市场化改革与企业创新——基于制度性交易成本的解释

Market Reform and Firm Innovation——An Explanation from the Perspective of Institutional Transaction Cost

在整理、配套多重来源数据的基础上计算出2004—2015年各省份的市场化改革广度(scope)和速度(speed),通过与我国上市公司数据库匹配,分析并检验市场化改革对企业创新的影响。结论表明,市场化改革广度显著促进企业创新,而市场化改革速度的主效应呈现负向影响。进一步检验发现,在市场化广度高的地区加快改革有利于企业创新,在市场化广度低的地区改革速度过快反而可能抑制创新。进而,基于制度性交易成本的理论视角,揭示了市场化改革促进企业创新的中间机制。本文的研究结论有助于理解近年来在宏观制度层面我国企业创新的动力源泉。

By matching a multiple of data sources,this study calculated the indices of the provincial market reform scope and speed from 2004 to 2015,matched the two indices with the dataset of Chinese listed companies,and then investigated the effect of market reform on firm innovation.The findings showed that market reform scope had a positive effect on firm innovation,while market reform speed had a negative effect.Further test found that,the reform acceleration in the regions with a higher level of marketization scope was beneficial for corporate innovation,while it may had an opposite effect in the regions with a underdeveloped marketization scope.Based on the perspective of institutional transaction cost,the paper revealed the intermediate mechanism of market reform promoting corporation innovation.The findings provided implications and explanations enabling us to better understand how institutions contribute to Chinese firm innovation.