非生产性支出损害还是促进了企业创新?——直接效应与溢出效应的检验

Does Nonproductive Expenditure Damage or Promote Firm's Innovation?--Test on Direct Effect and Spillover Effect

非生产性支出是否对企业创新产生挤出效应以及是否存在对其他企业创新的溢出效应,是重要的研究话题。研究发现,企业的非生产性支出显著降低了该企业的创新产出,表明非生产性支出对企业自身的创新存在直接抑制效应;行业层面、地区层面和市场层面的非生产性支出程度越高,企业创新程度越高,即非生产性支出会对企业创新产生正向的溢出效应。进一步研究发现,在非国有企业和机构持股比例低的企业中,非生产性支出的直接抑制效应和正向溢出效应均显著存在,在其他组别中两种效应的表现有所不同;反腐运动会削弱非生产性支出与企业创新的直接和间接关系。此外,非生产性支出显著制约了企业创新对市场估值的贡献。

Whether nonproductive expenditure has crowding out effect on firm's innovation and spillover effect on other firms'innovation is an important research question.It investigated corporate nonproductive expenditure's direct and spillover effects on firms'innovation.It finds out that corporate nonproductive expenditure hampers this corporation's patent applications,indicating nonproductive expenditure has stifled innovation.More importantly,nonproductive expenditures of industry level,region level and market level have a positive spillover effect on other firms'innovations.In addition,nonproductive expenditure's direct and spillover effects are both statistically significant in private enterprise and firms with lower institutional investors holding,while not consistently significant in other subsamples.Anti-corruption campaign could weaken the above direct and spillover effects.Finally,the direct and spillover effects reduce the market value of innovation.