企业家精神、资产规模与企业创新活动——基于中国上市公司的研究

Entrepreneurship,Assets Scale and Enterprise Innovations Activities:A Study on Chinese Listed Companies

大量研究表明,企业家精神能够明显提高企业绩效;也有研究表明,企业家精神能够促进经济增长。基于中国A股全部上市公司2015~2018年的数据,本文尝试从微观层面研究企业家精神对企业创新的作用,并实证检验相关的影响机制。研究发现:(1)企业家精神能够显著推动企业创新,但在地区之间的推动效果表现出了异质性,具体表现为企业家精神在东部地区的效果大于在西部地区和中部地区的效果,非国有企业大于国有企业;(2)企业规模的扩大会抑制企业家精神的充分发挥;(3)资产规模与企业创新活动之间存在先降后升的U型关系。通过进一步验证影响机制发现,企业家精神能够明显抑制企业的短视行为。

A large number of studies have shown that entrepreneurship can significantly improve enterprise performance;some other studies have also shown that entrepreneurship can promote economic growth.Based on the data of all A-share listed companies in China from 2015 to 2018,this paper attempts to study the effect of entrepreneurship on enterprise innovation from the micro level,and empirically test the relevant impact mechanism.The study found that:(1)entrepreneurship can significantly promote enterprise innovation,but the driving effect among regions shows heterogeneity,as shown in the effect of entrepreneurship in the eastern region is greater than that in the western region,the western region is greater than that in the middle region,and non-state-owned enterprises are greater than state-owned enterprises;(2)the expansion of enterprise scale inhibits the full play of entrepreneurship;(3)Thereisa U-shaped relationship between asset size and enterprise innovation activities.Through further validation of the impact mechanism,it is found that entrepreneurship can significantly inhibit the short-sighted behavior of enterprises.