企业创新投入对行业成长性的影响——行业研发环境与企业市场势力的调节效应

The Influence of Innovation Investment on Industry Growth——Discussing the Regulatory Effects of Industrial R&D Environment and Corporate Market Power

在"万众创新"背景下,已有文献关注到企业创新投入在微观层面的经济后果,但对中观视角行业表现的作用机制研究较少。以我国沪、深两市A股上市公司为研究对象,探究企业创新投入对行业成长性的影响机理以及行业研发环境和企业市场势力的调节效应。结果发现,企业研发资金投入强度和技术人员投入强度与行业成长性间存在显著正相关关系,行业技术环境和行业政策环境起正向调节效应,但企业市场势力会削弱上述正向关系。研究结论不受内生性问题的影响,且稳健性检验结果并未发生改变。建议构建包含政府、行业和企业的协同创新体系,通过创新政策支持、优势资源整合及良好环境的营造,促进企业创新投入和行业可持续发展。

Under the new normal background of innovation,the existing literatures have paid attention to the economic consequences of enterprise innovation investment at the micro level,while the industry performance in the mediumview has rarely been studied.Taking the A shares listed companies in Shanghai and Shenzhen as the research object,this paper explores the influence mechanism of enterprise innovation investment on industry growth,and the adjustment effect of the industrial R&D environment and the market power of the enterprise.It is found that there is a significant positive correlation between the intensity of innovation investment and the growth of the industry.The industrial technical environment and policy environment playthe positive regulatory effect on this improvement,but the market power of the enterprise will weaken the positive relationship.In addition,the above findings are not affected by the endogenous problems,and the results of the robustness test have not changed after considering other alternative explanations.This paper suggests that it is necessary to build an innovative synergy system involving government,industry and enterprises.The innovation investment of enterprise and the sustainable development of the industry will be promoted through the support of innovation policies,the integration of superior resources and the construction of good environment.