究竟哪些因素决定了中国企业的技术创新——基于九大中文经济学权威期刊和A股上市公司数据的再实证

What Determines the Chinese Firms’ Technological Innovation——A Re-Empirical Investigation Based on the Previous Empirical Literature of Nine Chinese Economics Top Journals and A-Share Listed Company Data

大量的经济学实证文献从不同视角对中国企业技术创新的主要影响因素进行了探讨,然而得出的结论却是众说纷纭。本文通过引入统计显著性因素拓展了现有的经济重要性衡量指标,首次提出和重新设计了一种分析和评价经济变量重要性的贡献度指标;然后,运用本文重新设计的贡献度指标,基于九大中文经济学权威期刊2008—2018年期间发表的172篇有关中国企业技术创新影响因素分析的实证文献,使用1457家中国A股上市公司的数据,对从上述文献中分析提炼出来的影响中国企业技术创新的主要因素的相对重要性进行了再实证分析,从中发现了决定中国企业技术创新的关键因素及其在不同产权性质和不同行业企业中的差异性。结果显示,企业规模是决定中国企业技术创新的关键内部因素,而地区金融发展水平、产业结构和产权保护水平是决定中国企业技术创新的关键外部因素;相比于国有企业和非高新技术行业企业,金融发展水平对民营企业和高新技术行业企业技术创新的影响表现得更为重要;而在国有企业和非高新技术行业企业技术创新中,地区产业结构则更为关键。因此,中国未来促进企业技术创新能力提高的政策着力点应放在做强做优做大企业、继续深化金融供给侧结构性改革、加快发展现代产业体系以及不断完善产权保护制度等方面。

Numerous empirical literature has discussed the main determinants of the Chinese firms’technological innovation from different perspectives,but the inconsistent conclusions are reached.This paper expands the economic importance indicator by introducing statistical significance and hence firstly proposes and designs a new indicator for evaluating the relative importance of variables.Based on this new indicator and the 172 articles which are published in nine Chinese economics top journals spanning the period from 2008 to 2018,this paper uses the data of 1457 Chinese A-share listed companies to empirically re-analyze the relative importance of the selected determinants of the Chinese firms’technological innovation,and find the main determinants of the Chinese firms’technological innovation and heterogeneity in different firms with hetergenous ownership and industries.The results show that firm scale is the internal key determinants of the Chinese firms’technological innovation while regional financial development,industrial structure,and property rights protection are external key determinants;in addition,the influence of regional financial development on technological innovation for private enterprises and enterprises in high-tech industries is more significant compared with state-owned enterprises and enterprises in non-high-tech industries;further,regional industrial structure is more essential in technological innovation of state-owned enterprises and enterprises in non-high-tech industries.Overall,the key points of future enterprises’innovation promoting policy should lay on strengthening more excellent enterprises,enhancing financial supplied-side structural reform,constructing modern industrial system quickly as well as improving property rights protection institutions.