生产率动态、研发创新与企业TFP增长——基于SYS-GMM的经验证据

Productivity Dynamics,R&D Innovation and Enterprise TFP Growth:Based on the Empirical Evidence of SYS-GMM

基于系统GMM方法,利用2011—2020年我国A股上市制造业企业面板数据,实证分析企业生产率动态效应及研发创新对生产率的滞后效应。研究发现,生产率滞后一期对当期全要素生产率具有显著促进效应,表现为生产率的动态惯性;企业研发对当期生产率具有抑制效应,但滞后二期的研发具有显著为正的促进效应;在东中西部地区、国有企业与非国有企业、股权集中度和行业集中度高低差别条件下,研发创新对生产率的滞后效应具有异质性;大多数情形下研发创新滞后一期或二期的显著正向促进效应具有稳健性。因此,企业要开展持续、高质创新,避免短视思维;政府不仅要规范市场竞争,引导企业降低集中度,还要加强政策供给,提升中西部创新效率。

Based on the system GMM method,using the panel data of China's A-share manufacturing listed companies from 2011 to 2020,the dynamic effect of enterprise productivity and the lagging effect of R&D innovation on productivity are empirically analyzed.The results show that the one-period productivity lag has a significant promotion effect on the current total factor productivity,which is manifested as the dynamic inertia of productivity;enterprise R&D has an inhibitory effect on current productivity,but R&D lagging behind the second period has a significantly positive promoting effect;under the conditions of eastern,central and western regions,state-owned enterprises and non-state-owned enterprises,equity concentration and industry concentration,the hysteresis effect of R&D innovation on productivity is heterogeneous;in most cases,the significant positive promotion effect of R&D innovation lagging one or two periods is robust.The suggestion is that enterprises should carry out continuous and high-quality innovation and avoid short-sighted thinking;the government should regulate market competition and guide enterprises to reduce concentration;the government should also strengthen policy supply and improve innovation efficiency in the central and western regions.