创新陷阱对企业生产效率的影响研究

Effects of Innovation Trap on Total Factor Productivity of Chinese Listed Firms

我国可持续的经济发展必须依靠高质量的创新.本文基于2007-2020年间的中国知识产权与上市企业微观数据,构建了多维度的企业创新陷阱指数,以此衡量企业低质量创新存在的风险,并分析其对生产效率与企业价值的影响.研究发现:1)企业创新陷阱指数越高,企业的生产效率受到的负面影响越大.2)陷入创新陷阱的企业,由于未来生产效率受到进一步抑制,导致企业价值下降.3)创新陷阱的影响机制存在异质性,所在行业竞争程度激烈的企业、融资能力低的企业,以及资源相对匮乏的民营企业,其创新陷阱风险对生产效率的负面影响较强.此外,准自然实验研究表明,2013年国家政策引导下的企业创新质量的提升,将有助于创新能力强的公司进一步提高生产效率与价值,同时使得陷入创新陷阱的企业进一步丧失竞争力.

High-quality innovation is critical to sustainable economic development.In this study,we firstly construct a firm-level innovation trap index using micro data of intellectual property rights and listed firms in China during 2007-2020.Secondly,we use innovation trap index to measure the risk of low-quality innovation output and analyze its impact on firm’s productivity and firm value.It is found that:1)The innovation trap index is negatively associated with firm’s total factor productivity.2)Firms"caught"in the innovation trap will suffer from a decline in firm’s productivity,which further leads to a decline firm value in the future.3)The negative impact between innovation trap index and firm’s productivity is more pronounced in firms with more industrial competitions,in firms with lower financing capabilities,and in private firms with limited resource.In addition,we conduct a quasi-natural experimental study and the result shows that the improvement in the quality of corporate innovation guided by national policy in 2013 facilitates firms with higher innovation capabilities to improve productivity and to enhance value creation,while those caught in innovation trap suffer more severely.