协同创新、经济政策不确定性与企业韧性

Collaborative Innovation,Economic Policy Uncertainty and Enterprise Resilience

在经济政策不确定性不断攀升和可持续发展需求日益紧迫的双重压力下,单一企业难以承担研发风险、保持自身韧性,如何重构创新逻辑以应对外界挑战、厚植新质生产力值得深入探究。本文以2010—2021年我国A股上市公司为样本,基于企业韧性的视角,探究了协同创新在外部动荡时期的重要价值。研究发现,协同创新可通过促进技术突破、缓解融资约束及优化人力资本三条路径提升企业韧性。特别是在经济政策不确定性的冲击下,这种提升效果更加显著。异质性检验发现,当地区知识产权保护力度较高和企业处于成熟期时,协同创新对企业韧性的提升作用更为明显,也更能抵御经济政策不确定性风险。进一步区分协同创新主体后发现,当经济政策不确定性加剧时,企业选择与供应链上下游开展协同创新可以更好地增强自身韧性。本文建议,企业重构创新逻辑,开展高质量的实质性协同创新,加快形成新质生产力,提升自身韧性。

Under the double pressure of rising economic policy uncertainty and increasingly urgent demand for sustainable develop⁃ment,it is difficult for a single enterprise to bear R&D risks and maintain its own resilience.How to reconstruct innovation logic to cope with external challenges and cultivate new quality productivity is worthy of in-depth exploration.Taking China's A-share listed companies from 2010 to 2021 as samples,this paper explores the important value of collaborative innovation in the period of external turbulence based on the perspective of enterprise resilience.The study found that collaborative innovation can improve enterprise re⁃silience through promoting technological breakthroughs,alleviating financing constraints and optimizing human capital.Especially under the impact of economic policy uncertainty,this improvement effect is more significant.Heterogeneity test found that when the regional intellectual property protection is higher and the enterprises are in the mature stage,collaborative innovation has a more sig⁃nificant effect on enhancing enterprise resilience and is better able to resist economic policy uncertainty risks.After further distin⁃guishing the subject of collaborative innovation,it is found that when economic policy uncertainty is intensified,collaborative innova⁃tion between enterprises and the upstream and downstream of the supply chain can better strengthen their own resilience.Moreover,only substantive collaborative innovation can help enterprises enhance their resilience under the impact of economic policy uncer⁃tainty.