中国中小板上市公司产业创新的绩效研究

On the Performance of the Industrial Innovation for the Listed Firms in Chinese SMEs Stock Market

创新是经济增长的真正源泉,而产业创新是技术创新、产品创新、市场创新等的系统集成,是国家竞争力的基本决定因素。本文构建了包括创新外溢效应、创新投入、创新产出和产业效应等变量的分析框架,通过对中国中小板上市公司2006、2007、2008年的创新活动调查分析,检验了创新绩效与上述因子之间的关系。研究表明:企业绩效与创新投入、创新产出呈现显著的正相关性,而与创新环境与行业背景如政府支持力度和创新机遇等之间没有显著相关性甚至呈负相关,与外溢效应呈显著的负相关性,与创新人力资本投入、公司年龄、公司Q值也呈现负相关关系。

Innovation is the true source of economic growth. Industrial innovation consisting of the integration of the technological innovation, production innovation and market innovation is one of the basic determinants of state competitiveness. The paper not only builds an analysis framework including the variable of spillovers effect of the innovation, innovation input, innovation output, industrial effects ete, hut also analyses the relationship between the innovation performance and the above-mentioned variables for the listed firms in the Chinese small and medium-sized enterprises （SMEs） stock market in Shenzhen by investigating on their innovative activities during 2006--2008. The study shows that there is a significant positive correlation between the enterprise performance and innovation input, innovation output, and no significant or even a negative correlation between the enterprise performance and the innovation environment and industrial background such as government supports for innovation and opportunities of the strength, and a significantly negative correlation be discovered between the enterprise performance and the spillover effects; and also a negative correlation with the human capital investment, company age and Tobin＇s Q.