探索式创新与企业韧性——来自新三板上市公司的证据

Exploratory Innovation and Firm Resilience——Evidence from NEEQ Listed Companies

前所未有的超长周期、系统性、综合性、颠覆性的重大科技革命和产业变革,叠加逆全球化与世界疫情超级冲击背景下,企业在探索式创新边际演进的同时保持韧性是实现高质量发展的重要保障。根据新三板上市公司在新冠疫情冲击下的表现,考察了探索式创新对企业韧性的影响及其机制。研究发现,探索式创新能够显著增强企业韧性,且对技术密集型企业与竞争型行业的作用更加显著。机制检验发现,探索式创新会通过丰富企业技术、提升技术与产品质量增强企业韧性,但也会形成资源挤占效应,弱化对企业韧性的增强效果。

Under the combined action of unprecedented technological revolution and industrial transformation, as well as the super shock of anti-globalization and worldwide pandemic, enterprises have to marginally evolve through exploratory innovation and maintain resilience, so as to realize high-quality development. Based on the performance of NEEQ listed companies under the shock of COVID-19 pandemic, the paper investigated the effect and action mechanism of exploratory innovation on firm resilience. The study found that exploratory innovation could significantly strengthen firm resilience, especially for technology-intensive firms and competitive industries. Mechanism inspection revealed that, exploratory innovation strengthened firm resilience by enriching technologies and improving the quality of both technologies and products. However, exploratory innovation might also cause resource crowding effect, and then weaken above-mentioned enhancement effect.