中国企业的创新持续性及其作用机制研究——基于成本性态视角

Research on Innovation Persistence and Its Mechanism of Chinese Enterprises:Perspective on Cost Asymmetry

创新持续性对于助力企业转型、助推中国经济实现从'中国制造'到'中国创造'的转变具有重要意义。以中国A股上市公司2007—2015年的数据为样本,从创新投入对企业成本粘性影响的角度,考察了当前中国企业的创新持续性及其作用机制问题。实证检验发现:企业创新投入强度越大,成本粘性越大,也即创新持续性越强;对于创新产出投入比更低、有高新技术资质认定的企业,其成本粘性更显著,也即创新持续性显著更强。结论表明,当前中国企业的创新具有持续性,且创新持续性可通过成本粘性的变化来体现,其作用机制为沉没成本和'状态依赖性',并且创新的沉没成本性是中国企业具有创新持续性的内在动力机制,而国家创新政策可以激发其对外部环境的'状态性依赖',说明当前中国企业的创新还停留在害怕前期投入受损的阶段,并且受外在环境的制约较大,并未完全实现真正意义上的'自主创新'。

The innovation persistence of companies is of great significance in promoting enterprise development and the transformation of China’s economy from’Made in China’to’Create in China’.Based on the samples of China A-share listed companies from 2007 to 2015,this paper examines the innovation persistence and its mechanism of current Chinese enterprises.The empirical results show that the bigger the innovation input intensity is,the stronger the enterprise cost sticky is,that is the higher innovation persistence;the cost of output is lower than that of the enterprises and the high-tech enterprises,which is the higher innovation persistence.The above results show that the innovation is persistent of Chinese enterprises at present,and its driving mechanism is the inherent’sunk cost’and external’state dependency’,that is to say,the innovation of Chinese enterprises remain in the early stage for the fear of pre-investment damage,and the innovation investment is constraint by external economic environment,so Chinese enterprises are not realizing independent innovation totally.