中国制造业上市公司创新链与资金链耦合协调度的影响因素及其作用机制

Influencing Factors of the Coupling and Coordination Degree of Innovation Chain and Capital Chain in China's Listed Manufacturing Companies and Its Action Mechanism

围绕创新链部署资金链是提升中国创新体系整体效能的重要支撑,但中国创新体系仍存在着创新链和资金链(以下简称“‘两链’”)耦合程度不高而导致资金注入不及时、资金错配和科技成果转化率低等问题。然而,目前缺乏关于多因素对“两链”耦合协调的影响分析,尤其是在日益复杂的国际形势下,宏观因素以及企业内部治理情况对“两链”及其耦合协调度的影响机制有待深入分析。为促进中国“两链”耦合协调度和科技自主创新能力提高,为破解发展困境提供路径参考,基于2015—2021年中国制造业上市公司数据,将内部微观因素和外部宏观因素等多重因素纳入统一分析框架,运用耦合协调度模型和结构方程模型测算“两链”耦合协调的整体特征,探讨内外部因素对“两链”链耦合协调的影响机制和路径。结果发现:中国制造业上市公司的“两链”耦合协调度一直属于勉强协调发展型;“两链”发展水平的提升会加速推进“两链”耦合协调度的提升,而营商环境、创新环境以及公司治理的优化对“两链”发展水平的提高有直接促进作用,其中营商环境的作用效应最大、创新环境次之、公司治理较低,且前两者主要通过提升创新链整体效能的路径影响“两链”耦合协调度,后者则主要通过提升资金链整体效能的路径影响“两链”耦合协调度。基于此,从促进创新链与资金链协同发展以及充分利用地区宏观环境优势等方面提出推动中国制造业“两链”深度耦合的路径。

Deploying a capital chain around the innovation chain is an important support for improving the overall effectiveness of China's innovation system.Nevertheless,innovation system of China still suffers from problems such as low coupling between the innovation chain and the capital chain(hereinafter referred to as"two chains")currently,resulting in untimely injection of funds,capital misallocation and low conversion rate of scientific and technological achievements.However,there is a lack of analysis on the influence of multifactors on the coordination of"twochain"coupling,especially in the increasingly complex international situation,the influence mechanism of macro factors and enterprise internal governance on the"two chains"and their coupling and coordination degree needs to be deeply analyzed.Based on the data of listed manufacturing companies from 2015 to 2021 of China,including the multiple factors such as internal micro factors and external macro in an unified analysis framework,this paper uses the coupling coordination model and the structural equation model to measure the overall characteristics of the"two chains"coupling coordination,and explores the mechanism and path of the influence of internal and external factors on the"two-chain"coupling coordination degree.The research finds that the coupling and coordination degree of the innovation chain and the capital chain of listed manufacturing companies in China has always been a barely coordinated development type.From a direct effect point of view,the improvement of the development level of the"two chains"will accelerate the improvement of the coupling and coordination of the"two chains",while the optimization of business environment,innovation environment,and corporate governance will directly promote the improvement of the development level of the"two chains".Besides,from the perspective of indirect effects,the business environment has the greatest impact on the coupling of the"two chains"followed by the innovation environment and enterprise governance,among which,the former two mainly through improving the overall efficiency of the innovation chain,while the latter mainly through improving the overall efficiency of the capital chain.Based on this,a path is proposed to promote the deep coupling of the"two chains"of manufacturing industry of China in terms of promoting the coordinated development of the innovation chain and capital chain,and making full use of the advantages of the regional macro-environment.