政治基因、市场化进程与企业创新的可持续性

Political Gene,Marketization and Persistence of Innovative Firms

创新活动中断会带来较高的调整成本,因而保持创新活动的可持续性对我国企业具有重大意义。以2003年~2014年A股制造业上市公司为样本,分析政治基因对企业创新可持续性的影响,并分析市场化进程的调节作用。实证结果显示:政治基因的两个维度即国有股比与政治关联对创新的可持续性均具有正向影响;但市场化进程负向调节政治基因与创新可持续性之间的关系。现阶段我国企业应重视建立良好、健康的政企关系,以期获得企业创新所需要的资源,推进企业的持续性创新。

The interruption of innovation activities will result in high adjustment cost. Therefore,it is of great significance to keep the sustainable innovation of firms in our country. This paper uses the data of Ashare listed companies in manufacturing industry from 2003 to 2014 to analyze the influence of political gene on the persistence of firm innovation,and discusses the moderating effect of marketization. The empirical results show that: the two dimensions of political gene,namely the ratio of state-owned shares and political connections both have a positive impact on the persistence of firm innovation,but marketization is negative in adjusting the relationship between political gene and the persistence of innovation. At present,our enterprises should attach importance to the establishment of a good and healthy relationship between government and enterprises,so as to obtain the resources needed for firm innovation and promote the sustainable development of enterprises.