异质性企业新产品决策的“自我选择效应”研究:兼论沉没成本的作用  

A Study of Self-selection Effect of New Product Decision-making in Heterogeneous Firms: On the Role of Sunk Costs

作　　者：陈晓华[1] 张少华[1] 

机构地区：[1]浙江理工大学经济管理学院,浙江杭州310018

出　　处：《财经研究》2012年第11期18-26,59,共10页Journal of Finance and Economics

基　　金：教育部人文社科研究基金青年项目(11YJC7900019);浙江省社科规划办研究项目(12JCJJ04YB);浙江省软科学研究项目(2012C35007)

摘　　要：文章利用我国2005-2007年21个行业近50万组微观企业层面数据,研究了异质性企业新产品决策的"自我选择效应",并考察了沉没成本的作用。研究发现:在我国大多数行业中,有新产品推出的企业生产率均值高于没有新产品推出的企业,在一定程度上说明我国企业新产品决策中存在"自我选择效应",这一点在全体企业样本Probit回归中也得到了证实;我国公有制企业与非公有制企业有着不同的新产品决策机制,非公有制企业的新产品决策中存在"自我选择效应",而在公有制企业中则不存在。文章还发现,外商独资企业、港澳台独资企业和私营企业是我国产品技术复杂度赶超的主力,沉没成本对我国企业新产品决策具有显著的促进作用。Based on the nearly 500,000 groups of micro-enterprise data coveting 21 industries in China from 2005 to 2007,this paper studies the self-selection effect of new product decision-making m heteroge- neous firms and the effect of sunk costs. It arrives at the following conclu- sions： firstly,in a majority of industries in China, the mean of firm produc- tivity with the launch of new products is higher than the one without the launch of new products, confirming the self-selection effect of new product decision-making in heterogeneous firms to a certain extent, which is also verified by Probit regression based on the whole sample; secondly, the new product decision-making mechanism in stated-owned enterprises in China is different from the one in non-stated-owned enterprises, that is to say there is a self-selection effect in new product decision-making of non-stated-owned enterprises,hut the self-selection effect does not exist in stated-owned enter- prises. It also finds that foreign-invested, Hong Kong, Macao and Taiwan-in- vested and private enterprises are the main forces of catching up with other coun- tries in terms of product technology complexity, and sunk costs play a significant role in promoting corporate new product decision-making in China.

关 键 词：企业异质性 沉没成本 新产品决策 自我选择效应 

分 类 号：F425[经济管理—产业经济]