“一带一路”倡议、风险容忍与企业创新效率  

Belt and Road Initiative,risk tolerance,and innovation efficiency of firms

作　　者：李延喜[1] 李笑冲 史金艳[1] Li Yanxi;Li Xiaochong;Shi Jinyan(School of Economics and Management,Dalian University of Technology,Dalian 116000,Liaoning,China)

机构地区：[1]大连理工大学经济管理学院,辽宁大连116000

出　　处：《科研管理》2020年第6期65-79,共15页Science Research Management

基　　金：国家社会科学基金重大项目:“‘一带一路’国家资金融通机制设计及资金配置效率评价体系研究”(18ZDA095)。

摘　　要：论文基于2014年"一带一路"倡议实施,以我国2011—2017年进行对外直接投资的上市企业为样本,采用双重差分模型检验"一带一路"倡议对企业创新效率的影响及其动态演变过程,并基于风险容忍的视角分析具体作用机制。研究结果表明,"一带一路"倡议的实施短期来看显著提高了企业的创新投入;长期来看也显著提升了企业的创新产出和创新效率。在进一步分析该影响的动态演变过程后,研究发现,自2014年以来"一带一路"倡议对企业创新投入、创新产出和创新效率的边际动态影响整体呈逐年递增趋势。在控制行业因素和企业个体固定效应的影响后,结论保持不变。最后,论文基于风险容忍的视角,将东道国和企业因素纳入"一带一路"倡议影响企业创新效率的分析框架中。研究发现不同的宗教文化影响了东道国风险容忍度,伊斯兰宗教文化更加偏好金融风险规避,其风险容忍度较低,对"一带一路"倡议的作用产生显著差异;而多元化的经营战略决策提高了企业风险容忍度,更有利于发挥"一带一路"倡议的促进作用。本文不仅肯定了"一带一路"倡议实施对企业创新效率的促进作用,还拓展了"一带一路"倡议与企业创新的相关研究,对参与"一带一路"建设的企业如何以经济合作促进创新发展、进一步加快建设创新型国家具有重要的理论意义和实践借鉴。Nowadays,the new round of scientific and technological revolution and the accelerated transformation of China′s economic development pattern have formed a historic intersection,where opportunities and challenges coexist.However,most Chinese firms are in traditional industries and are at the middle or lower place of the global value chain.Compared with the firms of developed countries,Chinese firms still have some gaps in resource allocation,business development and industrial structure,which is rooted in the lack of innovation.Innovation,by changing the combination of essential productive factors,can improve the efficiency of resource allocation and stimulate the development of enterprises,and is the fundamental way to promote high-quality development of firms.Moreover,in the process of firm innovation,firms should not only pay attention to the single dimension of innovation input or innovation output,but also focus on the efficiency of transforming innovation input into innovation output.Therefore,the Government Work Report in 2019 pointed out that China should implement the innovation-driven development strategy and further improve the innovation capacity and efficiency.Accordingly,how to improve the innovation efficiency of firms is an important issue to be solved urgently now.According to the report to the 19 th National Congress of the Communist Party of China,the focus should be on the Belt and Road construction to foster new advantages in international economic cooperation and competition.In 2014,the Belt and Road Initiative was transformed from top design into the actual implementation of national policy.Chinese firms positively response to the initiative,and play an important role in core technology fields,such as infrastructure construction,energy cooperation,industrial investment and the park construction,the international cooperation capacity when they cooperate with countries along the Belt and Road.The implementation of the Belt and Road Initiative has not only promoted the participation of Chines

关 键 词：“一带一路”倡议 企业创新效率 风险容忍 宗教文化 经营战略决策 

分 类 号：F276.7[经济管理—企业管理]