产融结合与企业双元创新
Industry-Finance Integration and Dual Innovation of Enterprises:A Study Based on the Perspective of Motivational Heterogeneity
扈钰欣 1胡秋阳1
作者信息
- 1. 南开大学经济学院(邮编:300071)
- 折叠
摘要
在企业的探索式创新相对不足、基础研究相对较弱的现实背景下,"由产及融"的产融结合是否会对企业双元创新产生不同的影响从而产生结构调整效应,其机制机理如何,是值得深入研究的课题.本文从产融结合的企业动机这一决定着产融结合与企业创新关系的机制核心出发,利用 2007-2022 年 A 股上市公司数据,采用 Probit 模型、GMM、Tobit模型、处理效应模型、调节效应模型等统计方法展开研究,发现国有企业和大规模企业的产融结合体现出资本逐利动机,从而对开发式创新产生负面抑制的"挤出效应";非国有企业和小规模企业的产融结合则不具有资本逐利动机,从而对创新活动总体产生正面促进的"挤入效应",以及由侧重开发式创新转向侧重探索式创新的"结构调整效应".扩展性研究表明,对于国有企业和大规模企业,由于其公司治理体制机制不健全或不完备,强化内外部治理要素并不能实际发挥出治理效能,也不能改善其基于资本逐利动机的产融结合对其创新活动的负面抑制作用;反之,对于非国有企业和小规模企业,强化内外部治理要素则能够强化其基于服务主业动机的产融结合对其创新活动的正面促进作用和结构调整作用.本文为如何实施差异化产融结合政策,鼓励企业双元创新和促进经济高质量发展提供了有益启示.
Abstract
In the context of the relative lack of exploratory innovation of enterprises and the relatively weak role of basic research,will the combination of production and financing have different impacts on the dual innovation of enterprises and thus have structural adjust-ment effects,and what is the mechanism?Starting from the enterprise motivation of produc-tion-finance integration,which is the core of the mechanism that determines the relationship between production-finance integration and enterprise innovation,this paper utilizes the data of A-share listed companies from 2007 to 2022,and adopts the statistical methods of Probit model,GMM,Tobit model,processing effect model,and moderating effect model,etc.,the study finds that The industry-financing combination of state-owned enter-prises and large-scale enterprises reflects the profit-seeking motive of capital,thus nega-tively inhibiting the"crowding-out effect"of developmental innovation;the industry-financing combination of non-state-owned enterprises and small-scale enterprises does not have the profit-seeking motive of capital,thus positively facilitating the"crowding-in effect"of innovation activities,and the"crowding-out effect"of the capital-seeking mo-tive of non-state-owned enterprises and small-scale enterprises,and the"crowding-in effect"of the capital-seeking motive of non-state-owned enterprises and small-scale enter-prises.In the case of NSOEs and SMEs,the integration of production and finance does not have a capital-seeking motive,thus creating a"crowding-in effect"that positively pro-motes innovation activities in general,as well as a"structural adjustment effect"that shifts from focusing on developmental to exploratory innovation.Extended research shows that for SOEs and large-scale enterprises,due to the inadequacy or incompleteness of their corporate governance system,strengthening internal and external governance elements cannot actually bring out the effectiveness of governance,and cannot improve the negative inhibition of their innovation activities based on the capital-seeking motivation of industry-finance inte-gration;on the contrary,for non-SOEs and small-scale enterprises,strengthening internal and external governance elements can strengthen the negative inhibition of their innovation activities based on their main business motivation of service provision.On the other hand,for non-state-owned enterprises and small-scale enterprises,strengthening internal and ex-ternal governance elements can enhance the positive promotion and structural adjustment ef-fects of the service-based industry-finance combination on their innovative activities.This paper provides useful insights on how to implement differentiated industry-finance integra-tion policies to encourage dual innovation and promote high-quality economic development.
关键词
产融结合/探索式创新/开发式创新/内部治理/双元创新Key words
Industry-finance Integration/Corporate Motivation/Internal Governance/Dual Innovation引用本文复制引用
出版年
2025
NETL
NSTL
万方数据