度投资行为。
Different from existing studies that are mainly from the perspective of institutional background and entrepreneur′s capability,this paper empirically studies the crowding-out effects of over-investment on firm′s innovation ability from the distinct perspective of firm′s investment behavior.By utilizing a novel firm-level micro-data,China Employer-Employee Survey(CEES),it is found that,after controlling for some relevant factors mentioned in the literature,over-investment activities in other fields than innovation exert significantly negative effects on firm′s output of patents,new products,and brands,suggesting that the distortions of investment behavior have significant crowding-out effects on firm′s innovation ability.Furthermore,comparing with firms who haven′t over-invested,those who have over-invested are relatively lower in R&D,human capital,and management efficiency,indicating that these factors are potential mechanisms through which over-investments can impede the improvement of firm′s innovation ability.Consequently,it is suggested that a sound business environment should be created to reduce the over-investment.
作者
程虹
胡德状
Cheng Hong;Hu Dezhuang(Institute of Quality Development Strategy,Wuhan University,Wuhan 430072,China;Collaborative Innovation Center of Macro-Quality Management in Hubei Province,Wuhan University,Wuhan 430072,China)
出处
《科技进步与对策》
CSSCI
北大核心
2020年第4期79-88,共10页
Science & Technology Progress and Policy
基金
教育部哲学社会科学研究重大课题攻关项目(15JZD023)
国家社科基金重大项目(16ZDA045)
国家科技支撑计划项目(2015BAH27F01)
国家重点研发计划项目(2016YF0801906-01)。
