融资效率对企业双元创新投资的影响研究——兼论产品市场竞争的作用

Financial Efficiency, Product Market Competition and Ambidextrous Innovation——Empirical Analysis based on Listed Companies in China

双元创新路径选择对于企业保持竞争优势、突破传统路径天花板具有重要意义。本文基于中国沪深上市公司样本,实证检验融资效率、产品市场竞争对企业双元创新的影响和交互效应。研究发现,融资效率对企业创新投资和探索式创新投资影响显著为正,对开发式创新影响为负或不显著。行业竞争程度对创新投资和探索式创新投资影响显著为正,对开发式创新投资影响为正,显著性更低。企业市场势力对三者影响为负,对探索式创新投资作用更强。与企业市场势力相比,行业竞争程度与融资效率的正向交互效应更显著。实证结果表明,应优化创新政策和制度供给,强化激励和示范效应,走好资金支持的“最后一公里”,支持企业创新高端化、前沿化。

The choice of dual innovation paths is of great significance for the overall development and security and the breakthrough of the ceiling of traditional paths.Based on the information of listed companies on Shenzhen-Shanghai Market in China from 2014 to 2018,this paper analyzes the effect of financial efficiency and product market competition on ambidextrous innovation and their interaction effect.Research shows that financial efficiency significantly stimulates enterprise innovation investment,especially the exploratory innovation.But the effect is negative and less significant for exploitative innovation.Impact of industry competition degree on innovation investment,exploratory innovation and exploitative are all positive but less significant for exploitative.The impacts of market power are negative for all three and stronger for exploratory innovation.Compared with market power,the industry competition positively regulates the promotion effect of financing efficiency on enterprise innovation more significantly.The empirical results show that the supply of innovation policies and institutions should be optimized,the incentive and demonstration effects should be strengthened,and the“last mile”of financial support should be taken to support the high-end and cutting-edge innovation of enterprises.