企业资源配置战略与科技创新产出——基于营商环境调节效应的分析

Enterprise Capital Allocation Strategy and Technological Innovation Output: Analysis Based on the Adjustment Effect of Business Environment

本文以财务质量分析理论为基础,考察企业内部资源配置战略以及外部营商环境如何影响非金融类上市公司创新产出。研究发现:(1)经营主导型资源配置战略促进创新产出;(2)营商环境正向调节这种促进作用;(3)经营主导型资源配置战略通过增加研发人员和增加研发资金两条路径促进创新产出;(4)进一步研究发现,经营主导型战略能够提升企业未来业绩,经营主导型战略促进创新产出的作用在国有企业中更显著。本文结论提供了企业战略影响创新产出的证据,也支持了正在进行中的营商环境改革。

Based on the theory of financial quality analysis, this paper investigates how the internal capital allocation strategy and external business environment affect the innovation output of non-financial listed companies.The results show that:(1)The operation-oriented capital allocation strategy promotes innovation output.(2)The business environment positively moderates this promotion.(3)The promotion is through the increases in R&D personnel and R&D funding.(4)Further study finds that the operation-oriented capital allocation strategy can improve the future performance of enterprises, which is more significant in stateowned enterprises. The conclusion provides the evidence of how corporate strategy influences innovation output and supports the ongoing business environment reforms.