高新技术企业认定政策对探索式创新的影响——融资约束与动力约束的双重调节作用

The Influence of High-Tech Enterprise Certification Policy on Exploratory Innovation:The Dual Moderating Roles of Financing Constraints and Motivation Constraints

利用2003—2019年A股上市公司数据构建双重差分模型,借助文本分析法从行为角度评估了高新技术企业认定政策对企业探索式创新的影响,并考虑融资约束与动力约束的双重调节作用。研究发现:(1)认定政策对企业探索式创新具有显著的促进作用;(2)与低融资约束企业相比,认定政策对高融资约束企业探索式创新的促进作用更强;(3)与市场竞争压力较小的企业相比,认定政策对市场竞争压力较大的企业开展探索式创新的激励作用更强;(4)即使企业面临的市场竞争压力较大(动力约束较低),也仅在高融资约束的情况下,认定政策对探索式创新行为的促进作用才会较为明显,但只要存在较高的融资约束,即使市场竞争压力较小(动力约束较强),认定政策对探索式创新行为仍具有显著的促进作用。

This study employs a difference-in-differences model and data for A-share listed companies from 2003 to 2019.The study includes a textual analysis to determine the impact of the“High-tech Enterprise Certification Policy”on exploratory innovation using a behavioral perspective;the dual moderating roles of financing constraints and motivation constraints are also tested,and the findings are as follows:(1)On the whole,the certification policy has a significant role in promoting exploratory innovation;(2)It has a stronger promotional effect on exploratory innovation on enterprises with greater financing constraints;(3)Compared with enterprises that experience low levels of market competition,those that experience high levels of competition have a stronger incentive to engage in exploratory innovation as a result of the policy;(4)Even if the enterprise faces a high level of competition(lower motivation constraints),the policy only promotes exploratory innovation for enterprises with high financing constraints.However,as long as there are high financing constraints,even if the pressure of market competition is low(higher motivation constraints),the policy still has a significant role in promoting exploratory innovation.