产品与技术双重竞争下企业创新投资决策的实证研究

Empirical Study on Innovation Investment Decision of Enterprise Under the Two-dimensional Competition of Product and Technology

基于当前市场竞争新特征与新形式,通过构建技术竞争指标,将市场竞争的视角由单一的产品层面拓展到产品、技术双重角度,探讨这两类竞争对我国企业R&D投资的影响。结果表明:产品竞争、技术竞争对企业R&D投资都有正向促进作用,且控制产品竞争后,技术竞争的作用依然显著。进一步研究发现:与一般企业相比,高科技企业中产品竞争对R&D投资的促进作用会减弱,但技术竞争对R&D投资的促进作用会加强。同时,面临融资约束的企业由于资金不足,产品竞争、技术竞争对R&D投资的促进作用均会减弱。

Based on the new feature and new form of market competition at present,this paper extends the perspective of market competition from the product perspective to two-dimensional competition of product and technology by constructing the technical competition indicator,and explores the influence of the two-dimensional competition on Chinese enterprises’R&D investment.The results show that,product competition and technology competition have positive promoting effect on enterprise R&D investment,and the effect of technology competition is still significant when product competition is controlled;further,compared with non-high-tech companies,the promotion effect of product competition on R&D investment will be weakened in high-tech enterprises,while the promotion effect of technological competition on R&D investment will be strengthened.Meanwhile,due to lack of funds,the promotion effect of product competition and technology competition on R&D investment will weaken when firms facing financial constraints.