市场竞争、盈余压力与创新投入

Market Competition,Surplus Pressure and Innovation Input

基于上市公司研发决策时会面临源于产品市场与资本市场的双重压力,以我国2007-2016年全部A股上市公司为研究样本,检验产品市场竞争程度与企业创新投入之间的关系,考察资本市场盈余压力对两者关系的调节作用。实证结果表明:(1)市场竞争程度与创新投入之间呈显著倒U型关系,即竞争不足和竞争过度都不利于上市公司进行技术创新,这种关系在国有控股上市公司中更为显著;(2)盈余压力可以调节市场竞争程度与创新投入之间的关系,产品市场竞争程度对创新投入的影响会因上市公司面临的资本市场盈余压力的强弱程度不同而存在差异。

On the basis of the double pressures between product market and capital market to the decision of research and development of public companies,taking all the A-share public companies from 2007 to 2016 as examples,we inspect the relation between the competition level of product market and innovation input from the companies and investigate the regulating effect from the surplus pressure of capital market.The results are as follows:1.There is an obvious inverted U shape relation between the level of market competition and innovation input,namely insufficient competition and excessive competition both go against the technical innovation for public companies,which is more significant in state holding public companies;2.The surplus pressure can adjust the relation between the market competition level and innovation input,and the impact from the market competition level on the innovation input will be different due to the degree of the surplus pressure from capital market for public companies.