法律制度环境、企业专用性投资与中国的技术创新能力

Legal environment,enterprise-specific investment and China's technological innovation ability

中国共产党第十九届中央委员会第五次全体会议指出中国的创新能力不适应高质量发展要求,提升企业的创新能力关乎着中国现代化建设全局。文章运用高度细化的中国工业企业数据验证了强法律制度环境与高资产专用性具有互补性,会显著提升企业技术创新能力;强法律制度环境与高技术企业具有互补性,会激励企业增加专用性投资,进而形成专用投资与技术创新之间高水平的良性动态循环。估计结果在控制了内生性(2SLS)、跨方程约束(3SLS)、更换指标测度算法等稳健性检验之后,依然显著成立。运用倍差法(DID)显示强法律制度环境还会缓解中国出口企业的"生产率悖论",提升企业在全球价值链上的位置。

The Fifth Plenary Session of the 19 th Central Committee pointed out that China’s innovation ability doesn’t meet the development requirements of high quality, improve enterprise innovation ability is the global Chinese modernization construction. Thepaper uses highly detailed Chinese Industrial Enterprise Data to verify that the strong legal environment and high asset specificity are complementary, which will significantly enhance the technological innovation capabilities of enterprises;the strong legal environment and high-tech enterprises are complementary to each other, which will encourage enterprises to increase their specificity investment and form a virtuous dynamic cycle between specific investment and technological innovation. After controlling for robustness tests such as endogeneity(2 SLS), cross-equation constraints(3 SLS), and replacement index measurement algorithms, the estimation results are still significantly valid. The use of the differencesin differences(DID) shows that a strong legal environment will also alleviate the "productivity paradox" of Chinese export companies and improve their position in the global value chain.