"Black Box"Deconstruction from Innovation Behavior to Productivity Effect
Technological innovation,as a fundamental way to improve total factor productivity,is the fundamental driving force for the economy to improve quality and increase efficiency.In recent years,China's innovation-driven development strategy has made remarkable achievements in the world,with the scale of R&D investment and the number of patents ranking second and first in the world respectively.However,at the same time,Chinese enterprises are not willing to carry out R&D activities,the patents are"many but not excellent"and the total factor productivity is slow to im-prove.How to stimulate the motivation of enterprises'R&D innovation and improve their innovation efficiency is the key to achieving high-quality economic development.To rationalize enterprise R&D investment decisions,optimize enterprise innovation selection,and provide a theoretical basis for the high-quality development of Chinese enterprises,this paper attempts to deconstruct the"black box"of the inno-vation process from the perspective of the whole input-output process by combining enterprise R&D selection,product and process innovation,and productivity.In the theoretical study,a two-stage model from R&D selection to innovation and then to productivity evolution is constructed;in the empirical study,the estimation method of earnings productivity is pro-posed in the Dixit-Stiglitz framework,and the dynamic process of enterprise technological innovation and its heterogeneous impact on productivity are further examined with the data of Chinese listed manufacturing enterprises from 2008 to 2016.The study finds that,first,the probability of achieving innovation output in the form of invention patents will be sig-nificantly higher when firms engage in R&D activities,but R&D investment is not a sufficient condition for innovation out-put.In comparison,low-and medium-low-tech industries have a higher probability of achieving process innovation,while medium-high and high-tech industries will be committed to product innovation.Second,innovation output has a positive impact on the productivity of industrial firms,but there is some industry heterogeneity.In low-and medium-low-tech indus-tries,the productivity-enhancing effect comes only from process innovation patents,and product innovation patents do not play a proper role.In medium-high technology and high-tech industries,the role of product innovation patents begins to ap-pear,and the contribution to the productivity of high-tech enterprises is more significant than that of process innovation.Third,there is no obvious interaction between product innovation patents and process innovation patents,reflecting the fact that new product development and process design transformation of Chinese manufacturing enterprises are not yet closely integrated,and different types of innovation output do not have the desired linkage effect on enterprise productivity.The policy insights of this paper are as follows:First,the government should further strengthen and highlight the main position of enterprise innovation and effectively increase the intensity of enterprise R&D investment.On the one hand,it should provide a fertile ground for enterprises'innovation by strengthening intellectual property protection,opti-mizing the business environment,and improving infrastructure construction;on the other hand,it should reduce the risks of enterprises'R&D investment by implementing major science and technology special projects,different types of indus-trial policies,and making comprehensive use of fiscal,financial,government procurement and talent policies,so that en-terprises can gain tangible benefits from their innovation activities and thus stimulate their The effective demand for in-novation.Second,product innovation is a key tool for enterprises to achieve value chain climbing,while low-and medium-low-tech enterprises not only have weak product innovation capability but also do not exert significant productivi-ty-enhancing effects,so low-and medium-low-tech enterprises need to strengthen product innovation while focusing on process innovation.Thirdly,product innovation and process innovation are not two independent or fragmented innovation modes but have a deep correlation,and effective product and process coordination innovation is the key to the success or failure of enterprise technology innovation.Therefore,enterprises should pay attention to the matching,coordination,and interaction between product innovation and process innovation in the innovation process,and strive to obtain both product and cost competitive advantages under limited resource constraints.
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