技术市场发展能否促进企业技术要素配置——基于中国上市公司样本的实证研究

Does the Development of Technology Market Promote the Allocation of Enterprise Technology Factor——An Empirical Study Based on Samples of Listed Companies in China

技术市场是企业配置技术要素的重要场域,它通过支撑企业技术创新全过程和促进产业结构升级两条路径影响企业技术要素配置水平。市场中用户的厚度和交易安全性一方面对企业提供效用激励,另一方面调节用户风险感知程度,进而在机制上影响企业的市场交易行为。基于上市企业数据实证分析的结论表明:技术市场厚度和安全度与上市企业技术要素配置正相关,但这种正相关受到融资约束的调节。在较高融资约束水平的情况下,技术市场安全对企业技术要素配置水平的影响作用更显著;而低融资约束情况下,技术市场厚度对企业技术要素配置水平的影响更显著。

Technology market is an important means for enterprises to obtain technology factors.It influences the allocation level of technology factors by supporting the whole process of technological innovation and promoting the upgrading of industrial structure.On the one hand,the thickness and transaction security of users in the market provide utility incentives for enterprises,and on the other hand,regulate the degree of risk perception of users,and then affect the market transaction behavior of enterprises in the mechanism.Based on the empirical analysis of the data of listed enterprises,the conclusion shows that the technology market thickness and security have a positive correlation with the technology factor allocation of listed enterprises,but this positive correlation is moderated by financing constraints.In the case of higher financing constraints,the impact of technology market security on the efficiency of technology factor allocation is more significant.In the case of low financing constraints,technology market thickness has a more significant impact on the efficiency of technology factor allocation.