供应商集中度与企业技术创新——基于管理层治理与融资约束双维视角分析

Supplier Concentration and Enterprise Technological Innovation:Based on the Two-dimensional Perspective Analysis of Management Governance and Financing Constraints

文章以供应链协同理论和关系契约理论为基础,基于2008—2022年A股高科技企业的数据,探究供应商集中度对企业技术创新产出和技术创新投入的影响。研究结果表明:供应商集中度抑制高科技企业技术创新投入,且与高科技企业技术创新产出之间呈现倒“U”形关系。影响机制分析得出,管理层治理能力强化了供应商集中度与企业技术创新产出之间的倒“U”形关系,且弱化了供应商集中度与企业技术创新投入之间的负向关系;供应商集中度的提高会加剧融资约束,从而抑制企业技术创新。文章通过探究供应商集中度对两种技术创新的影响,解释了现有研究中关于供应商集中度对企业技术创新之间关系认识存在不一致的问题,丰富了有关供应商集中度影响企业创新路径的研究。

Supplier concentration is an important factor affecting technological innovation of enterprises.Based on the data of A-share high-tech enterprises from 2008 to 2022,this paper explores the influence mechanism of supplier concentration on technological innovation output and input of enterprises.The results show that:supplier concentration inhibits the technological innovation input of high-tech enterprises,and there is an inverted“U”relationship with the technological innovation output;the supplier concentration of non-state-owned enterprises has a more significant impact on the output and input of technological innovation,and the profit-making enterprises have a more significant impact than the loss-making enterprises.Financing constraints play an intermediary role in the inhibition of supplier concentration on enterprise innovation investment;the governance ability of management strengthens the inverted“U”relationship between supplier concentration and enterprise s technological innovation output,and weakens the inhibition of supplier concentration on enterprise s technological innovation investment.