军转民活动与军工企业成长:来自十大军工集团A股上市公司的证据

Military-to-Civilian Activities and the Growth of Military Enterprises:The Evidence from A-Share Listed Companies of China's Ten Military Industry Groups

基于开放式创新理论,将军工企业军转民活动区分为内向型、外向型和耦合型3种模式,构建不同模式军转民活动影响军工企业成长及市场化进程情境作用的整合模型。选取2007-2019年十大军工集团旗下A股上市公司为样本进行实证研究,结果表明:①内向型军转民活动有利于军工企业成长,而外向型、耦合型军转民活动均对军工企业成长无显著直接影响;②考虑中国经济转型期的制度环境,市场化水平越高,内向型军转民活动对军工企业成长的促进作用越强,而只有在市场化水平较高情况下,外向型和耦合型军转民活动才有利于军工企业成长。研究结论有助于拓展军民融合理论研究,为军工企业有效开展军转民活动提供理论参考,也对政府加快推动市场化进程具有重要启示。

Based on the open innovation theory,we classify military-to-civilian activities(MCAs)of military enterprises into inbound,outbound and coupled MCAs from the perspective of organizational form.This paper then constructs an integrative model to examine the influences of different modes of MCAs on the growth of military enterprises and the moderating effects of marketization process.With the panel data of A-share listed companies of China's ten military industry groups from 2007 to 2019,empirical results show that:①inbound MCAs are beneficial to the growth of military enterprises,but outbound and coupled MCAs do not have a significant impact;②in view of institutional environment in China's transition economy,the effect of inbound MCAs on the growth of military enterprises becomes stronger with the improvement of marketization,whereas only with relatively high level of marketization,can the positive roles of outbound and coupled MCAs on the growth of military enterprises be observed.This study advances civil-military integration theory and provides a variety of options and references for military enterprises to carry out MCAs and important policy implications for the government to accelerate the marketization process.