外部风险对企业创新活动的影响研究:基于445家A股上市公司的经验证据  

Research on the Impact of External Risks on Enterprise Innovation Activities:Based on the Empirical Evidence of 445 A-Share Listed Companies

作　　者：甘家武[1] 王益 姜红梅[2] 赵云伟[1] Gan Jiawu;Wang Yi;Jiang Hongmei;Zhao Yunwei(Yunnan University of Finance and Economics,Kunming 650211,China;Sunde Polytechnic,Foshan 528333,China)

机构地区：[1]云南财经大学,云南昆明650211 [2]顺德职业技术学院,广东佛山528333

出　　处：《科技管理研究》2022年第23期112-119,共8页Science and Technology Management Research

基　　金：国家自然科学基金项目“创新型企业持续创新过程战略风险决策及预警研究”(71663058);“贫困地区的经济可持续发展与预防返贫研究”(71863034)。

摘　　要：以经济政策不确定性为切入点,利用深圳A股上市公司数据,构建面板数据模型来探讨外部风险对企业创新活动的影响。研究发现:(1)外部风险对企业创新活动具有显著的正向作用;(2)企业冗余资源会显著反向调节外部风险与企业创新活动的关系,企业在面临外部风险时可通过优化资源配置来提升自身创新活动水平;(3)异质性分析表明,外部风险与企业创新活动的关系存在企业性质和产业结构选择效应;(4)稳健性检验表明,通过重新构造经济政策不确定性指数和子样本回归结果依然是稳健的。Taking the uncertainty of economic policy as an entry point, this paper uses the data of Shenzhen A-share listed companies to construct a panel data model to explore the impact of external risks on enterprise innovation activities. The study found that:(1) External risks have a significant positive effect on enterprise innovation activities.(2) The redundant resources of enterprises will significantly reverse the between external risks and enterprise innovation activities, and enterprises can improve their own innovation activities by optimizing resource allocation when facing external risks.(3) Heterogeneity analysis shows that the relationship between external risks and enterprise innovation activities has the effect of enterprise nature and industrial structure selection.(4) The robustness test shows that by reconstructing the economic policy uncertainty index and subsample regression, the results are still robust.

关 键 词：外部风险 经济政策不确定性 企业创新 冗余资源 异质性 

分 类 号：F425[经济管理—产业经济] F832.51