贫困治理参与、市场竞争与企业创新——基于上市公司参与精准扶贫视角  

Participation in Poverty Governance, Market Competition and Corporate Innovation: Based on Listed Companies’ Participation in Targeted Poverty Alleviation

作　　者：岳佳彬 胥文帅 Yue Jiabin;Xu Wenshuai(School of Accounting,Southwestern University of Finance and Economics,Chengdu 611130,China)

机构地区：[1]西南财经大学会计学院,四川成都611130

出　　处：《财经研究》2021年第9期123-138,共16页Journal of Finance and Economics

摘　　要：市场竞争在企业参与外部社会治理的过程中能够发挥创新激励作用吗?从这个问题出发,文章以中国上市公司参与精准扶贫为研究背景,从宏观治理与微观治理两个层面,政府与市场两个视角,投入与产出两个维度出发,考察参与扶贫对企业创新的影响,使用2016-2019年沪深A股上市公司样本先从投入维度实证验证了企业参与治理会在一定程度产生"创新投入挤占效应",即上市公司参与扶贫治理与其创新投入强度显著负相关。然而,更高市场竞争程度能显著降低"挤占效应",有效发挥创新作为根本动力的激励作用;更进一步的研究表明,区分信贷资源和政商关系的异质性,这种"挤占效应"在信贷资源可得性较差、政商关系水平更低的参与企业中更加显著。机制研究表明,这种"挤占效应"通过政策性负担的增加、管理层业绩压力的降低而显著提升。最后,经济后果分析发现,企业参与贫困治理虽然挤占了其创新投入,却提升了创新产出,企业创新产出的数量与质量都得到了改善,参与治理为企业创新效率的提升带来了益处。本文的研究有利于加深对企业主体创新行为的理解,为理顺政府与市场关系、激发企业创新活力提供了新思考,具有一定的学术意义与实践价值。The construction of the national governance system and the improvement of governance capability are the cornerstone for promoting stable social and economic development,which profoundly change the corporate external operating environment and then have an effect on the reform of internal corporate governance. Innovation is the inexhaustible driving force to enhance the core competitiveness of enterprises and prosper the market economy. So what effect will the corporate participation in external governance have on corporate innovation?Meanwhile,the government and the market give full play to the role of resource allocation in the process of corporate participation in governance. So is market competition an incentive for enterprises to innovate in the participation of social governance?Does the participation in governance affect corporate innovation only at the stage of innovation input?Based on the above problems and the background of listed companies’ participation in poverty alleviation,this paper explores the influence of participation in governance on corporate innovation from the two levels of macro governance and micro governance,the two perspectives of government and market,and the two dimensions of input and output,by using A-share listed companies in Shanghai and Shenzhen from 2016 to 2019 as the research sample. The empirical evidence suggests that enterprises which participate in governance will have “the pressure of governance” and generate the crowding-out effect of innovation investment to a certain extent from the perspective of investment. In other words,the poverty alleviation behavior of listed companies is significantly correlated with the intensity of innovation investment. However,greater market competition can significantly reduce the crowding-out effect and promote the incentive effect of innovation which functions as fundamental momentum. From the perspective of output,the result proves that the participation in poverty alleviation will promote the quantity and quality of corporate inn

关 键 词：创新投入挤占效应 参与治理 精准扶贫 创新产出水平 

分 类 号：F275[经济管理—企业管理]