投资审批制度改革与企业创新质量  

The Reform of Investment Approval System And The Quality of Enterprise Innovation

作　　者：张文珂 王靖宇 ZHANG Wenke;WANG Jingyu(School of Accounting,Central University of Finance and Economics,Beijing 100081,China;School of Accounting,Beijing Wuzi University,Beijing 101149,China)

机构地区：[1]中央财经大学会计学院,北京100081 [2]北京物资学院会计学院,北京101149

出　　处：《经济经纬》2023年第1期110-119,共10页Economic Survey

基　　金：国家社会科学基金一般项目(20BJY026,21BGL098)。

摘　　要：以投资审批制度改革为准自然实验平台,利用2010—2019年中国A股上市公司的相关数据进行研究发现:投资审批制度改革有利于提高企业创新质量,即该政策变革具有创新外溢效应。机制检验结果表明,投资审批制度改革通过抑制制度性交易成本、提高管理者股权激励强度两种潜在机制推动企业创新质量的改善。进一步地,研究发现投资审批制度改革对企业创新质量的提升作用主要反映在民营企业、存在银企关系的企业以及全要素生产率较高的企业之中。研究结果不仅丰富了企业创新质量影响因素的文献,而且检验了投资审批制度改革的政策效果,为进一步推动投资审批制度改革以释放市场活力提供了稳健的经验证据。Taking the reform of investment examination and approval system as the quasi-natural experimental platform,this paper makes a research on the relevant data of Chinese A-share listed companies from 2010 to 2019.It is found that the reform of investment examination and approval system is beneficial to improve the quality of enterprise innovation,that is,the policy change has innovation spillover effect.The mechanism test results show that the reform of investment examination and approval system promotes the improvement of enterprise innovation quality by restraining institutional transaction costs and improving managers’equity incentive intensity.Further study shows that the effect of investment examination and approval system reform on the quality of enterprise innovation is mainly reflected in private enterprises,enterprises with bank-enterprise relationship and enterprises with high total factor productivity.The results not only enrich the literature on the factors affecting the quality of enterprise innovation,but also test the policy effect of the reform of investment examination and approval system,and provide sound empirical evidence for further promoting the reform of investment examination and approval system to release market vitality.

关 键 词：投资审批制度改革 企业创新质量 作用机制 作用环境 准自然实验 

分 类 号：F275[经济管理—企业管理]