创新活动对新创企业的衰退逆转研究——以广东省制造业为例

The Influence of Innovation on the Turnaround of Declining New Ventures——Evidence from Manufacturing Sectors in Guangdong Province

转入衰退的新创企业能否通过创新活动实现自救和逆转,不同市场结构下创新活动对新创企业衰退逆转行为的影响是否相同,是产业经济学有待深入研究解答的问题。基于前人理论,以广东省制造业新创企业为例,利用2004-2011年工业企业调查数据,研究在多变的经济环境中,不同市场结构下新创企业转入衰退情景时的创新活动与逆转的关系。实证研究发现,创新投入并不能显著提高企业逆转的可能性,创新产出则会有效促进衰退中的新创企业恢复到原来的资产回报率水平,而衰退中企业过多的富余资源反而不利于企业的逆转。因此,处在衰退情景中的新创企业必须平衡所拥有的资源,提高创新活动的效率,才能提高逆转的可能性。

Whether or not new ventures in decline are able to save themselves and make a turnaround through innovation activities, whether or not there are similar effects of innovation activities on new ventures in decline under different market structure are questions that are not well resolved in industrial economics. Based on previous theories and drawing on the Chinese Industrial Firms Survey conducted in 2000 and the empirical evidence of manufacturing new ventures in Guangdong province, this paper examines the relationship between innovation and the turnaround of declining new ventures and the same relationship under different market struc- ture. It is found that when new ventures were in decline, innovation output could help new ventures recover their previous performances while innovation input had no significant effect. However, too many slack re- sources for a declining new venture decreased the chance of turnaround. These findings suggest that new ven- tures in decline have to make good use of their resources, advance their innovation efficiency to increase the chance of turnaround.