资本要素市场扭曲对企业技术创新的影响:机制、异质性与持续性

The Impact of Capital Factor Market Distortion on Technological Innovation of Firms:Mechanism,Heterogeneity and Sustainability

资本要素市场扭曲作为外部摩擦因子对企业自主创新能力产生干扰,本文在借鉴相关文献基础上构建了一个“新兴加转轨”中国资本要素市场扭曲影响企业技术创新作用机制分析框架,综合运用系统GMM和工具变量法对这一问题进行验证,并针对中国存在的企业规模、所有制形式和要素密集度之差异性状况进行异质性和动态分析。研究表明:(1)转型时期中国一些基础性制度因素所造成的资本要素市场扭曲形成一种外部摩擦因子,主要通过企业要素密集度转变、管理效率与生产效率三个机制及其渠道对企业研发投入和研发人才有效配置产生干扰或误置,对企业的研发活动和研发效率产生影响并最终抑制企业技术创新能力提升。(2)基于企业异质性,中国资本要素市场扭曲对国有企业技术创新能力的抑制作用小于非国有企业,且对资本密集型企业技术创新能力的抑制作用比较显著,对劳动密集型企业并未表现出抑制作用。(3)基于动态视角,中国资本要素市场扭曲程度的提升不仅会抑制企业技术创新,而且对企业创新机制具有一定的持续性负向影响。提升企业自主创新能力并实现“技术追赶”,加快中国资本要素市场化改革步伐和优化资本要素配置效率,并使资本要素在企业技术创新领域发挥其激励作用,已成迫切之举。

As an external friction factor,the distortion of the capital factor market will interfere with the independent innovation capability of firms.Based on the relevant literature,this paper constructs a research framework,under which the“emerging and transition”China's capital factor market distortions affecting corporate technological innovations.This paper adopts the system GMM and the instrumental variable method to examine this issue,and furtherly conducts the heterogeneity and dynamic analysis by firm size,ownership and factor intensity in China.The research results illustrate:(1)The distortion of the capital factor market caused by some basic institutional factors in China during the transition period forms an external friction factor.Through the transformation of factor intensity,management efficiency and production efficiency,the distortion interferes with or misplace firms'R&D investment and the effective allocation of R&D talents,which affects the R&D activities and R&D efficiency of firms and ultimately inhibits the improvement of technological innovation capabilities of firms.(2)The heterogeneity analysis indicates the distortion of China's capital factor market has less restraining effect on the technological innovation capacity of state-owned firms than that of non-state-owned firms.The restraining effect on the technological innovation ability of capital-intensive firms is more significant.The distortion does not affect labor-intensive firms.(3)From a dynamic perspective,the increase in the degree of distortion of China's capital factor market will not only inhibit corporate technological innovation,but also have a certain continuous negative impact on corporate innovation mechanisms.In order to enhance the independent innovation capability of firms and achieve“technical catch-up”,it has become an urgent move to speed up China's capital factor market reform and optimize the efficiency of capital factor allocation,and to enable capital factors to play their role in the field of corporate technological innovation.