产品市场竞争与企业双元创新投资——来自中小板的经验数据

Product Market Competition and Enterprise Dual Innovation Investment—— Experience Data from SME Board

基于"掠夺效应"和市场势力理论,从行业竞争程度和企业竞争地位的双重视角分析了产品市场竞争对企业双元创新投资的作用机制。选取2013～2015年我国中小板公司为样本进行实证分析,研究发现,行业竞争程度对企业双元创新投资会产生激励作用,与开发式创新投资相比,对探索式创新投资的激励作用更显著。企业竞争地位对企业双元创新投资产生抑制效应,其中对探索式创新投资的抑制作用更强。企业竞争地位强化了行业竞争程度对创新投资的激励作用。这些结论细化了对企业创新投资行为的研究,对深入分析中国上市公司市场结构对企业创新投资的影响具有一定的启示意义。

Based on ＂plunder effect＂ and market power theory, this paper analyzed the mechanism of the product market competition on the investment of the dual innovation from the perspectives of competition degree of industry and competitive position of enterprise. It chose the small and medium enterprise board companies in China from 2013 to 2015 as the sample. It is found that competition degree of industry has an incentive effect on the investment of the dual innovation. Compared with the development innovation investment, the incentive effect of the research innovation investment is more obvious; the competitive position of the enterprise has the inhibition effect on the investment of the dual innovation, research innovation investment is more effective. The competitive position of enterprises strengthens the incentive role of industry competition to innovation investment. These conclusions refine the study of corporate innovation investment behavior. It is of great significance to analyze the influence of the market structure of Chinese listed companies on the investment of enterprise innovation.