战略新兴产业内在需求与技术创新互动机制及周期异质性研究

Interaction Mechanism and Periodic Heterogeneity of Internal Demand and Technological Innovation in Enterprises of Strategic Emerging Industries

按照行为动机理论分析框架,提出驱动战略新兴产业技术创新的三大内在需求因素:市场需求、获利能力和企业扩张,以2011~2016年1348家战略新兴产业上市公司为样本,构建联立方程模型实证分析内在需求与技术创新互动机制,并加入企业生命周期因素,研究互动机制存在的周期异质性。全样本结果表明:战略新兴产业中获利能力与技术创新的正向循环成立,市场需求和企业扩张与技术创新虽存在互动关系,但由于需求瓶颈与替代效应的存在使其并未形成正向循环。周期样本结果表明:市场需求与技术创新的正向循环机制仅在企业成熟期成立,初创期、成长期及成熟期仅存在技术创新与获利能力之间的单向关系。成长期和成熟期企业扩张与技术创新之间的互动机制由于企业扩张对技术创新的负向影响而未形成正向循环。

Based on the theory of behavioral motives, this paper proposed three major internal demand factors that drive enterprise technological innovation according to the analysis framework. There are market demand, profitability and enterprise expansion. And then, it established the simultaneous equation model to empirically analyze the interaction mechanism between internal demand and technological innovation based on the sample of 1 ,348 listed companies in strategic emerging industries from 2011 to 2016. It also joined the company life cycle factor to study the periodic heterogeneity of interaction mechanism. Full-sample regression showed that the positive cycle mechanism between profitability and technological innovation was established. Although there was an interactive relationship between market demand and corporate expansion and technological innovation, there was no positive cycle because of demand bottlenecks and substitution effects. The regression of periodic samples showed that the positive cycle mechanism of market demand and technological innovation was only established during the mature period of the company. The regression of periodic samples showed that the positive cycle mechanism of market demand and technological innovation was only established during the mature period of the company. There was only a one-way relationship between technological innovation and profitability in the initial, growth and maturation periods. The interaction mechanism between expansion and technology innovation in growth and maturity periods had not formed a positive cycle due to the negative influence of the expansion of enterprises on technological innovation.