双元创新对中国制造业盈利能力的异质性效应分析

Heterogeneous effects of dual innovation on the profit performance of China's manufacturing industry

由于市场竞争的复杂化、技术创新的动态化以及国际环境的不确定,双元创新(探索性创新与开发性创新的组合和共存)成为制造业保持盈利能力的关键。由于双元创新内在的矛盾统一性,其对制造业盈利能力产生极为复杂的效应。本文以2000—2015年中国制造业数据为基础,通过面板矫正标准误差(PCSE)模型实证研究得到结论:探索性创新与盈利绩效呈显著正相关且影响系数远大于开发性创新;两种创新的交互项对行业绩效存在显著正面效应,但影响程度偏弱;相对于劳动-资本密集型制造业,探索性创新对技术密集型制造业盈利绩效的正面效应更为明显,开发性创新则相反;相对于技术密集型制造业,交互性双元创新对劳动-资本密集型制造业盈利绩效的正面效应更为明显。

Due to the complexity of market competition,the uncertainty of international environment and the dynamic of technological innovation,dual innovation(the combination and coexistence of exploratory and exploitative innovation)has become the key to maintain the profitability of manufacturing enterprises.Because of the inherent complexity of dual innovation,it has a very complex effect on the profitability of manufacturing industry.Based on the data of China s manufacturing industry for 2003-2015,this paper gets the conclusion through the empirical study of PCSE model:Exploratory and exploitative innovation have significant positive effect on industry profitability,but the impact of exploratory innovation on profit performance is greater than exploitative innovation;The positive effect of exploratory innovation on the profit performance of technology-intensive industries is greater than that on the profit performance of labor&capital-intensive industries,while the extent of impact of exploitative innovation is opposite;The interaction of two innovations have significant positive effect on industry profitability,but the degree of impact is weak;The positive effect of the interaction of two innovations on the profit performance of labor&capital-intensive industries is greater than that on the profit performance of technology-intensive industries.