担保网络对企业创新的影响研究  

Research on the Influence of Guarantee Network on Corporate Innovation

作　　者：李思呈 Li Sicheng(College of Economics&Management,Huazhong Agriculture University,Wuhan 430070,China)

机构地区：[1]华中农业大学经济管理学院,武汉430070

出　　处：《工业技术经济》2022年第3期50-58,共9页Journal of Industrial Technological Economics

基　　金：国家社会科学基金青年项目“复杂网络结构下中小企业资金担保链风险防范机制研究”(项目编号:18CGL011)。

摘　　要：本文选取2008~2020年A股上市公司的面板数据,采用普通最小二乘回归、Heckman两阶段回归、倾向得分匹配等方法系统检验担保网络对企业创新投入和产出的影响。研究发现:担保网络显著抑制企业创新投入与创新产出,且这一影响的具体路径是担保网络的“风险效应”;进一步检验发现,企业加入担保网络的平均最短路径越短、节点数越多,企业创新水平越低。研究结论揭示了担保网络对企业创新的影响机理,为促进担保网络内企业的创新活动提供了参考依据。This paper selects panel data of all A-share listed companies from 2008 to 2020,and systematically tests the in⁃fluence of guarantee network on the corporate innovation input and output by using ordinary least squares regression,Heckman twostage regression and propensity score matching.The results show that guarantee network significantly inhibits innovation input and output,and the specific path of this influence is the“risk effect”from guarantee network.Further test reveals that the companies in the guarantee network with a shorter average shortest path length or a greater number of network nodes will have lower innovation levels.The conclusions reveal the influence mechanism of guarantee network on corporate innovation and provide a reference for pro⁃moting corporate innovation activities in guarantee network.

关 键 词：担保网络 企业创新 风险传染 网络拓扑结构 普通最小二乘回归 HECKMAN 两阶段 回归 

分 类 号：F273.1[经济管理—企业管理] F830.39[经济管理—国民经济]