市场分割会抑制企业高质量创新吗?

Does Market Segmentation Hinder the High Quality Innovation of the Chinese Enterprises?

形成全国统一开放、竞争有序的商品及要素市场,是实现国家创新驱动发展战略的关键支点,同时是推进供给侧结构性改革这一现代化体系建设题中之义。基于上市公司2007-2017年的面板数据,采用实证分析方法研究市场分割程度对企业自主创新投入的影响效应,经检验发现:首先,市场扭曲显著抑制了企业研发创新水平。其次,从地区划分来看,相比中西部地区,市场分割对东部地区企业的研发带来更大的负向影响;从分地区的金融发展水平相比来看,市场分割对位于较高金融发展水平地区的企业创新活动产生的抑制效应更为显著;从不同的所有制看,相比国有制企业,市场分割对非国有制企业创新的负向效应更加显著。此外,进一步从市场分割对企业创新带来负向效应的影响机制来看,市场分割将会通过市场集中度下降和地区财政依赖性增强阻碍企业的自主创新。

To form a unified,open and orderly competitive commodity and factor market across the country is the key fulcrum for the realization of the national innovation-driven development strategy,and it is also significant in constructing a modern system for promoting supply-side structural reform.Taking the panel data of listed companies from 2007 to 2017 as samples,this paper makes a study on the effect of market segmentation on the independent innovation investment at enterprises by using the empirical analysis method.The main conclusions are as follows.Firstly,market distortions significantly inhibit R&D expenditure for innovation at enterprises.Secondly,in terms of the differences in regions,levels of financial development and ownership of the enterprises respectively,more significant inhibitory effects by the market segmentation are observed in innovation drive in the eastern region,in areas of high level financial development and in non-state-owned enterprises.And in addition,from the perspective of the mechanism of the negative effects by market segmentation on enterprise innovation,it can be seen that market segmentation will hinder independent innovation of enterprises through a decline in market concentration and an increase in regional fiscal dependence.