中国企业技术创新的逆周期特征——基于上市公司面板数据的实证研究  

Counter-Cyclical Characteristics of Technical Innovation in Chinese Enterprises:An Empirical Study Based on the Panel Data of Listed Firms

作　　者：丁重[1] 邓可斌[1] 

机构地区：[1]广东外语外贸大学财经学院,广东广州510006

出　　处：《当代财经》2014年第8期65-78,共14页Contemporary Finance and Economics

基　　金：国家社会科学基金项目"我国制造业技术成长的资本市场支持研究"(12CJY047);教育部人文社会科学研究项目"中国制造业技术创新的资本市场支持研究:基于信息传导机制与资金配置效率的视角"(12YJC790032);广东省哲学社会科学青年项目"流动性因素与中国股市技术创新信息反馈机制研究"(GD11YYJ02)

摘　　要：一般认为经济周期与技术创新周期存在逆周期性。为此,对2007年持续至今的国际金融危机对我国制造业企业创新是否存在这种逆周期影响进行了实证检验。基于非平衡面板数据下的虚拟变量检验模型的研究发现:金融危机后中国制造业企业的创新产出有明显提升;尽管金融危机提升了企业的创新产出,但金融危机对中国制造业企业创新意愿没有产生正面影响,反而存在一定的负面影响。这些研究结果表明,在政府主导的转型经济技术创新环境下,金融危机虽然能够使得外部环境更重视对企业的创新支持,但却未有效提升其自发的创新意愿与动机。因而,技术创新的逆经济周期特性在我国呈现出与国外发达国家不同的特征。It is generally believed that there exists the counter-cyclicality in the economic cycle and the technical innovation cycle. Therefore, this paper conducts an empirical test to find out whether the international financial crisis from 2007 has this kind of counter-cyclical impact over the corporate innovation of China＇ s manufacturing industry. Based on the dummy variable testing model with the unbalanced panel data, this study finds out that after the financial crisis the innovation output of China＇ s manufacturing firms has been promoted obviously. Although the financial crisis has promoted the corporate innovation output, it does not generate any positive impact on the innovation will of the manufacturing firms in China; on the contrary, it has a certain negative effect. These results show that in the technical innovation environment of the transitional economy dominated by the government, the financial crisis can make the external environment pay more attention to support the innovation of the enterprises, but it fails to improve the spontaneous innovation will and intention effectively. Thus, the counter-cyclical characteristics of technical innovation in China are different from those of other developed countries.

关 键 词：逆周期 技术创新 公司特质信息 

分 类 号：F273.1[经济管理—企业管理]