政府干预、外部投资与企业自主创新——基于信号传递视角的研究

Government Intervention,External Investment and Business Independent Innovation from the Signaling Perspective

与发达国家相比,我国战略性新兴企业自主创新普遍面临外部融资约束和创新投入不足两大瓶颈,破除这两大瓶颈,迫切需要政府的引导和激励。该文通过构造因果循环结构联立方程模型,采用2009-2012年我国战略性新兴产业上市公司的面板数据,对政府干预、外部投资与企业自主创新过程中的信号传递机理进行了研究,结果表明:政府干预在企业创新投入和创新产出过程中具有明显的信号传递效应,但是对于最终产出没有明显影响;政府干预有助于外部投资的增加,而外部投资在企业自主创新各阶段具有不同的影响,并在政府干预对创新产出和创新绩效的信号传递过程中起中介作用;最终产出对创新投入和外部投资具有反馈效应。

Using the listed company panel data of strategic emerging industries from 2009to2012,this paper constructs simultaneous equation model and analyzes the signal transduction mechanism of government intervention,external investment and business innovation process.The results show that government intervention has significant signal transduction effect during innovation input and output and there is no impact on the final output;government intervention also helps to increase external investment;external investment has different effects in various stages of independent innovation and government intervention in the innovation output and innovation performance of the signal transduction process plays an intermediary role;final output on innovation input and external investments have feedback effects.