供应链政策与企业技术创新——来自政府认定供应链创新试点企业的经验证据

Supply Chain Policy and Enterprise Technological Innovation Based on the Evidence of the Government’s Identification of Supply Chain Innovation Pilot Enterprises

利用2018年9月商务部等八部门联合启动的全国供应链创新与应用试点为准自然实验场景,采用双重差分倾向得分匹配法(PSM-DID)探究供应链政策对企业技术创新的影响。研究发现,供应链创新试点项目实施后的第二年,试点企业的技术创新水平显著提升;进一步研究发现对于非国有企业、成熟期企业、冗余资源较多以及供应链集中度高的企业,这种提升作用更为显著。此外,采用事件研究法和Heckman两阶段模型,从资本市场反应的视角证实供应链创新试点影响企业技术创新过程中的信号传递机制,且这种信号的有效性受企业生命周期和供应链集中度影响。

Using the national pilot program called Supply Chain Innovation and Application, launched by the Ministry of Commerce and other 8 national departments in September 2018, as a quasi-natural experimental scenario, this study constructs the PSM-DID model to explore the impact of supply chain policies on enterprise technological innovation.We provide robust evidence that: in the second year after the implementation of the supply chain innovation pilot policy, the technological innovation level of the pilot enterprises was significantly improved. More importantly, this study further finds that for non-state-owned enterprises, mature enterprises, enterprises with more slack resources, and enterprises with high supply chain concentration, this effect is more significant. In addition, this study adopts the event study method and Heckman two-stage model to verify that the signal transmission mechanism of the supply chain innovation policy can affect enterprise technological innovation from the perspective of capital market reaction, and that the effectiveness of such signal is affected by enterprise life cycle and supply chain concentration.