国际多元化、行业多元化与企业创新投入

International Diversification,Industrial Diversification and Corporation Innovation Input

本文以2009—2011年中国制造业上市公司作为样本,考察了国际多元化和行业多元化对企业创新投入的影响.结果发现,国际多元化显著促进了企业的创新投入,而行业多元化显著抑制了企业的创新投入.同时,国际多元化和行业多元化对企业创新投入还存在交互影响.国际多元化有助于缓和行业多元化与企业创新投入的负相关关系,而行业多元化程度的提高最终会负向调节国际多元化与企业创新投入的正相关关系.稳健性检验表明,这些结论不受样本选择的影响.

Based on the sample of listed Chinese manufacturing corporations from 2009 to 2011, it investigates the impacts of international diversification and industrial diversification on corporation innovation input. The results show that international diversification significantly promots corporation innovation input, and industrial diversification significantly suppresses corporation innovation input. At the same time, international diversification and industrial diversification al- so have interactive effects on corporation innovation input. International diversification helps to moderate the negative relationship between industrial diversification and corporation innovation input, and the rise of the degree of industrial diversification will negatively regulates the positive relationship between international diversification and corporation in- novation input. Robust test result shows that the conclusions are not affected by the sample selection.