资本要素价格扭曲与创新产出--基于微观数据的理论与经验分析

Capital Factor Price Distortion and Innovative Output--Theoretical and Empirical Analysis Based Micro Data

构建一个包含资本要素价格扭曲的创新产出模型,从理论上分析了资本要素价格扭曲对创新产出的影响。采用微观企业层面数据,对资本要素价格扭曲与创新产出之间的理论关系及传导机理进行深入分析。研究表明,随着企业资本要素价格扭曲程度的提高,其创新产出会显著降低。在控制可能影响企业创新产出的变量后,企业资本要素价格扭曲程度每增加1%,其创新产出会降低4.4%。机制分析表明,资本要素价格扭曲通过降低研发投入水平,进而抑制企业创新产出的提高。进一步研究发现,相比于民营企业,国有企业资本要素价格扭曲对其创新产出的抑制作用更强。相比于小规模企业,大规模企业资本要素价格扭曲对其创新产出的负向影响更大。此外,与西部地区企业相比,东、中部地区企业资本要素价格扭曲对其创新产出的负向影响更为显著。

This paper constructs an innovation output model including capital factor price distortion, and theoretically analyzes the influence of capital factor price distortion on innovation output. Then, the theoretical relationship and transmission mechanism between capital factor price distortion and innovation output are deeply analyzed by using micro-enterprise data. The research shows that with the increase of capital factor price distortion, the innovation output of firms will decrease significantly. After controlling for variables that may affect the innovation output of firms, the innovation output of firms will decrease by 4.4% for every 1% increase in capital factor price distortion. Through mechanism analysis, it is found that capital factor price distortion will reduce the R&D input level of firms and thus inhibit the improvement of innovation output of firms. Further research shows that compared with private firms, capital factor price distortion has a stronger restraining effect on innovation output of state-owned firms. Compared with small firms, the price distortion of capital factors has a greater negative impact on innovation output. In addition, compared with firms in western regions, the price distortion of capital factors in eastern and central regions has a more significant negative impact on their innovation output.