融资约束与国有股权对竞争与创新的调节作用

Competition and Innovation:Moderating Effect of the Financing Constraints and State-Owned Ownership

基于竞争与创新的经典理论,从中国企业的微观角度,利用世界银行的调查量表,运用LOGIT回归的方法,研究并分析融资约束和国有股权对竞争和创新的关系的调节作用。本文的主要发现是:竞争对过程创新和产品创新有显著的正向促进作用,而对其他创新行为没有显著影响;融资约束对竞争与过程创新和产品创新的关系有显著的负向调节作用;国有股权对竞争与过程创新和产品创新关系有显著的正向调节作用,这点对主流研究结果进行了很好的补充。以上研究结论也说明当前国企供给侧改革的关键点是放开国企市场准入,增加国企的竞争压力,改善融资环境,而不是改变股权结构和增加管理者激励。

Based on the classic theory that competition enhances innovation, we introduced LOGIT method to study the moderating effect of the financing constraints and state-owned ownership. By using the data from the project ＂World bank＇s Enterprise Survey 2012 in China＂, we revealed that competitive pressure significantly stimulated the process innovation and product innovation, and had no significant effect on other innovative activities ; financial constraints had negative moderating effect on the relation between competition and process innovation/product innovation ; state-owned company had positive moderating effect on the relation between competition and process innovation/product innovation.