多元化经营、出口业务与企业创新:基于沪深A股上市公司的经验分析

Diversification,Export and Innovation:Evidences from Shanghai and Shenzhen A-Share Listed Companies

随着中国逐步推进创新驱动发展战略,企业创新成为当前国民经济发展的关键要素。文章从企业的经营业务角度出发,实证检验了业务多元化和出口对企业创新的影响。以2007~2016年沪深A股上市公司为研究样本,研究发现多元化经营不利于企业创新水平的提高,而出口业务可以有效促进企业创新。更进一步,多元化对创新的抑制作用会与出口对创新的促进作用相互抵减。此外,文章还分析了多元化和出口对创新的传导机制,发现多元化经营对企业研发投入存在挤出效应,从而削弱了企业的创新水平。出口业务则会导致企业增加研发强度,从而提升创新水平。

With the gradual promotion of innovation-driven development strategy in China,enterprise innovation plays a key role in the current national economic development.This paper empirically examines the impact of business diversification and exports on enterprise innovation from the perspective of business operation.Taking Shanghai and Shenzhen A-share listed companies from 2007 to 2016 as the research sample,the reserch reveals that diversified operation is not conducive to the improvement of enterprise innovation level,but export business can effectively promote enterprise innovation.Furthermore,the inhibition effect of diversification on innovation will be offset by the promotion effect of export on innovation.This paper also analyzes the transmission mechanism of diversification and export to innovation,and reveals that diversified operation has a crowding effect on the research and development(R&D)investment of the enterprises,which weakens their innovation level.However,export will lead to the enterprises’increase in the intensity of R&D,thereby improving the innovation level.