市场分割如何影响企业的技术创新表现  

How Does Market Segmentation Affect Corporate Innovation Performance

作　　者：李增福[1] 曾林 叶永卫 LI Zeng-fu;ZENG Lin;YE Yong-wei

机构地区：[1]华南师范大学经济与管理学院 [2]上海财经大学公共经济与管理学院

出　　处：《产经评论》2020年第5期23-41,共19页Industrial Economic Review

基　　金：国家社会科学基金项目“混合所有制企业中的非控股股东利益侵占行为及治理研究”(项目编号:19BGL057,项目负责人:李增福)。

摘　　要：地区市场分割在相当长一段时间里仍会是统一市场发展的“绊脚石”,其对微观企业技术创新的影响会因分割的强弱度、产权和地区异质性而不同。这需要从机理和实证上作深入分析。以2004-2017年中国沪深A股上市公司为研究样本,考察市场分割与企业创新行为的关系。结果显示:市场分割与企业技术创新呈倒U型关系,即较低强度的市场分割促进了企业技术创新,而超过一定强度的市场分割则阻碍了企业创新的提升。进一步实证研究发现,市场分割主要通过降低本地辖区企业的竞争、提高企业交易成本从而影响企业创新行为。基于产权、地区异质性的研究表明:由于当地政府对地方国有企业的保护,市场分割更大程度地抑制了非国有企业和中央所属企业的创新行为;中西部地区企业的创新活动相对其他地区企业受市场分割影响更小。This paper takes the 2004-2017 Shanghai-Shenzhen A-share listed company as a research sample and examines the relationship between market segmentation and corporate innovation behavior.The study found that market segmentation and enterprise technology innovation have an inverted U-shaped relationship,that is,the lower-intensity market segmentation promotes the technological innovation of enterprises,while the market segmentation exceeding a certain intensity hinders the improvement of enterprise innovation.The results of this paper are still robust under the test of instrumental variables,surrogate variables and exogenous event shocks.Further research found that market segmentation is an innovative behavior that affects enterprises by reducing competition faced by enterprises in local jurisdictions and increasing transaction costs.Based on the study of property rights and regional heterogeneity,it is found that due to the local government s protection of local state-owned enterprises,market segmentation has more inhibited the innovation behavior of non-state-owned enterprises and central enterprises;the innovation activities of enterprises in the central and western regions are relative to other regions.Enterprises are less affected by market segmentation.The research in this paper enriches the research literature on market technology innovation of market segmentation,and also has certain reference significance for the governance of domestic market segmentation.

关 键 词：市场分割 地区性行政垄断 技术创新 专利 市场化改革 

分 类 号：F062.9[经济管理—政治经济学]