动态竞争视角下制度环境与企业技术创新——来自企业集团框架内上市公司的经验证据

Research on the Relationship between Institutional Environment and Enterprise Technological Innovation from the Perspective of Dynamic Competition——Empirical Evidence from Listed Companies within the Framework of Enterprise Groups

动态竞争分析范式强调行业内企业竞争行为的互动性,在此范式下分析技术创新投入的规律性可以更加客观和全面地反映企业技术创新决策的战略倾向。基于2007-2016年隶属于企业集团的中国上市公司经营数据,对制度环境与动态竞争中企业技术创新的关联性进行分析。研究发现,随着制度环境水平由低向高的转变,动态竞争中企业技术创新的积极性呈现先上升后下降的曲线演化趋势。同时,还考察了实际控制人两权分离度在上述关系中的调节作用,结果显示:较高的两权分离度会弱化制度环境与动态竞争中企业技术创新的倒U形关系。

Dynamic competition analysis paradigm emphasizes the interaction of enterprises’competitive behavior in the industry.Under this paradigm,analysis of technological innovation investment regularity can more objectively and comprehensively reflect the strategic tendency of enterprises’technological innovation decision-making.Based on the operating data of Chinese listed companies affiliated to enterprise groups from 2007 to 2016,in this paper the authors analyzed the relationship between institutional environment and technological innovation of enterprises in dynamic competition.It is found that with the change of institutional environment level from low to high,the technological innovation enthusiasm of enterprises in dynamic competition presents a curve evolution trend of rising first and then declining.Then the moderating effect of the separation degree between ownership and control of the actual controller in the above relationship is also examined.The results show that the higher separation degree between ownership and control of the actual controller weakens the inverted U-shaped relationship between institutional environment and technological innovation in dynamic competition of enterprises.