我国技术市场发展与企业风险承担能力

The Development of China's Technology Market and Enterprise Risk Bearing Capacity

发展技术市场正成为新时期企业创新发展的动力源泉和提升风险承担能力的重要手段。本文基于我国高新技术上市企业数据,探究技术市场发展对企业风险承担能力的影响及中介机制。研究结果表明:技术市场发展对企业风险承担能力具有显著的促进作用。机制分析结果表明:技术市场发展通过提高地区创新水平和增加企业研发投入两种中介途径提高企业风险承担能力。进一步异质性分析结果表明:技术市场发展对企业风险承担能力的促进作用在东部地区和知识产权保护力度高的地区企业中效果更突出。本文的结论凸显出发展技术市场的重要性和紧迫性,对如何有序推进技术市场改革、提高企业风险承担能力、增强企业国际竞争力具有重要意义。

Developing the technology market is becoming a driving force for innovative development of enterprises in the new era and an essential means to enhance their risk bearing capacity.This article is based on the data of high-tech listed enterprises in China,exploring the impact of technology market development on the risk bearing capacity of enterprises and the intermediary mechanism.The research results indicate that the development of the technology market has a significant promoting effect on the risk-taking ability of enterprises.The mechanism analysis results indicate that the development of the technology market enhances the risk bearing capacity of enterprises through two intermediary channels:improving regional innovation level and increasing enterprise research and development investment.The results of further heterogeneity analysis indicate that the promotion effect of technology market development on enterprise risk bearing capacity is more prominent in enterprises in the eastern region and regions with high levels of intellectual property protection.The conclusion highlights the importance and urgency of developing the technology market,which is of great significance for how to orderly promote the reform of the technology market,improve the risk bearing capacity of enterprises,and enhance their international competitiveness.