摘要
中国经济已由高速增长阶段转向高质量发展阶段,各地各层级开发区能否激励域内企业创新,对于引领区域经济高质量发展至关重要。与既有研究主要聚焦于国家级开发区不同,本文以2007-2018年上市公司为样本,结合手工收集整理的开发区域内企业信息,对比研究了国家级和省级开发区对域内企业创新活动的影响。研究表明,与国家级开发区显著促进域内企业创新投入不同,省级开发区表现出负向抑制作用。国家级和省级开发区对域内企业创新的影响机制也存在明显差异:国家级开发区通过税收优惠、政府补助和融资支持等“政策效应”,以及金融资源、研发人才和经济主体的“集聚效应”激励企业创新;而省级开发区的发展更容易受地方经济竞争的影响从而挤出企业的创新投入。进一步,国家级开发区对域内企业创新的促进作用在市场化程度较高的地区和中央国有企业中更明显;省级开发区的抑制作用在地方国有企业中更明显。本文研究为我国优化各层级开发区建设和促进地区经济高质量发展提供了决策参考。
The development zone is a typical feature of the reform and opening up process that China has undertaken over the last 40 years.Development zones play a critical role in promoting system innovation and assembling production factors.China’s development zones are divided into national and provincial development zones.The two types of zone are superficially different in their approval organizations.They differ more significantly in scale,facilities,policy support,and management systems.Accordingly,their impact on enterprises in the region may also differ.Compared with national development zones,provincial development zones are more susceptible to economic and industrial competition between regions.However,few studies address the heterogeneity in the influence on firms of national development zones and provincial development zones.Innovation activities are an important factor enabling enterprises to gain market competitiveness and achieve sustainable development.They are a driving force for regions to achieve high-quality development.It is therefore important to clarify what effects development zones have on innovation behavior at the micro-enterprise level.We construct a multi-time differences-in-differences model to conduct the research.We use non-financial listed companies from 2007 to 2018 as a sample,combined with the manual collection and collation of enterprise information in various development zones.Our results show that national development zones can significantly promote innovation in enterprises within the domain,while provincial development zones inhibit enterprise innovation.Mechanism research shows that national development zones encourage enterprises to increase innovation through policy effects and aggregation effects.Provincial development zones,however,are vulnerable to short-term behaviors such as GDP tournaments.They therefore inhibit corporate innovation activities.Our paper also finds that the impact of development zones on corporate innovation activities is heterogeneous in the areas of market environment and property rights.The promotion effect of national development zones on enterprise innovation is more obvious in regions with a higher degree of marketization.This reflects the complementary effects of the visible hand of the government and the invisible hand of the market in national development zones.Regarding ownership heterogeneity,the promotion effect of national development zones on enterprise innovation activities is more obvious in central state-owned enterprises than in non-state-owned enterprises.The extrusion effect of provincial-level development zones on enterprise innovation is also more obvious in state-owned enterprises,especially local state-owned enterprises.This paper’s contributions are as follows.First,we advance the literature on enterprise innovation by examining the effects of different types of development zone on enterprise behavior.Most existing studies focus only on regional-level evidence.Our paper addresses the impact of development zones on the innovation activities of enterprises in the region and reveals the mechanism of this impact.Second,we offer in-depth and extensive insights into development zone construction based on a comparative study of national development zones and provincial development zones.Previous research largely focuses on national development zones.No relevant empirical evidence has been provided regarding the differential impact of national and provincial development zones or the reasons for such differences.Our comparative study of national and provincial development zones also sheds light on aspects of regional GDP competition.Finally,our research expands the literature on government intervention and enterprise innovation from the perspective of development zones.The papers main policy implications are as follows.China should highlight the exemplary role of national development zones when constructing development zones.They should also promote the management and institutional mechanisms of provincial development zones to bring them on a par with the mechanisms of national development zones.In particular,the government should speed up the optimization and upgrading provincial development zones.Some should be given stronger foundations and developed into national development zones.Upgrading provincial development zones will enhance regional innovation by providing a more reasonable business environment and management system.
作者
蔡庆丰
陈熠辉
林海涵
CAI Qingfeng;CHEN Yihui;LIN Haihan(School of Economics,Xiamen University;College of Finance and Statistics,Hunan University)
出处
《金融研究》
CSSCI
北大核心
2021年第5期153-170,共18页
Journal of Financial Research
基金
国家社会科学基金重大项目(15ZDA028)
国家自然科学基金面上项目(71373219)的资助。
关键词
开发区层级
企业创新
地方经济竞争
集聚效应
政策效应
Development Zone
Firm Innovation
Regional Economic Competition
Agglomeration Effect
Policy Effect
