摘要
企业文化对企业战略选择和经营决策具有指引和约束的作用,企业腐败文化可能扭曲企业的战略选择与经营决策。企业腐败文化对企业技术创新的影响值得深入研究。文章首先基于文献进行理论分析,指出由于我国各级政府掌握企业发展所需关键要素资源,为了获取竞争优势,企业既可通过创新活动增强自身能力,也可通过寻租活动获取政府资源。但因自身资源有限,企业只能在创新活动和寻租活动中进行选择。腐败文化通过增强企业寻租活动偏好和降低企业寻租活动成本,导致企业倾向于从事外部寻租活动,从而抑制了企业技术创新。然后文章以2007—2017年中国上市公司为研究样本实证考察企业腐败文化对企业技术创新的真实影响。采用公司管理层出生地区腐败文化倾向的均值作为代理变量表征公司腐败文化,同时将企业研发投入作为衡量企业技术创新的主要指标。在此基础上,文章初始运用面板双向固定效应模型,然后采用同一行业其他企业腐败文化的均值作为企业腐败文化的工具变量进行两阶段最小二乘回归,以控制潜在内生性、保证回归结果的无偏性。回归结果表明,企业腐败文化至少在5%的水平下显著抑制企业技术创新。这一结果对于因变量和样本分组的变换是稳健的。进一步研究发现这一作用还存在异质性:具有政治关联的企业中腐败文化对企业技术创新的负向作用更为显著,因为具有政治关联的企业的寻租成本更低,因此更倾向于通过寻租活动而非创新活动来获利。而在知识产权保护较好的地区,企业腐败文化对企业技术创新的负面影响则会减弱,因为完善的知识产权保护制度有助于提高企业创新活动的收益。异质性的研究发现也同时验证了理论分析提出的作用机理:企业在自身资源有限的条件下对于创新活动与寻租活动之间的权衡选择。根据上述研究,提出了培育廉政文化、加快要素配置市场化、强化知识产权保护、促进企业技术创新等相关政策建议。文章首次考察腐败文化对企业技术创新的影响,丰富了学界对于腐败的经济后果以及企业创新影响因素的认知。
Corporate culture has a guiding and restrictive role in corporate strategic choices and business decisions.Corporate corruption culture may distort corporate strategic choices and business decisions.The influence of corporate corruption culture on corporate technological innovation is therefore worthy of further study.Basing on literature,the paper firstly performs a theoretical analysis to find that since local governments in China control the key resources needed by enterprises,in order to obtain the competitive advantage,enterprises can not only enhance their own capabilities through innovation activities,but also obtain government resources through rent-seeking activities.However,due to their limited resources,enterprises can only choose between innovation activities and rent-seeking activities.Corruption culture makes enterprises tend to engage in rent-seeking activities by enhancing their preference for rent-seeking activities and reducing their costs of rent-seeking activities,thereby inhibiting technological innovation of enterprises.The paper then takes Chinese listed companies from 2007 to 2017 as a research sample to empirically investigate the real impact of corporate corruption culture on corporate technological innovation.We construct a corporate corruption culture measure based on culture background information of firm executives,and use corporate R&D inputs as the main indicator of corporate technological innovation.On this basis,this paper initially uses a panel two-way fixed-effects model,and then uses the mean value of corruption culture in other companies in the same industry as an instrumental variable for corporate corruption culture to perform two-stage least squares regressions to control potential endogeneity bias.The regression results show that corporate corruption culture significantly inhibits corporate technological innovation at least at the level of 5%.This result is robust to different dependent variables and sample groupings.Further research shows that there is still heterogeneity in this effect:corporate corruption culture in politically connected enterprises has a more significant negative effect on corporate technological innovation because the rent-seeking costs of politically connected enterprises are lower,so they are more inclined to profit from rent-seeking activities rather than innovation activities.In areas with better protection of intellectual property rights,the negative impact of corporate corrupt culture on corporate technological innovation appears weaker because a sound intellectual property protection system can improve the income of enterprises’innovation activities.The research findings of heterogeneity also verify the mechanism proposed by above theoretical analysis:the trade-off between innovation activities and rent-seeking activities of enterprises due to their own limited resources.Based on the above research,we put forward policy recommendations such as cultivating Incorruptible culture,accelerating the marketization of factor allocation,strengthening intellectual property protection,and promoting technological innovation of enterprises.The paper for the first time investigates the impact of corruption culture upon corporate innovation,therefore enriches literature about economic consequences of corruption and determinants of corporate innovation.
作者
董斌
张兰兰
DONG Bin;ZHANG Lanlan(School of Economics and Management,Southeast University,Nanjing 210096,P.R.China)
出处
《重庆大学学报(社会科学版)》
CSSCI
北大核心
2022年第6期33-48,共16页
Journal of Chongqing University(Social Science Edition)
基金
国家社会科学基金项目“不同社会环境下民主制度对腐败现象治理效应的经济学研究”(13BJL002)。
关键词
腐败文化
技术创新
寻租活动
要素资源
上市公司
corruption culture
technological innovation
rent-seeking
factor resources
listed company