Innovation is the source of power for high-quality development,and a relaxed institutional arrangement is a necessity for promoting innovation in enterprises.This paper examines the impact of fault tolerance on corpor...Innovation is the source of power for high-quality development,and a relaxed institutional arrangement is a necessity for promoting innovation in enterprises.This paper examines the impact of fault tolerance on corporate innovation,theoretically analyzes the positive effects of fault tolerance on stimulating innovation,and estimates the influence of fault tolerance on corporate innovation by using the panel data of listed manufacturing companies from 2007 to 2019,taking the quasi-natural experiment of fault-tolerance system in various places since the new round of stateowned enterprise(SOE)reform.This study finds that the fault-tolerance system has significantly improved the R&D investment and patent application of the pilot SOEs,but the incentive effect is mainly reflected in the utility model patents;fault-tolerance system mainly promotes corporate innovation by alleviating managers’career worries and improving governance ability.Furthermore,the fault-tolerance system is more effective for small and medium-sized SOEs with low market competition and can alleviate the restriction of agency cost on corporate innovation.In addition,the fault-tolerance system has not yet had a significant spillover effect on private enterprises.These results show that in the SOE reform,it is necessary to strengthen the institutional arrangement of fault tolerance and create a relaxed environment to encourage innovation;it is necessary to organically integrate fault-tolerancesystem design into executive measurement and corporate governance,promote faulttolerant system to be implemented in a wider range of enterprises,and enhance the incentive effect on high-quality innovation.展开更多
It is the view of this paper that both market and non-market mechanisms can stimulate corporate innovation and have their respective areas of application. As a major developing country, China should create a national ...It is the view of this paper that both market and non-market mechanisms can stimulate corporate innovation and have their respective areas of application. As a major developing country, China should create a national innovation policy system to coordinate these incentives in order to promote economic transition and upgrade through corporate innovation. Innovation policies are determined by a country's technology level. The premise for most advanced economies to follow market-based incentives is a foundation of early-stage non-market policies, as their governments frequently resorted to non-market means such as state-owned enterprises in the early stage of development. This paper also concludes that technological uncertainty can well describe the technological characteristics of industries. For industries with less technological uncertainty, non-market means are more likely to succeed. Lastly, this paper employs the dimensions of both technology level and industrial technology characteristics for a quantitative analysis on the scope of industries to which the two incentive mechanisms are applicable, divides them into quadrants in order to discuss the boundary between market-based and non-market incentives, and explore ways to achieve effective interplay between government and market.展开更多
基金This paper is supported by the National Major Project Social Science Fund of China“Quality Governance System and Policy Research to Promote High-quality Development”(No.18ZDA079)Chinese Academy of Social Sciences’Innovation Engineering Project“Mechanism and Effect Evaluation of New-Era Growth Drive Transformation”(No.IQTE2020-01)China Academy of Social Sciences Youth Research Project“Research of Multi-level Capital Market Supporting Corporate innovation for High-Quality Development”(No.IQTE2019QNXM).This paper wins the third prize of Excellent Youth Economics Paper of Chinese Academy of Social Sciences(2022).
文摘Innovation is the source of power for high-quality development,and a relaxed institutional arrangement is a necessity for promoting innovation in enterprises.This paper examines the impact of fault tolerance on corporate innovation,theoretically analyzes the positive effects of fault tolerance on stimulating innovation,and estimates the influence of fault tolerance on corporate innovation by using the panel data of listed manufacturing companies from 2007 to 2019,taking the quasi-natural experiment of fault-tolerance system in various places since the new round of stateowned enterprise(SOE)reform.This study finds that the fault-tolerance system has significantly improved the R&D investment and patent application of the pilot SOEs,but the incentive effect is mainly reflected in the utility model patents;fault-tolerance system mainly promotes corporate innovation by alleviating managers’career worries and improving governance ability.Furthermore,the fault-tolerance system is more effective for small and medium-sized SOEs with low market competition and can alleviate the restriction of agency cost on corporate innovation.In addition,the fault-tolerance system has not yet had a significant spillover effect on private enterprises.These results show that in the SOE reform,it is necessary to strengthen the institutional arrangement of fault tolerance and create a relaxed environment to encourage innovation;it is necessary to organically integrate fault-tolerancesystem design into executive measurement and corporate governance,promote faulttolerant system to be implemented in a wider range of enterprises,and enhance the incentive effect on high-quality innovation.
基金sponsored by the Key Project of National Social Sciences Foundation “Study on the Interplay Between Industrial Upgrade and the Pathway of Environmental Regulation” (Grant No. 14AJY015)the Key Project of National Soft Science Research Program “Study on the Disruptive Technology Innovation Mechanism and Its Impact on Industrial Development” (Grant No. 2013GXS6B213)
文摘It is the view of this paper that both market and non-market mechanisms can stimulate corporate innovation and have their respective areas of application. As a major developing country, China should create a national innovation policy system to coordinate these incentives in order to promote economic transition and upgrade through corporate innovation. Innovation policies are determined by a country's technology level. The premise for most advanced economies to follow market-based incentives is a foundation of early-stage non-market policies, as their governments frequently resorted to non-market means such as state-owned enterprises in the early stage of development. This paper also concludes that technological uncertainty can well describe the technological characteristics of industries. For industries with less technological uncertainty, non-market means are more likely to succeed. Lastly, this paper employs the dimensions of both technology level and industrial technology characteristics for a quantitative analysis on the scope of industries to which the two incentive mechanisms are applicable, divides them into quadrants in order to discuss the boundary between market-based and non-market incentives, and explore ways to achieve effective interplay between government and market.
