“一带一路”倡议与参建企业双元创新平衡——基于战略三支柱理论的洞察

The“Belt and Road”Initiative and Innovation Ambidexterity of China’s BRI⁃participating Enterprises:Insights from the Strategy Tripod Perspective

企业创新是制度因素、行业因素和企业内部资源因素合力而为的结果。文章借鉴战略三支柱理论,结合制度观、行业观和资源观考察了“一带一路”倡议对企业双元创新平衡的直接影响以及产品市场竞争和企业财务冗余在其间所产生的调节作用。将“一带一路”倡议的提出视为一次准自然实验,使用2010—2019年A股上市公司数据,利用双重差分法进行了实证检验,结果显示:“一带一路”倡议的提出显著提高了参建企业双元创新的平衡能力,并且对民营企业、新兴优势产业企业和外向型节点城市企业的促进效应更为显著。由于竞争效应,产品市场竞争程度的提高进一步增强了“一带一路”倡议对参建企业双元创新平衡能力的促进作用,而财务冗余的增加则因委托代理问题的加剧削弱了两者间的正向关系。

Enterprise innovation behavior and consequences should be jointly shaped by institution⁃,industry⁃,and resource⁃related fac⁃tors.Drawing on the“Strategy Tripod”perspective to integrate the institution⁃,industry⁃,and resource⁃based views,we propose that bal⁃ancing between exploitative and exploratory innovation(i.e.,innovation ambidexterity)among China’enterprises participating in the“Belt and Road”initiative(BRI)can be affected by the BRI policy itself,which is further moderated by product market competition,and firm financial slack,respectively.Treating the BRI implementation as a natural experiment,we employ the China’s A⁃share listed companies’data from 2010 to 2019 and the differences⁃in⁃differences(DID)approach to empirically test the impact of BRI on innovation ambidexteri⁃ty.Our findings provide evidence that the implementation of BRI significantly improves innovation ambidexterity of the BRI⁃participating en⁃terprises,and this effect is more pronounced for privately⁃owned companies,and those in emerging advantageous industries and located in export⁃oriented node cities along the Belt and Road.Furthermore,product market competition significantly enhances the impact of BRI on innovation ambidexterity of the BRI⁃participating companies which tend to use innovation as a weapon to cope with the increasing competi⁃tion pressure,whereas financial slack dampens such an effect due to the increasing threat of agency problems.